GOLD CLOSED CLOSED DOWN $153.05 TO $4110.65
SILVER CLOSED DOWN $0.50 TO $64.64
ACCESS MARKET
GOLD $4089.00 3:30 PM)
SILVER: 63.98 3;30 PM)
Bitcoin morning price:$61,598 DOWN 236 DOLLARS (MANY SWITCHING TO PHYSICAL GOLD)
Bitcoin: afternoon price: $61,966 up 132 DOLLARS
Platinum price closing DOWN $35.00 TO $1684.00.00
Palladium price; UP $5.00 TO $1234.50
JUNE 9
JUNE COMEX MONTH
EXCHANGE: COMEX
EXCHANGE: COMEX
CONTRACT: JUNE 2026 COMEX 100 GOLD FUTURES
SETTLEMENT: 4,260.000000000 USD
INTENT DATE: 06/09/2026 DELIVERY DATE: 06/11/2026
FIRM ORG FIRM NAME ISSUED STOPPED
099 H DEUTSCHE BANK AG 95
118 C MACQUARIE FUTURES US 61
363 H WELLS FARGO SECURITI 81
555 C BNP PARIBAS SEC CORP 265
661 C JP MORGAN SECURITIES 41
686 H STONEX FINANCIAL INC 160
709 C BARCLAYS 215
905 C ADM 46
TOTAL: 482 482
MONTH TO DATE: 29,467
GOLD: NUMBER OF NOTICES FILED FOR JUNE/2026: 482 CONTRACTs NOTICES FOR 48,200 OZ or1.499 TONNES
total notices so far: 29.467 contracts FOR 2,946.700 OZ OR 91.654 TONNES
SILVER NOTICES: 56 NOTICE(S) FILED FOR 260,000 OZ /
total number of notices filed so far this month : 2166 CONTRACTS (NOTICES) for 10.830 million oz
SILVER//OUTLINE
INITIAL STANDING FOR JANUARY: 22.915 MILLION OZ FOLLOWED BY TODAY’S 1.185 MILLION OZ QUEUE JUMP//NEW NORMAL STANDING ADVANCES TO 49.445 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK FOR .100 MILLION OZ//NEW STANDING ADVANCES TO 49.545 MILLION OZ!!
INTIAL STANDING FOR FEBRUARY/SILVER: 13.505 MILLION OZ FOLLOWED BY TODAY’S HUGE 0.005 MILLION OZ QUEUE JUMP / : NEW STANDING FOR SILVER AT THE COMEX ADVANCES TO 25.180 MILLION OZ. BUT WE MUST ADD OUR FIRST EXCHANGE FOR RISK OF 25 CONTRACTS FOR .125 MILLION OZ AND THEN OUR SECOND EXCHANGE FOR RISK OF .0600 MILLION OZ TO OUR THIRD HUGE 2.825 MILLION OZ EXCHANGE FOR RISK!!
INITIAL STANDING FOR MARCH: A SURPRISINGLY LOW 31.076 MILLION OZ/ FOLLOWED BY A TINY QUEUE JUMP OF XX CONTRACTS OR XXX OZ/NEW STANDING ADVANCES TO 46.060 MILLION OZ
INITIAL STANDING FOR APRIL: 7.120 MILLION OZ FOLLOWED BY TODAY’S 1 CONTRACT QUEUE JUMP WHERE 5,000 OZ WILL TAKE DELIVERY OVER ON THIS SIDE OF THE POND. NEW STANDING FOR SILVER AT THE COMEX THUS ADVANCES SLIGHTLY TO 16.565 MILLION OZ PLUS WE MUST ADD OUR 4TH EXCHANGE FOR RISK ISSUANCE OF 17 CONTRACTS OR 0.085 MILLION OZ. THESE WILL BE ADDED TO OUR OTHER 3 ISSUANCES //NEW TOTAL EXCHANGE FOR RISK//1.165 MILLION OZ// NEW TOTAL SILVER STANDING 17.730 MILLION OZ//
INITIAL STANDING FOR MAY: 31.495 MILLION OZ FOLLOWED BY ANOTHER 3 CONTRACT EXCHANGE FOR PHYSICAL JUMP TO LONDON FOR 0.015 MILLION OZ// AND THEN TO BOOT WE HAD OUR FIRST EXCHANGE FOR RISK ISSUANCE FOR 51 CONTRACTS OR 255,000 OZ MAY 21./STANDING BEFORE EXCHANGE FOR RISK: 32.070 MILLION OZ/NEW STANDING THUS REDUCES TO 32.325 MILLION OZ/.//(32.070 MILLION OZ NORMAL STANDING PLUS .255 MILLION OZ EXCHANGE FOR RISK = 32.325 MILLION OZ)
JUNE INITIAL STANDING FOR SILVER:10.935 MILLION OZ TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 285,000 OZ//NEW STANDING ADVANCES TO 11.960 MILLION OZ//
SUMMARY OF OUR JUNE 2026 COMEX CONTRACT MONTH:
JULY: 50.925 MILLION OZ (QUITE SMALL)
AUGUST: 59.455 MILLION OZ (QUITE SMALL)
SEPT. 50.510 MILLION OZ.(QUITE SMALL)
OCT; 82.020 MILLION OZ (WILL BE STRONG THIS MONTH)/ OCC WANTS TO REIN IN THESE ISSUANCES!
NOVEMBER: 36.425 MILLION OZ
DEC: 45.765 MILLION OZ
JANUARY 2026: 134.270 MILLION OZ (WILL BE A VERY STRONG MONTH FOR EXCHANGE FOR PHYSICAL!)
FEB : 82.130 MILLION OZ
MARCH: 56.075 MILLION OZ
APRIL; 44.44 MILLION OZ//FINAL.. SMALL THIS MONTH.
MAY 59.79 MILLION OZ
JUNE..26.480 MILION OZ
AND JULY: 46.720 MILLION OZ//
AUGUST: 4.70 MILLION OZ INITIAL STANDING PLUS TODAY;S 5,000 OZ QUEUE JUMP //NEW STANDING ADVANCES TO 10.960 MILLION OZ
SEPTEMBER: 68.040 MILLION OZ NORMAL DELIVERY(INCLUDES ALL QUEUE JUMPING AND EXCHANGE FOR PHYSICAL TRANSFERS) PLUS 3.0 MILLION OZ EX FOR RISK = 71.040 MILLION OZ. (THIS IS THE FIRST AND ONLY ISSUANCE OF EXCHANGE FOR RISK FOR SILVER SINCE MAY.)
OCTOBER: 39.565 MILLION OZ OF NORMAL DELIVERY INCLUDES ALL QUEUE JUMPING
PLUS
2.110 MILLION OZ EXCHANGE FOR RISK//TOTAL OZ STANDING IN OCT ADVAN
NOVEMBER: INITIAL STANDING AT 11.575 MILLION OZ FOLLOWED BY TODAY’S 195,000 OZ QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 9.155 MILLION OZ//STANDING ADVANCES TO 19.670 MILLION OZ/
DECEMBER: INITIAL AMOUNT STANDING FOR DELIVERY: 49.33 MILLION OZ// FOLLOWED BY ANOTHER STRONG 835,000OZ QUEUE JUMP+ DEC. FIRST EXCHANGE FOR RISK 0F .850 MILLION OZ + LAST WEEK.S 495,000 OZ EXCHANGE FOR RISK AND THEN A 3RD ISSUANCE IF 1.00MILLION OZ THEN FINALLY DEC 249ISSUANCE OF 1.35 MILLION OZ EXCHANGE FOR RISK//NEW TOTAL EX FOR RIS IS 3.685 MILLION OZ // STANDING ADVANCES TO 68.415 MILLION OZ//
JANUARY: INITIAL STANDING 22.915 MILLION OZ FOLLOWED BY TODAY’S 1.185 MILLION OZ QUEUE JUMP//NORMAL STANDING ADVANCES TO 49.445 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK OF 0.100 MILLLION OZ//NEW STANDING ADVANCES TO 49.545 MILLION OZ
FEB: 13.399 MILLION OZ IS OUR INITIAL STANDING FOR SILVER! TO WHICH WE ADD OUR NEXT QUEUE JUMP FOR 5,000 OZ AND THEN ADD OUR 3 EXCHANGE FOR RISK FOR 3.010 MILLION OZ STANDING ADVANCES TO 28.190 MILLION OZ!!
MARCH: INITIAL AMOUNT OF SILVER STANDING IS 31.076 MILLION OZ FOLLOWED BY A FINAL 0.210 MILLION OZ QUEUE JUMP //NEW TOTAL STANDING ADVANCES TO 46.060 MILLION OZ
APRIL 2026: INITITAL AMOUNT OF SILVER STANDING 7.120 MILLION OZ FOLLOWED BY TODAY’S 5,000 OZ QUUE JUMP //NEW STANDING ADVANCES TO 16.565MILLION OZ PLUS 1.165 MILLION OZ EXCHANGE FOR RISK.NEW TOTALS 17.730 MILLION OZ
MAY: INITIAL AMOUNT OF SILVER WILLING TO STAND; 31.495 MILLION OZ/ TO WHICH WE ADD OUR NEXT EXCHANGE FOR PHYSICAL JUMP OF 15,000 OZ//NEW STANDING REDUCES TO 32.070 MILLION OZ//(FOLLOWING MANY EXCHANGE FOR PHYSICAL TRANSFERS TO LONDON DURING THIS MAY DELIVERY MONTH). THERE SEEMS TO BE A SCARCITY OF SILVER OVER AT THE COMEX). THEN WE ADD OUR FIRST EXCHANGE FOR RISK OF 51 CONTRACTS FOR 255,000 OZ//STANDING ADVANCES TO 32.325 MILLION OZ//
JUNE: INITIAL AMOUNT OF SILVER WILLING TO STAND: 10.935 MILLION OZ PLUS OUR NEXT QUEUE JUMP OF 285,000 OZ//NEW STANDING ADVANCES TO: 11.960 MILLION OZ
GOLD//OUTLINE
1.MAY SUMMARY FOR MAY TONNES WHICH STOOD FOR DELIVERY:
4. AUGUST: 60.547 TONNES OF INITIAL GOLD FIRST DAY NOTICE FOLLOWED BY THE NET MONTH’S QUEUE JUMP OF 47.2312 TONNES TO WHICH WE ADD THE FOLLOWING EXCHANGE FOR RISK ISSUANCE RECEIVED FOR THE MONTH: 5.4432 TONNES EX FOR RISK/AUG 7 , AUG 11: 2.413 TONNES EX FOR RISK AND AUG. 12 OF 2.
5.SEPT: INITIAL 8.093 TONNES OF GOLD PLUS TODAY’S QUEUE JUMP OF 0.4883 TONNES PLUS 2.2827 TONNES OF EXCHANGE FOR RISK TODAY//NEW TOTAL EX. FOR RISK/MONTH = 22.923//NEW TOTAL STANDING FOR GOLD SEPT ADVANCES TO = 48.801 TONNES!!
6.OCTOBER: 90.012 TONNES OF INITIAL GOLD STANDING WITH TODAY’S TINY 0.00311 TONNES QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS DURING OCT OF 76.1656 TONNES
THEN WE MUST ADD OUR 14.553 TONNES OF OUR ISSUANCE OF EXCHANGE FOR RISK/6 OCCASIONS//NEW TOTAL OF GOLD STANDING ADVANCES TO 197.5141 TONNES OF GOLD.
7.NOVEMBER BEGINS WITH 15.651 TONNES INITIALLY STANDING FOR DELIVERY FOLLOWED BY TODAY’S QUEUE JUMP OF 2.323 TONNES FOLLOWED BY ALL PREVIOUS QUEUE JUMPS IN OF OF 21.3775 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE OF 4.5596 TONNES//NEW STANDING ADVANCES TO 43.9716 TONNES OF GOLD.
8. DECEMBER BEGINS WITH INITIAL STANDING OF 83.813 TONNES OF GOLD FOLLOWED BY TODAY’S 0.0TONNE QUEUE JUMP WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF: 37.163 TONNES//NEW STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR 4 EXCHANGE FOR RISK FOR DECEMBER OF 6.587 TONNES/NEW STANDING ADVANCES TO 121.977 TONNES
9. JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR FIRST EXCHANGE FOR PHYSICAL TRANSFER OF 0.08709 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117TONNES //NEW TOTAL QUEUE JUMPS 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.8958 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108 TONNES.
FEB; INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 93.567 TONNES OF GOLD TO WHICH WE ADD OUR NEXT 0.0248 TONNES 0.1555 TONNES QUEUE JUMP TO 41.2082 TONNES/ NEW NET QUEUE JUMP INCREASES TO 41.233 TONNES// AND THEN WE ADD OUR SIX EXCHANGE FOR RISK: 10,080 CONTRACTS OR 31.251 TONNES//NEW STANDING REDUCES TO 157.878 TONNES
MARCH:: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 8.099 TONNES TO WHICH WE ADD TODAY’S FAIR 4600 OZ QUEUE JUMP (0.2320 TONNES) AND THEN WE ADD OUR THREE EXCHANGE FOR RISK OF 22.3818 TONNES //NEW STANDING ADVANCES TO 67.6648 TONNES/
APRIL: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY: 52.600 TONNES FOLLOWED BY OUR 345 CONTRACT QUEUE JUMP FOR 34,500 OZ/ (1.073 TONNES)/NEW STANDING ADVANCES TO 70.286 TONNES TO WHICH WE ADD OUR 2ND EXCHANGE FOR RISK OF 1498 CONTRACTS FOR 149800 OZ OR 4.659 TONNES. THE NEW TOTAL EXCHANGE FOR RISK FOR THE MONTH OF APRIL IS 2239 CONTRACTS OR 223900 OZ OR 6.964 TONNES AND THIS WILL BE ADDED TO OUR NORMAL DELIVERY TOTALS (70.762 TONNES) TO GIVE US WHAT WILL STAND IN APRIL (77.726 TONNES)
MAY: INITIAL AMOUNT OF GOLD WILLING TO STAND: 12.24 TONNES OF GOLD TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 345 CONTRACTS OR 34500 OZ (1.073 TONNES) TO WHICH WE ADD OUR FIVE EXCHANGE FOR RISK ISSUANCES FOR 24.635 TONNES/STANDING NOW ADVANCES TO 51.554 TONNES OF GOLD.
JUNE; INITIAL AMOUNT OF GOLD WILLING TO STAND; 64.496 TONNES.(CME CORRECTED) TO WHICH WE ADD OUR NEXT 0.1959 TONNES OF A QUEUE JUMP/NEW STANDING ADVANCES TO 98.734 TONNES
STANDING FOR THE LAST 5 MONTHS JANUARY TO MAY:
FINAL STANDING FOR GOLD, JANUARY CONTRACT AT 59.2108 TONNES OF GOLD
FEBRUARY: INITIAL STANDING FOR GOLD: 157.878 TONNES!! WHICH INCLUDES ALL QUEUE JUMPING, THREE EXCHANGE FOR PHYSICAL TRANSFERS TO LONDON AND OUR SIX ISSUANCES EXCHANGE FOR RISK!!
MARCH: INITIAL STANDING AT 8.099 TONNES TO WHICH WE ADD OUR FINAL DAY: 0.2320 TONNES QUEUE JUMP AND THEN ADD +22.3818 TONNES EXCHANGE FOR RISK//NEW STANDING ADVANCES TO 67.6648 TONNES
APRIL: INITIAL STANDING 52.600 TONNES PLUS 27,800 OZ QUEUE JUMP (0.8648TONNES): NEW STANDING ADVANCES TO 70.286 TONNES PLUS OUR TWO EXCHANGE FOR RISK FOR 223,900 OZ OR 6.964 TONNES/NEW STANDING: 77.726 TONNES
MAY: INITIAL AMOUNT OF GOLD WILLING TO STAND; 12.24 TONNES TO WHICH WE ADD OUR NEXT QUEUE JUMP FOR 345 CONTRACTS/34,500 OZ// 1.073 TONNES/ THEN WE MUST ADD OUR EXCHANGE FOR RISK ISSUANCE: TOTAL EXCHANGE FOR RISK MAY// 5 OCCASIONS: 24.635 TONNES///NEW STANDING NOW ADVANCES TO 51.554 TONNES
JUNE: INITIAL AMOUNT OF GOLD WILLING TO STAND: 64.496 TONNES TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 0.1959 TONNES//NEW STANDING ADVANCES TO 98.538 TONNES
JAN. 2025: 257.919 TONNES (ISSUANCE WILL BE PRETTY GOOD THIS MONTH BUT MUCH LOWER THAN LAST MONTH)
FEB: 207.21 TONNES//EX FOR PHYSICAL ISSUANCE (WILL BE A FAIR SIZED ISSUANCE THIS MONTH)
MARCH 130.84 TONNES//QUITE SMALL THIS MONTH.
APRIL; 208.57 TONNES. STRONG THIS MONTH
MAY: 113.499 TONNES OF GOLD EFP ISSUANCE//QUITE SMALL THIS MONTH
JUNE: 97.79 TONNES OF GOLD EFP ISSUANCE/EXTREMELY SMALL
JULY : 150.877 TONNES// QUITE SMALL
AUGUST: 175.86 TONNES A LOT LARGER THIS MONTH.
SEPT. 116.13 TONNES VERY SMALL
OCT. 252.72 TONNES//CERTAINLY MUCH LARGER THIS MONTH/VERY STRONG
NOV: 124.74 TONNES
DEC: 190.04 TONNES//GOOD SIZED THIS MONTH FINAL.
TOTAL EXCHANGE FOR PHYSICAL ISSUED FOR YEAR 2025: 2,026.20 TONNES (LOWER THAN LAST YR 2,569.00 TONNES
JANUARY: 209.08 TONNES ( (WILL BE A STRONG MONTH FOR EXCHANGE FOR PHYSICAL)
FEB. 176.35 TONNES (WHICH IS A FAIR ISSUANCE)
MARCH: 214.67 TONNES//WILL BE STRONG ISSUANCE THIS MONTH
APRIL; 88.00 TONNES// WILL BE VERY SMALL THIS MONTH
MAY 118.430 TONNES
JUNE: 57.567 TONNES
HERE IS A BRIEF SYNOPSIS OF HOW THE CROOKS FLEECE UNSUSPECTING LONGS
YOU WILL ALSO NOTICE THAT THE COMEX OPEN INTEREST STARTS TO RISE BUT SOIS 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 POSIT
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:
SILVER:
1.TODAY WE HAD THE OPEN INTEREST AT THE COMEX IN SILVER ROSE BY A FAIR 211 CONTRACTS TO AN OI OF 103,399.
EFP ISSUANCE 1155 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
JULY 1155 CONTRACTS and 0 ALL OTHER MONTHS: ZERO. TOTAL EFP ISSUANCE: 0 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 252 CONTRACTS AND ADD TO THE 1155 E.FP. ISSUED
WE OBTAIN A MEGA HUGE GAIN OF 1407 OI OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES DESPITE OUR LOSS OF $3.35
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 7.035 MILLION PAPER OZ
OCCURRED WITH OUR LOSS IN PRICE.OF $3.35
2.ASIAN AFFAIRS JUNE 10 /2025
SHANGHAI CLOSED DOWN 16.80 PTS OR 0.42%
HANG SENG CLOSED DOWN 195.80 PTS OR 0.80%
Nikkei CLOSED UP 1,086.63 PTS OR 1.66%
//Australia’s all ordinaries CLOSED UP 0.45%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 6.7778
/ OFFSHORE CLOSED DOWN AT 6.7794 Oil DOWN TO 88.13 dollars per barrel for WTI and BRENT DOWN TO 91.71 Stocks in Europe OPENED ALL MOSTLY GREEN
ONSHORE USA/ YUAN// WITH YUAN TRADING DOWN (6.7778) OFFSHORE YUAN TRADING DOWN TO 6.7791 ONSHORE YUAN TRADING ABOVE LEVEL OF OFF SHORE AND DOWN ON THE DOLLAR// / AND THUS WEAKER/OFF SHORE YUAN TRADING DOWN AGAINST US DOLLAR/ AND THUS WEAKER
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A FAIR 1553 CONTRACTS TO 332,709 RISING FROM ITS NEW ALL TIME LOW OF 326,052 OI SET JUNE 3, SURPASSING THE PREVIOUS ALL TIME LOW OF 345,705 SET (MAY 28) AND SURPASSING THE PREVIOUS ALL TIME LOW IN OI OF 353,490 SET MAY 27.. PREVIOUS TO THAT THE ALL TIME LOW IN OI WAS 390,000 SET IN THE YEAR 2001 WHEN GOLD WAS TRADING $260.00. THE CME SHOULD BE PROUD OF THEMSELVES AS MANY HAVE ABANDONED THIS CROOKED ARENA!!THUS OUR NEW ALL TIME LOW OF COMEX OI HAS NOW BEEN SET AT 326,052 WITH GOLD AT AN EXTREMELY HIGH $4,450.00 WHICH MAKES ABSOLUTELY NO SENSE!!!
WE HAD HUGE T.A.S. LIQUIDATION DURING MONDAY’S TRADING JUNE 9!!. IT SEEMS THAT SOME OF THE SPECULATORS CONTINUED AGAIN TO GO MASSIVELY ON THE SHORT SIDE BUT WITH THE BANKERS NOW TAKING THE LONG SIDE,AND CENTRAL BANKS SUPPLYING THE NECESSARY PAPER, AS WELL AS COVERING THEIR SHORTFALL.
CENTRAL BANKS ALSO TENDERED THEIR NEW LONG CONTRACTS AT THE END OF THE DAY FOR PHYSICAL GOLD. YOU CAN VISUALIZE THIS WITH THE STRONG AMOUNT OF GOLD STANDING AT THE COMEX FOR THIS MAY CONTRACT MONTH!!
THE FAIR SIZED GAIN ON OUR TWO EXCHANGES OCCURRED WITH OUR LOSS IN PRICE IN GOLD (DOWN $75.60).
WE THUS HAD A FAIR SIZED GAIN IN OI ON BOTH OF OUR EXCHANGES, THE COMEX AND LONDON’S EXCHANGE FOR PHYSICAL EQUATING TO 2674 CONTRACTS (OR 8.317 TONNES) DESPITE OUR LOSS IN PRICE, AS WE WERE INFORMED OF A SMALL CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE, EQUATING TO 985 CONTRACTS.
THEN WE WERE NOTIFIED TODAY OF A 0 CONTRACT FOR RISK ISSUANCE IN GOLD CONTRACTS FOR 0 OZ OR 0 TONNES OF GOLD. ON FRIDAY, BY FAR WE HAD THE HIGHEST EVER EXCHANGE FOR RISK EVER ISSUED AT ONE TIME BEATING THE PREVIOUS SINGLE HIGHEST ISSUE BY ONE TONNE. THUS MAY 22 RECORDS THE HIGHEST EVER EXCHANGE FOR RISK AT 12.4416 TONNES. WE HAD OUR FIRST ISSUANCE FOR EXCHANGE FOR RISK IN THE MONTH OF MAY ON MAY 7, THEN OUR 2ND ISSUANCE FOR OUR MAY GOLD MONTH ON MAY 12. THE THIRD ON MAY 18 , THEN MAY 21 OUR 4TH ISSUANCE AND THEN FINALLY FRIAY, OUR 5TH ISSUANCE. THIS GOLD WILL BE ADDED TO OUR NORMAL MAY DELIVERIES TO GIVE US OUR FINAL AMOUNT OF GOLD WILLING TO STAND AT THE COMEX..
HISTORY OF EXCHANGE FOR RISK ISSUANCE THIS YEAR: FEBRUARY THROUGH MAY
FEBRUARY:
DURING THE MIDDLE OF THE FEBRUARY CONTRACT MONTH, WE HAD TWO IDENTICAL MONSTER 3,000 CONTRACT ISSUED FOR THE SAME 9.33 TONNES OF GOLD, AND THESE WERE THE HIGHEST EVER IN TONNAGE EVER ISSUED BY THE COMEX. ALTOGETHER THE TOTAL ISSUANCE FOR FEB TOTALLED SIX.(31.251 TONNES).
MARCH:
THURSDAY MARCH 17 WE RECEIVED ITS INITIAL 2000 CONTRACT EXCHANGE FOR RISK ISSUANCE FOR 6.22 TONNES. LAST FRIDAY: 0 ISSUANCE OF EXCHANGE FOR RISK. BUT ON MONDAY MARCH 23 WE RECEIVED NOTICE OF OUR SECOND EXCHANGE FOR RISK ISSUANCE FOR 2,200 CONTRACTS (220,000 OZ OR 6.843 TONNES) AND NOW FRIDAY WITH A MONSTER 2996 CONTRACTS FOR 9.3138 TONNES. THESE THREE ISSUANCES WILL NOW BE ADDED TO THE REGULAR AMOUNT OF GOLD STANDING, I.E. 22.3818 TONNES TO OUR NORMAL GOLD STANDING TO GIVE US WHAT WILL STAND FOR PHYSICAL GOLD FOR MARCH!
APRIL;: 2 EXCHANGE FOR RISK SO FAR, I.E. 2239 CONTRACTS FOR 223,900 OZ OR 6.964 TONNES AND THIS TOTAL TONNES WILL BE ADDED TO OUR NORMAL DELIVERY TO GIVE US WHAT WILL STAND IN APRIL
MAY: FIVE ISSUANCES SO FAR FOR 7920 CONTRACTS OR 792,000 OZ OR 24.635 TONNES.
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
A LITTLE HISTORY OF EXCHANGE FOR RISK DECEMBER THROUGH TO MAY:
IN DECEMBER WE HAVE RECORDED 5 ISSUANCES OF EXCHANGE FOR RISK/4 FOR DEC AND THE LAST ONE ON DEC 31 FOR JANUARY. WE NOW HAVE 3 CHOICES FOR THE RECIPIENT OF THIS ISSUANCE AND IT MUST BE A CENTRAL BANK. YOU WILL RECALL THAT THE BUYER ASSUMES THE RISK OF THAT DELIVERY. (THUS TOTAL EXCHANGE FOR RISK FOR THE MONTH OF DECEMBER IS 6.56 TONNES/4 OCCASIONS.
MONTH OF JANUARY/EXCHANGE FOR RISK
IN JANUARY THEY HAVE 6 TOTAL ISSUANCE : 3.446 TONNES EARLY, THEN JAN 9 ISSUANCE OF 9,331 TONNES AND THEN JAN 16: 0.1996 TONNES JAN 26: 1.499 TONNES, JAN 27: 3.160 AND FINALLY JAN 29: 4.659 TONNES TONNES//TOTAL EXCHANGE FOR RISK JANUARY 22.315 TONNES WHICH WAS ADDED TO OUR NORMAL DELVERIES.
AND FEBRUARY:
FEB EXCHANGE FOR RISK: NOW 6 ISSUANCES: 10,080 CONTRACTS FOR 1,008,000 OZ OR 31.251 TONNES!
HERE ARE THE CHOICES FOR THE RECIPIENT OF THOSE ISSUANCES:
1 THE CENTRAL BANK OF ENGLAND. BUT THEY RECEIVED CLEARANCE THAT THEIR GOLD IS BACK SO IT IS NOT LIKELY THAT THEY WOULD LIKE TO ADD TO THEIR RESERVES.
2. THE CENTRAL BANK OF THE USA: THE FED. LOGICAL CHOICE AS THEY CLAMOUR TRYING TO REDUCE THEIR 106+ TONNES OF SHORTAGE. HOWEVER THEY SEEM NOT TO BE IN A HURRY TO COVER THEIR HUGE SHORTFALL
3. THE CENTRAL BANK OF CHINA AS THEY BATTLE WITS WITH THE USA.
TOTAL EXCHANGE FOR RISK FOR DECEMBER IS 6.56 TONNES AND THIS WAS ADDED TO OUR NORMAL DELIVERY TOTALS..
THE JANUARY ISSUANCE OF 17.656 TONNES WAS ADDED TO OUR DAILY DELIVERY TOTALS!!
FEBRUARY ISSUANCES 6 FOR; 31.251 TONNES !! AND THIS WAS ADDED TO OUR DELIVERY TOTALS FOR THIS MONTH.
MARCH: CME ANNOUNCES ITS FIRST EXCHANGE FOR RISK FOR 2000 CONTRACTS FOR 200,000 OZ OR 6.22 TONNES OF GOLD DURING THE FIRST WEEK OF MARCH, AND THEN MONDAY, MARCH 22, WE RECEIVED ITS SECOND NOTICE ISSUANCE OF 2200 CONTRACTS OR 220000 OZ (6.843 TONNES). THEN FINALLY WE RECEIVED NOTICE OF OUR THIRD EXCHANGE FOR RISK OF 2996 CONTRACTS OR 9.3188 TONNES. TOGETHER ALL 3 ISSUANCES TOTAL 22.3818 TONNES WHICH WILL BE ADDED TO OUR NORMAL DELIVERY SCHEDULE.
APRIL: 2 EXCHANGE FOR RISK SO FAR FOR 223,900 OZ OR 6.964 TONNES. AND THIS TOTAL WILL BE ADDED TO OUR NORMAL DELIVERY TO GIVE US WHAT WILL STAND FOR APRIL!!
MAY: FIVE ISSUANCES SO FAR FOR 7920 CONTRACTS, 792,000 OZ OR 24.635 TONNES OF GOLD. THIS TOTAL WILL BE ADDED TO OUR NORMAL DELIVERIES IN MAY TO GIVE US WHAT WILL STAND IN MAY.
JUNE: ZERO SO FAR
DETAILS ON OUR NEW JUNE COMEX CONTRACT MONTH//
IN TOTAL WE HAD A FAIR GAIN ON OUR TWO EXCHANGES OF 2674 CONTRACTS DESPITE OUR LOSS IN PRICE ($75.60). HOWEVER, OUR FRIENDLY PHYSICAL LONDON BOYS HAD ANOTHER FIELD DAY AGAIN THROUGHOUT THIS WEEK AS THEY WERE READY FOR THE FRBNY.S CONTINUED ORCHESTRATED ATTACKS VERY EARLY IN THE COMEX SESSIONS 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 AND OUR SHORT SPECULATORS FOR THEIR THOUGHTFULNESS.
LONDON ANNOUNCED EARLY IN THE YEAR (AND SCARCITY CONTINUES TO THIS DAY) 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 OTHER CENTRAL BANKS, AND COMEX BANKS HAVE BEEN PAPERING THEIR LOSSES (DERIVATIVE) WITH KILOBAR ENTRIES. BOTH COMEX AND LBMA ARE WITNESSING MASSIVE AMOUNTS OF GOLD LEAVING THEIR VAULTS.
THE LIQUIDATION OF T.A.S. CONTRACTS THROUGHOUT THE MONTHS OF JUNE THROUGH JUNE/ CONTINUES TO DISTORT OPEN INTEREST NUMBERS GREATLY ALTHOUGH THE T.A.S. ISSUANCES IN GOLD HAVE GENERALLY BEEN ON THE LOW SIDE COMPARED TO SILVER WHICH HAVE BEEN HUGE. TODAY’S NUMBER HOWEVER IS A STRONG SIZED T.A.S ISSUANCE CONTRACTS .THE CME NOTIFIES US THAT THEY HAVE ISSUED 2319 T.A.S CONTRACTS. THESE ARE GENERALLY USED FOR RAID PURPOSES TO STOP GOLD’S RISE AND TO TEMPER HUGE LOSSES IN OTC DERIVATIVE BETS
IT SURE LOOKS LIKE THE BIS HAS SOMEHOW LOOKED THE OTHER WAY WITH ITS GOLD SWAPS WITH THE FRBNY AS THIS ENTITY FOR THE FED REFUSES THE BIS MARCHING ORDERS TO COVER AND THAT MAY EXPLAIN THE STRONG NUMBER OF T.A.S. ISSUANCES IN DECEMBER , JANUARY AND THROUGHOUT FEBRUARY TO GO ALONG WITH OUR HUGE NUMBER OF EXCHANGE FOR RISK ISSUED DURING THESE MONTHS INCLUDING FEBRUARY’S 6 EXCHANGE FOR RISK WHICH ALSO INCLUDED TWO MONSTER 9.3312 TONNE ISSUANCE (FEB 10 AND FEB 12). TOTAL EXCHANGE FOR RISK/FEB EQUALS 31.251 TONNES!! AND MARCH’S THREE ISSUANCES FOR 22.3818 TONNES! OTHER CENTRAL BANKS ARE PAYING ATTENTION AS THEY TAKE DELIVERY OF HUGE AMOUNTS OF PHYSICAL GOLD. APRIL HAD 2 EXCHANGE FOR RISK ISSUANCES FOR 6.694 TONNES. AND NOW MAY WITH ITS 5TH ISSUANCE FOR 12.4436 TONNES///TOTAL EXCHANGE FOR RISK FOR MAY: 24.635 TONNES ISSUED MAY 6 ,MAY 12, MAY 18 MAY 21 AND NOW MAY 22..
JUNE: ZERO SO FAR.
WE MUST ALSO REMEMBER THAT THE FRBNY IS SHORT 146+ TONNES OF GOLD, THIS COMMENCED ON JAN 2 2023 AS THEY REFUSE TO COVER DESPITE THE BIS’S PLEA TO DO SO. WE WILL KNOW IN JUNE WHETHER THEY COVERED ANY OF THEIR SHORTFALL.
HERE IS A SUMMARY OF GOLD STANDING FOR DELIVERY ON OUR LAST 12 MONTHS:
1.APRIL AT 209 TONNES
2. AND THIS CONTINUED INTO MAY WITH FINAL STANDING AT 90.23 TONNES.
3. JUNE WHICH IS A HUGE DELIVERY MONTH , FINAL STANDING WAS RECORDED AT A STRONG 93.085 TONNES. //(TOTAL NET QUEUE JUMPING FOR THE JUNE MONTH: 31.027 TONNES.)
4. IN JULY WE HAD HUGE DELIVERY NOTICES ESPECIALLY FOR A NON ACTIVE DELIVERY MONTH WITH INITIAL STANDING AT 17.947 TONNES PLUS MANY QUEUE JUMPS + 3.75 TONNES EX FOR RISK = 41.106 TONNES OF GOLD // FINAL TOTAL TONNES STANDING JULY: 41.106 TONNES
5. FOR THE MONTH OF AUGUST:
INITIAL AMOUNT OF GOLD STANDING FOR AUGUST: 60.547 TONNES PLUS THE MONTHS HUGE QUEUE JUMPS OF 47.2312 TONNES +44.696 TONNES EX FOR RISK (7 ISSUANCES) //NEW STANDING 152.208 TONNES WHICH IS MONSTROUS!!!
6. FINAL AMOUNT OF GOLD STANDING FOR SEPT; INITIAL STANDING; 2,602 CONTRACTS OR 260,200 OZ FOR 8.093 TONNES OF GOLD FOLLOWED BY TODAY’S 0.4883 TONNES QUEUE JUMP TO GO ALONG WITH TODAY’S 1.244 TONNES OF EXCHANGE FOR RISK ISSUANCE TODAY AND // TOTAL EXCHANGE FOR RISK ISSUANCE SEPT: 22.923 TONNES//NEW TOTALS STANDING ADVANCES TO 48.801 TONNES OF GOLD!!!
7. OCTOBER:
OCTOBER: INITIAL STANDING FOR GOLD: 90.164 TONNES TO WHICH WE ADD OUR LATEST OCT 30 QUEUE JUMP OF 0.00311 TONNES WHICH FOLLOWS OCT 29 QUEUE JUMP OF .4096 WHICH FOLLOWS; OCT 28 QUEUE JUMP OF .5069 TONNES WHICH FOLLOWS OCT 27 OF 0.3048 TONNES WHICH FOLLOWS: OCT 24 OF 0.8615 TONNES, FOLLOWING OCT 23 QUEUE JUMP OF 1.695 TONNES OCT 22 JUMP OF 8.622 TONNES WHICH FOLLOWS OCT 21: 3.8600 TONNES TO OCT 20 QUEUE JUMP OF 7.695 TONNE
SUMMARY FOR OCTOBER STANDING:
NOVEMBER WHERE INITIAL AMOUNT OF GOLD STANDING IS REGISTERED AT 15.651 TONNES OF GOLD FOLLOWED BY TODAY’S QUEUE JUMP OF 2 TONNES AND FOLLOWED BY ALL OTHER NOV QUEUE JUMPS OF 21.3775 TONNES TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCE FOR 4.5596 TONNES.
/STANDING ADVANCES TO 43.9716 TONNES OF GOLD.
DECEMBER: INITIAL AMOUNT OF GOLD STANDING FOR DELIVERY IN THIS ACTIVE MONTH IS 83.813 TONNES FOLLOWED BY TODAY’S 0.05 TONNES QUEUE JUMP. THIS FOLLOWS ALL OTHER QUEUE JUMPING: 37.163 TONNES//NEW STANDING ADVANCES TO 115.390 TONNES TO WHICH WE ADD OUR FOUR EXCHANGE FOR RISK ISSUANCE OF 6.559 TONNES//NEW STANDING THUS INCREASES TO 121.977 TONNES
JANUARY: INITITAL STANDING: 13.785 TONNES TO WHICH WE ADD OUR QUEUE JUMP OF 0.000 TONNES WHICH FOLLOWS ALL OTHER QUEUE JUMPS OF 30.7117TONNES //NEW TOTAL QUEUE JUMPS 30.7117//NORMAL DELIVERY OF GOLD ADVANCES TO 36.8958 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 22.315 TONNES//NEW STANDING ADVANCES TO 59.2108 TONNES.
FEBRUARY: . FEBRUARY: INITIAL STANDING: 93.566 TONNES TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 0.0248 TONNES WHICH MUST BE ADDED ALL OTHER QUEUE JUMPS OF 41.2087 TONNES QUEUE JUMP//TOTAL QUEUE JUMP FOR FEB::ADVANCES TO 41.233 TONNES///STANDING ADVANCES TO 126.628 TONNES TO WHICH WE ADD OUR SIX EXCHANGE FOR RISK OF 31.251 TONNES/NEW STANDING RISES TO 157.879 TONNES
MARCH: INITIAL STANDING FOR GOLD: 8.099 TONNES TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 0.2320 TONNES AND THEN WE ADD OUR THREE EXCHANGE FOR RISK OF 22.3818 TONNES////NEW STANDING FOR GOLD ADVANCES TO: 67.6648TONNES WHICH IS ABSOLUTELY HUGE FOR A NON ACTIVE DELIVERY MONTH!!
APRIL 2026: INITIAL STANDING FOR GOLD: 52.20 TONNES FOLLOWED BY TODAY’S SMALL 500 OZ QUEUE JUMP/ TO WHICH WE ADD OUR TWO EXCHANGE FOR RISK ISSUANCES TOTALLING 223,900 OZ OR 6.964 TONNES//STANDING ADVANCES TO 77.726 TONNES WHICH IS ABSOLUTELY HUGE
MAY: INITIAL AMOUNT OF GOLD WILLING TO STAND: 12.24 TONNES OF GOLD TO WHICH WE ADD OUR NEXT HUGE QUEUE JUMP OF 34,500 OZ (1.073 TONNES) TO WHICH WE ADD OUR FIVE EXCHANGE FOR RISK ISSUANCE FOR 792,000 OZ OR 24.635 TONNES////NEW TOTALS STANDING FOR GOLD ADVANCES TO 51.554 TONNESS
JUNE: INITIAL AMOUNT OF GOLD WILLING TO STAND: 64.496 TONNES TO WHICH WE ADD OUR NEXT HUGE QUEUE JUMP OF 0.1959 TONNES//NEW STANDING ADVANCES TO 98.734 TONNES//
HERE ARE THE AMOUNTS THAT STOOD FOR DELIVERY IN THE PRECEDING 48 MONTHS 2021-2024
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)
JAN/2023: 20.559 tonnes
FEB 2023: 47.744 tonnes
MAR: 19.0637 TONNES
APRIL: 75.676 tonnes
MAY: 19.094 TONNES + 1.244 tonnes of exchange for risk = 20.338
JUNE: 64.354 TONNES
JULY: 10.2861 TONNES
AUGUST: 38.855 TONNES(INCLUDING .6842 EXCHANGE FOR RISK)
SEPT: 15.281 TONNES FINAL
OCT. 35.869 TONNES + 1.665 EXCHANGE FOR RISK =37.0355 tonnes
NOV: 18.7122 TONNES + 16.2505 EX. FOR RISK = 34.9627 TONNES
DEC. 47.073 + 4.634 TONNES OF EXCHANGE FOR RISK = 51.707 TONNES
TOTAL 2023 YEAR : 436.546 TONNES
2024/STANDING FOR GOLD/COMEX
JAN ’24. 22.706 TONNES
FEB. ’24: 66.276 TONNES (INCLUDES 1.723 TONNES EX. FOR RISK)
MARCH: 18.8398 TONNES + 1.1695 EX FOR RISK = 20.093 TONNES
APRIL: 2024: 53.673TONNES FINAL
MAY/ 2024 8.5536 TONNES + 3.3716 TONNES EX FOR RISK/= 11.9325
JUNE; 95.578 TONNES. + 1.045 TONNES EXCHANGE FOR RISK =96.623 THIS IS THE HIGHEST RECORDED GOLD STANDING SINCE AUGUST 2022
JULY: 11.692 TONNES
AUGUST 69.602 TONNES//FINAL STANDING
SEPT. 13.164 TONNES.
OCT 39.474 TONNES + + 20.917 TONNES EXCHANGE FOR RISK =60.391 TONNES
NOV . 11.265 TONNES +4.665 TONNES EXCHANGE FOR RISK/TUESDAY + 3.11 TONNES OF EX. FOR RISK/PRIOR = 19.0425 TONNES
DEC: 80.4230 TONNES PLUS DEC MONTH EXCHANGE FOR RISK TOTAL 14.6836 TONNES EQUALS 95.1066 TONNES
total year 2024: 540.30 tonnes
COMEX GOLD TRADING BEGINNING JUNE,. CONTRACT;
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL $75.60)
WE HAD CONSIDERABLE T.A.S. SPREADER LIQUIDATION TUESDAY // COMEX SESSION// WITH OUR LOSS IN PRICE , OUR LONG SPECULATORS STILL REMAIN RELENTLESS POURING INTO THE COMEX
OTHER EASTERN CENTRAL BANKS TENDERED FOR PHYSICAL EVERY NIGHT WHICH ALSO EXPLAINS THE HUGE NUMBER OF TONNES OF GOLD THAT STOOD FOR GOLD DURING THESE PAST SEVERAL MONTHS
TUESDAY NIGHT//WEDNESDAY MORNING
THE CROOKS COULD NOT STOP OTHER 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
ALL OF THIS WAS ACCOMPLISHED WITH OUR LOSS IN PRICE TO THE TUNE OF $75.60
WE HAD 136 CONTRACTS REMOVED FROM THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL.
NET GAIN ON THE TWO EXCHANGES: 2538 CONTRACTS OR 258,300 OZ (7.894 TONNES)
MAY DELIVERY MONTH
JUNE 10
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | 3 ENTRIES a) Out of Asahi 48,979.371 oz b) Out of Brinks 115,197.033 oz (3583 kilobars) c) HSBC 82,852.140 (2577 kilobars) total withdrawal 247,028.544 oz or 7.683 tonnes |
| Deposit to the Dealer Inventory in oz | 1 ENTRY i) Into Stonex: 16,006.40 oz total deposit 16,006.400 oz |
| Deposits to the Customer Inventory, in oz | DEPOSITS/CUSTOMER//gold ENTRIES: 2 i) Into Brinks: 2999.99 oz oz ii) Into Loomis 4726.197 oz (147 kilobars) total: 7726.187 oz xxxxxxxxxxxxxxxx |
| No of oz served (contracts) today | 482 CONTRACTS OR 48,200 OZ 1.499 TONNES OF GOLD |
| No of oz to be served (notices) | 2276 Contracts 227,600 OZ 7.07 TONNES |
| Total monthly oz gold served (contracts) so far this month | 29,467 notices 2,946,700 oz 91.654 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: 1
1 ENTRY
i) Into Stonex: 16,006.40 oz
total deposit 16,006.400 oz
DEPOSITS/CUSTOMER
ENTRIES: 2
i) Into Brinks: 2999.99 oz oz
ii) Into Loomis 4726.197 oz (147 kilobars)
total: 7726.187 oz
(4.449 tonnes of ficticious gold)
xxxxxxxxxxxxxxxxxx
comex withdrawal
3 ENTRIES
a) Out of Asahi 48,979.371 oz
b) Out of Brinks 115,197.033 oz (3583 kilobars)
c) HSBC 82,852.140 (2577 kilobars)
total withdrawal 247,028.544 oz or 7.683 tonnes
adjustments: 0//
COMEX IS DRAINING GOLD
chaos inside the comex
THE FRONT MONTH OF JUNE OI STANDS AT 2758 CONTRACTS HAVING A LOSS OF 131 CONTRACTS.
WE HAD 194 CONTRACTS SERVED ON TUESDAY, SO WE GAINED A STRONG 63 CONTRACTS OR 6300 OZ. (0.1959 TONNES) EXERCISED A QUEUE JUMP WHERE THEY WILL TAKE PHYSICAL GOLD ON THIS SIDE OF THE POND. THIS IS NO DOUBT CENTRAL BANKS STANDING FOR PHYSICAL GOLD.
JULY GAINED 210 CONTRACTS UP TO 3385 CONTRACTS.
AUGUST GAINED 682 CONTRACTS UP TO AN OI OF 263,071
.
We had 482 contracts filed for today representing 48,200oz
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 482 contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 41 notice(s) was (were) stopped (received) by J.P.Morgan//customer account
To calculate the INITIAL total number of gold ounces standing for JUNE. /2026. contract month, we take the total number of notices filed so far for the month (29.467) to which we add the difference between the open interest for the front month of JUNE(2758 CONTRACTS) minus the number of notices served upon today 482 x 100 oz per contract) equals 3,168,000 OZ OR (98.734Tonnes of gold)
THUS: INITIAL total number of gold ounces standing for JUNE. /2026. contract month, we take the total number of notices filed so far for the month (29.467) to which we add the difference between the open interest for the front month of JUNE( 2758 CONTRACTS) minus the number of notices served upon today 482 x 100 oz per contract) equals 3,168,000 OZ OR (98.734Tonnes of gold)
new total of gold standing in JUNE becomes 98.734 TONNES//
TOTAL COMEX GOLD STANDING FOR JUNE 98.734 TONNES TONNES WHICH IS NOW REALLY HUGE FOR THIS ACTIVE DELIVERY MONTH OF JUNE.
confirmed volume TUESDAY confirmed 160,487// extremely poor// many have left the arena
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: 1,866,265.220 oz 58.04 tonnes pledged gold lowers
total inventories in gold declining rapidly
total pledged gold: 1,866,265.220 tonnes oz 58.04 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 28,080,934.176oz
TOTAL REGISTERED GOLD 15,159,048,986 tonnes (471.51 tonnes)
TOTAL OF ALL ELIGIBLE GOLD 12,080,678.09oz//eligible gold leaving hand over fist
REGISTERED GOLD THAT CAN BE SERVED UPON 13,292,783oz ((REG GOLD- PLEDGED GOLD)=
413.461 Tonnes //
total inventories in gold declining rapidly
SILVER COMEX
JUNE DELIVERY MONTH
JUNE 10
JUNE DELIVERY MONTH
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | one entries i) out of Manfra 606,376.641 oz total withdrawal: 606,376.641 oz |
| Deposits to the Dealer Inventory | 0 entries |
| Deposits to the Customer Inventory | DEPOSIT ENTRIES/CUSTOMER ACCOUNT DEPOSIT ENTRIES/CUSTOMER ACCOUNT 2 entries ENTRY:2 i) Into Brinks 600,032.370 oz ii) Into Delaware: 2001.800 oz total deposit 602,034.170 oz |
| No of oz served today (contracts) | 56 CONTRACT(S) (260,000 OZ) |
| No of oz to be served (notices) | 226 Contract (1.130 MILLIONoz) |
| Total monthly oz silver served (contracts) | 2166 contracts 10.830 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 |
DEPOSITS INTO DEALER ACCOUNTS
0 entries
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
ENTRY:2
i) Into Brinks 265,261.009 oz
ii)IntoAsahi 1,199,304.900 oz
total deposit 1,464,565.9 oz
xxxxxxxxxxxxxxxxxxxxxxxxx
withdrawals: customer side/eligible
1 entry
i) out of Manfra 606,376.641 oz
total withdrawal: 606,376.641 oz
adjustments dealer to customer Delaware’
0 entry
xxxxxxxxxxxxxx
TOTAL REGISTERED SILVER: 85.189 MILLION OZ//.TOTAL REG + ELIGIBLE. 319.952 Million oz
registered silver dropping in numbers
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JUNE
silver open interest data:
FRONT MONTH OF JUNE /2026 OI: 282 OPEN INTEREST CONTRACTS FOR A GAIN OF 56 CONTRACTS.
WE HAD 1 NOTICE SERVED ON TUESDAY SO WE GAINED 57 CONTRACTS OR AN ADDITIONAL 285,000 OZ WILL STAND AS A QUEUE JUMP AT THE SILVER COMEX.
JULY SAW A LOSS OF 3106 CONTRACTS DOWN TO 55,110 CONTRACTS.
AUGUST SAW A GAIN 0F 64 CONTRACTS UP TO 787…
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 56 or 260,000 oz
CONFIRMED volume TUESDAY; 79,165// strong volume
XXX
AND NOW JUNE. DELIVERIES:
To calculate the number of silver ounces that will stand for delivery in JUNE. we take the total number of notices filed for the month so far at 2166 X5,000 oz = 10.830 MILLION oz
to which we add the difference between the open interest for the front month of JUNE( 282) AND the number of notices served upon today (56 )x (5000 oz)
Thus the standings for silver for the JUNE 2026 contract month: (2166 )Notices served so far) x 5000 oz + OI for the front month of JUNE ( 282) minus number of notices served upon today (56)x 5000 oz equals silver standing for the JUNE..contract month equating to 11.960 MILLION OZ.+
We must also keep in mind that there is considerable silver standing in London coming from our longs
There are ONLY 85.189 million oz of registered silver
JPMorgan as a percentage of total silver: 140.287/319.952 million: 43.93%
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.
BOTH GLD AND SLV ARE MASSIVE FRAUD
JUNE 10 /2026/WITH GOLD DOWN $153/05 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 3.426 TONNES OF GOLD FROM THE GLD//// ./ //:/INVENTORY RESTS AT 1019.921 TONNES
JUNE 9 /2026/WITH GOLD DOWN $75.60 TODAY/NO CHANGES IN GOLD AT THE GLD:// ./ //:/INVENTORY RESTS AT 1019.921 TONNES
JUNE 8 /2026/WITH GOLD DOWN $3.05 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A MASSIVE WITHDRAWAL OF 6.936 TONNES OF GOLD FROM THE GLD// ./ //:/INVENTORY RESTS AT 1019.921 TONNES
JUNE 5 /2026/WITH GOLD DOWN $134;85 TODAY/NO CHANGES IN GOLD AT THE GLD: ./ //:/INVENTORY RESTS AT 1026.857 TONNES
JUNE 4 /2026/WITH GOLD UP $39.25 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 1.143 TONNES OF GOLD FROM THE GLD// ./ //:/INVENTORY RESTS AT 1026.857 TONNES
JUNE 3 /2026/WITH GOLD DOWN $51.80 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 0.856 TONNES OF GOLD FROM THE GLD// ./ //:/INVENTORY RESTS AT 1028.000 TONNES
JUNE 2 /2026/WITH GOLD UP $7.45 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 3.712 TONNES OF GOLD FROM THE GLD// ./ //:/INVENTORY RESTS AT 1028.856 TONNES
JUNE 1 /2026/WITH GOLD DOWN $79.30 TODAY/NO CHANGES IN GOLD AT THE GLD: ./ //:/INVENTORY RESTS AT 1032.568 TONNES
MAY 29 /2026/WITH GOLD UP $59.20 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 2.285 TONNES OF GOLD FROM THE GLD ./ //:/INVENTORY RESTS AT 1032.568 TONNES
MAY 28 /2026/WITH GOLD UP $52.00 TODAY/NO CHANGES IN GOLD AT THE GLD: ./ //:/INVENTORY RESTS AT 1034.853 TONNES
MAY 27 /2026/WITH GOLD DOWN $51.00 TODAY/NO CHANGES IN GOLD AT THE GLD: ./ //:/INVENTORY RESTS AT 1034.853 TONNES
MAY 26 /2026/WITH GOLD DOWN $25.45 TODAY/HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 1.9988 TONNES OUT OF THE GLD ./ //:/INVENTORY RESTS AT 1034.853 TONNES
MAY 22 /2026/WITH GOLD DOWN $13.45 TODAY/NO CHANGES IN GOLD AT THE GLD: ./ //:/INVENTORY RESTS AT 1036.851 TONNES
MAY 21 /2026/WITH GOLD UP $7.60 TODAY/NO CHANGES IN GOLD AT THE GLD: ./ //:/INVENTORY RESTS AT 1036.851 TONNES
GLD INVENTORY: 1019.921 TONNES, TONIGHTS TOTAL GOLD INVENTORY
SILVER
JUNE 10 WITH SILVER DOWN $0/50: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 0.909 MILLION OZ OUT THE SLV /./ // :INVENTORY RESTS AT 483.378 MILLION OZ
JUNE 9 WITH SILVER DOWN $3.35: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.407 MILLION OZ INTO INTO THE SLV /./ // :INVENTORY RESTS AT 484.287 MILLION OZ
JUNE 8 WITH SILVER DOWN $0.52: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 543,000 OZ FROM THE SLV /./ // :INVENTORY RESTS AT 482.880 MILLION OZ
JUNE 5 WITH SILVER DOWN $4.86: NO CHANGES IN SILVER INVENTORY AT THE SLV /./ // :INVENTORY RESTS AT 483.423 MILLION OZ
JUNE 4 WITH SILVER UP $0.52: HUGE CHANGES IN SILVER INVENTORY AT THE SLV >> A WITHDRAWAL OF 1.432 MILLION OZ FROM THE SLV/./ // :INVENTORY RESTS AT 483.423 MILLION OZ
JUNE 3 WITH SILVER DOWN $2.55: NO CHANGES IN SILVER INVENTORY AT THE SLV >> /./ // :INVENTORY RESTS AT 483.423 MILLION OZ
JUNE 2 WITH SILVER UP $0.25: HUGE CHANGES IN SILVER INVENTORY AT THE SLV >> A WITHDRAWAL OF 1.2222 MILLION OZ FROM THE SLV/./ // :INVENTORY RESTS AT 484.855 MILLION OZ
JUNE 1 WITH SILVER DOWN $0.52: HUGE CHANGES IN SILVER INVENTORY AT THE SLVA WITHDRAWAL OF 1.9 MILLION OZ FORM THE SLV/./ // :INVENTORY RESTS AT 486.077 MILLION OZ
MAY 29 WITH SILVER DOWN $0.03: NO CHANGES IN SILVER INVENTORY AT THE SLV/ // :INVENTORY RESTS AT 487.977 MILLION OZ
MAY 28 WITH SILVER UP $1.02: NO CHANGES IN SILVER INVENTORY AT THE SLV/ // :INVENTORY RESTS AT 487.977 MILLION OZ
MAY 27 WITH SILVER DOWN $1.61: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.176 MILLION OZ OUT OF THE SLV/ // :INVENTORY RESTS AT 487.977 MILLION OZ
MAY 26 WITH SILVER DOWN $0.14: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 1.131 OF 0.315 MILLION OZ INTO THE SLV/ // :INVENTORY RESTS AT 489.153 MILLION OZ
MAY 22 WITH SILVER DOWN $0.26: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 0.315 MILLION OZ FROM THE SLV/ // :INVENTORY RESTS AT 488.022 MILLION OZ
MAY 21 WITH SILVER UP $0.64: NO CHANGES IN SILVER INVENTORY AT THE SLV:/ // :INVENTORY RESTS AT 488.338 MILLION OZ
CLOSING INVENTORY 483.378MILLION OZ OF SILVER
GOLD COMMENTARIES:
1.PETER SCHIFF
2. MATHEW PIEPENBERG/EGON VON GREYERZ
ALASDAIR MACLEOD..
The commodity squeeze worsens
Spot oil prices have yet to adjust to the oil shock emanating from the war against Iran. There’s further bad news: Hormuz is unlikely to open until the US admits defeat.
    |
For a war that was originally going to last only three or four days, it is clear that the US has badly miscalculated. America is now over 100 days into it and counting. The odds in favour of it succeeding any time soon are diminishingly small. Not only is it not going to plan, but America’s options are increasingly restricted.
We can forget any ground invasion which would be required for a win, however pyrrhic. Temperatures are now too high for troops not climatised for them. The US and Israel are running low on ordinance, the former having depleted stocks by supplying Europe and Ukraine while Iran has an arsenal accumulated over the last 47 years and particularly since 2003 when the US destroyed Iraq.
Furthermore, there are credible reports that Iran’s hypersonic Fattah missiles are technologically superior to US and Israeli weapons, travel at Mach 10-15, and are virtually impossible to shoot down. Iran also has the backing of China and Russia, guaranteeing accurate targeting and technological input.
Read on for an increasingly certain outcome…
Last night’s escalation
Overnight, it appears that the US attacked water infrastructure in southern Iran. Iran responded by attacking US bases in Jordan, Bahrain, and Kuwait, with the US 5th Fleet in Bahrain reportedly hit hardest. US defence drones and missiles being taken out leaves these host nations effectively defenceless.
Clearly, the Iranians are in control. Assuming Israel continues to attack Lebanon and particularly Beirut, she will be attacked in return not just by Hezbollah but by Iran and the Houthis as well. And just to really add to the squeeze on the US, don’t be surprised if the Houthis close the Bab-el-Mandeb straits between Aden and Djibouti as well, effectively sealing off the Red Sea and the Saudi’s Yanbu oil terminal from the Indian Ocean.
It is increasingly difficult to deny that Iran is in charge, and there’s nothing President Trump can do about it other than make the US’s position worse. Israel finds herself in an impossible situation with America effectively defeated. With that defeat, expect perfidious Arabs to remove their support for Israel, leaving it increasingly isolated and surrounded by hostile Muslim nations.
Let this sink in for a moment. The very existence of Israel is now threatened along with the Zionist project. Her attempt to create a greater Israel has failed and she has nowhere to hide.
All this adds up to a clear strategy for Iran. She has no interest in ending this war until the protagonists admit defeat. The Americans cannot invade, and with Israel both combatants are running low on ordinance while Iran still has plenty. While China and Russia are supportive, there is no NATO-like Article 5 requiring them to declare war on the US and Israel. Iran is on her own and will act in her sole interests accordingly.
She has the means to tighten the screws on the US and has no need to negotiate. Clearly, she will keep Hormuz closed, attack her neighbours’ infrastructure and desalination plants so long as they host US bases and attack any US naval assets in range as part of a careful escalation.
As well as working with Hezbollah and the Yemini Houthis, she will continue to pressure the US until the G7 economies begin to collapse. In fact, Iran’s greatest asset is in mounting global dollar-based financial contradictions: the prospect of its ruin will likely force the US to retreat.
Capital markets will pay the cost
Meanwhile, financial markets in the G7 have not even begun to discount this increasingly inevitable outcome. Global energy and other vital Persian Gulf exports in short supply are lead to significantly higher prices for those goods. By drawing down on strategic oil reserves, the US has concealed this impact so far. But these reserves are running low. So, every day there’s a new skirmish or a new escalation oil prices will rise and fall back less and less as the immediate panic subsides. It will be a staircase to hell leading to a slump in economic activity, only offset by the Fed and other G7 central banks pumping extra credit into their economies to conceal the slump.
It is this debasement of G7 currencies, coupled with debt traps triggered by declining tax revenues due to the slump in economic activity which will undermine their fundamental value and credibility. Before this unnecessary war against Iran, central banks around the world were already selling fiat dollars for gold, foreseeing it’s demise. The war has simply accelerated the death of the post-Bretton Woods currency regime, bringing forward its end to a matter of only a year or two.
3. CHRIS POWELL AND HIS GATA DISPATCHES
4.ANDREW MAGUIRE LIVE FROM THE VAULT 275 and 274
5. COMMODITY REPORT//COPPER
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS WEDNESDAY MORNING.7:30 AM
SHANGHAI CLOSED DOWN 16.80 PTS OR 0.42%
HANG SENG CLOSED DOWN 195.80 PTS OR 0.80%
Nikkei CLOSED UP 1,086.63 PTS OR 1.66%
//Australia’s all ordinaries CLOSED UP 0.45%
//Chinese yuan (ONSHORE) CLOSED DOWN TO 6.7778
/ OFFSHORE CLOSED DOWN AT 6.7794 Oil DOWN TO 88.13 dollars per barrel for WTI and BRENT DOWN TO 91.71 Stocks in Europe OPENED ALL MOSTLY GREEN
ONSHORE USA/ YUAN// WITH YUAN TRADING DOWN (6.7778) OFFSHORE YUAN TRADING DOWN TO 6.7791 ONSHORE YUAN TRADING ABOVE LEVEL OF OFF SHORE AND DOWN ON THE DOLLAR// / AND THUS WEAKER/OFF SHORE YUAN TRADING DOWN AGAINST US DOLLAR/ AND THUS WEAKER
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
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 DOWN 6.7778
OFFSHORE YUAN: DOWN TO 6.7791
1.HANG SANG CLOSED DOWN 195.80 PTS OR 0.80%
2. Nikkei closed DOWN 1086.63 PTS OR 1.66%
WEST TEXAS INTERMEDIATE OIL DOWN TO 88.13
BRENT; 91.71
3. Europe stocks SO FAR: ALL MOSTLY GREEN
USA dollar INDEX DOWN TO 99.90/// EURO FALL TO 1.1549 DOWN 15 BASIS PTS
3b Japan 10 YR bond yield:RISES TO. +2.689 UP 2 FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA CROSS NOW AT 160.41… JAPANESE YEN NOW FALLING AS WE HAVE NOW REACHED THE ENDING OF THE YEN CARRY TRADE AGAIN AND THE REPATRIATION OF YEN DENOMINATED BONDS TRADING IN THE USA/EUROPE. JAPAN 30 YR BOND YIELD: 3.856 DOWN 1 FULL BASIS PTS
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold DOWN /JAPANESE Yen DOWN CHINESE ONSHORE YUAN: DOWN( 6.7778 AND OFFSHORE: DOWN AT 6.7791
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 BRENT DOWN this morning
3h European bond buying continues to push yields LOWER on all fronts in the EMU. German 10yr bund YIELD UP TO +3.0541// Italian 10 Yr bond yield DOWN to 3.820// SPAIN 10 YR BOND YIELD DOWN TO 3.494%
3i Greek 10 year bond yield DOWN TO 3.7698%
3j Gold at $4166.00 //Silver at: 63.82 1 am est) SILVER NEXT RESISTANCE LEVEL AT $100.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 14/ 100 roubles/72.41
3m oil (WTI) into the 88 dollar handle for WTI and 91 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 160.19 // 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 2.689% UP 2 BASIS PTS STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE NOW UNWINDING//YEN BOND TRADING OVERSEAS REPATRIATED.//JAPAN 30 YR: 3.866 DOWN 7 PTS..: USA/SF this 0.7988 as the Swiss Franc . Euro vs SF: 0.9226
USA 10 YR BOND YIELD: 4.538 UP 1 BASIS PTS…
USA 30 YR BOND YIELD: 5.011 UP 0 BASIS PTS/
USA 2 YR BOND YIELD: 4.135 UP 1 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 46.14 UP 2 BASIS PTS/LIRA GETTING KILLED//IDIOTS FOR SELLING GOLD AND USA DOLLAR RESERVES.
10 YR UK BOND YIELD: 4.9160 DOWN 1 PTS
30 YR UK BOND YIELD: 5.597 DOWN 0 BASIS PTS
10 YR CANADA BOND YIELD: 3.4888 DOWN 2 BASIS PTS
5 YR CANADA BOND YIELD: 3.139 DOWN 2 BASIS PTS.
Futures Slide Amid Renewed Tech Selling, Geopolitical Chaos Ahead Of Key CPI Print
Wednesday, Jun 10, 2026 – 08:21 AM
Markets continue to trade with a risk-off bias this morning, with equity futures and macro credit weaker, rates selling across the curve, as the USD and oil sensitive currencies outperform. It’s set to be another ugly day for US tech stocks as US equity futures slide ahead of today’s CPI print which will see headline inflation rise above 4% for the first time in 3 years (full preview here). As of 8:00am Nasdaq 100 futures are down 1.5% versus losses of 1.0% for the S&P 500 contracts. Pre-market, Mag 7 are all lower with NVDA (-1.9%), TSLA (-1.6%) and MSFT (-1.3%) being the biggest underperformers. Oracle trades lower by 2.8% in the premarket ahead of its after-hours earnings, which could provide the next catalyst for the AI trade. Bond yields are 1-2bp higher across the curve amid hotter-than-expected Japan PPI print last night. Commodities are mixed: oil swung from losses to gains after Trump said Iran “will have to pay the price” for taking too long to negotiate a deal. The threat followed a round of retaliatory attacks between the two sides, with Tehran saying it’s reviewing the diplomatic process. Brent rose 1.7% to around $93 a barrel. Treasury yields climbed across the curve, with the 10-year rate up three basis points to 4.54%. The dollar held steady; precious metals are all lower. Geopolitical headlines remain volatile – Trump warning that “Iran will have to pay the price for taking too long” and threatening he is close to ordering new strikes – but this was unlikely to have triggered the rotation given 1) Oil & Rates traded lower yesterday; 2) Tech has been the escalation trade. US economic data calendar includes May CPI (8:30am) and federal budget balance (2pm)
In premarket trading, Nvidia falls 2.4%, leading decliners among Magnificent Seven stocks, with technology and semiconductor firms set to extend losses (Apple -0.1%, Amazon -0.6%, Meta -0.9%, Alphabet -1.3%, Microsoft -1.5%, Tesla -1.7%)
- Casey’s General Stores Inc. (CASY) is up 2% after the convenience store chain reported revenue for the fourth quarter that beat the average analyst estimate.
- Chewy (CHWY) climbs 7% after the pet food posted first quarter results.
- Cracker Barrel (CBRL) jumps 9% after the restaurant chain boosted its revenue guidance for the full year, beating the average analyst estimate.
- Devon Energy (DVN) rises about 1% after the oil and gas producer boosted its production forecast for the full year and said it was undergoing a portfolio review to concentrate assets in the Permian Basin.
- Dianthus Therapeutics (DNTH) slumps 19% after peer developer Sanofi halted a late-stage trial of an experimental therapy for a rare autoimmune disorder, citing efficacy concerns.
- Hinge Health (HNGE) climbs 3% after the digital health-care company raised its revenue forecast for the full year.
- Old Dominion (ODFL) slumps 7%, falling with other less-than-truckload stocks, after Amazon expanded its LTL freight offering to all destinations in the US, including third-party warehouses, distribution centers and retail partners.
- Super Micro Computer (SMCI) falls 11% after the company said it plans $7 billion in equity and equity-linked financing transactions to fund component purchases to satisfy around $39b in AI server orders it has received from customers.
In corporate news, SoftBank’s talks with potential creditors to raise at least $6 billion from a margin loan backed by its OpenAI stake is said to have stalled. TSMC reported a 30% rise in May monthly sales. Combined April and May sales up around 24% from a year ago, with analysts looking for 35% increase in total second-quarter sales.
Tuesday’s volatile session was encapsulated in a double-digit swing in the benchmark semis index as broader equity financing costs rose. S&P 500 options have witnessed the two busiest days on record, both within the past week. For markets to settle, we might need a “solution in the Middle East and a SpaceX IPO which goes well enough to signal that the market has confidence, but not good enough to raise animal spirits among investors,” according to Stephan Kemper, chief investment strategist at BNP Paribas Wealth Management. SpaceX’s IPO is set to price Thursday and trade the following day. The near-$75 billion offering has attracted demand from institutional investors for several times the shares available.
“Clearly, the AI-linked theme is seeing some unwind,” said Andrea Gabellone, head of global equities at KBC Securities. “It’s not structural, just temporary rotation away from high momentum names, and perhaps also linked to the several high-profile IPOs that are coming up.”
“We currently see a healthy correction in parts of the market which might have moved too far, too fast,” said Stephan Kemper, chief investment strategist at BNP Paribas Wealth Management. “There’s also no trigger to further upgrade earnings expectations. We have a fair chance that the current choppy trading environment will stay in place for some time.”
Oil swung from losses to gains after US President Donald Trump said Iran “will have to pay the price” for taking too long to negotiate a deal. The threat followed a round of retaliatory attacks between the two sides, with Tehran saying it’s reviewing the diplomatic process. Brent rose 1.7% to around $93 a barrel. Treasury yields climbed across the curve, with the 10-year rate up three basis points to 4.54%. The dollar held steady.
Jim Reid, head of Macro Research at Deutsche Bank, describes markets as “swinging between 1999-style AI exuberance and 2000-type tech crash fears.” A volatile CPI print might keep the pattern going, although isn’t expected. Bloomberg Economics’ US team thinks the headline reading will likely be hot, but core inflation subdued and more reassuring, potentially challenging the 25-bps rate hike later this year priced in by the swaps market.
For now, the focus will be on Wednesday’s consumer price data for May (full preview here), which may offer the clearest signal yet on whether a Fed led by Kevin Warsh will keep borrowing costs higher for longer. The median analyst consensus expects annual inflation to accelerate to 4.2% in May, the highest since April 2023, from 3.8% a month earlier. Core inflation, which excludes food and energy, is projected to edge up to 2.9% from 2.8%. A $39 billion auction of 10-year Treasuries will also test demand at a time of steadily rising yields. The JPMorgan Market Intelligence desk says options are pricing in approximately 1% move in the S&P 500 on the most likely core CPI MoM print, while an upside shock above 0.35% could result in the benchmark falling by as much as 3%.
“With US CPI the key event risk today, bonds and equities are likely to take direction together. Consensus forecasts imply inflation is unlikely to return anywhere close to target, leaving a high bar for markets to price a materially more dovish Fed”, said Skylar Montgomery Koning, Bloomberg macro strategist.
“Not only are we oscillating between deal or no deal with the US and Iran, but markets are also swinging between 1999-style AI exuberance and 2000-type tech crash fears,” noted Jim Reid at Deutsche Bank AG. “All we need now is a volatile US CPI print today to keep the pattern going.”
Elsewhere, Bank of Japan Governor Kazuo Ueda has been hospitalized and is set to miss the monetary policy meeting next week, according to a statement. Investors are currently betting that the BOJ needs to raise rates soon to combat inflation and curb the yen’s weakness.
In other assets, gold hits the lowest price since November, behaving more like a risk asset over the short term than a haven, setting the metal up to test $4,000 an ounce, around where key retracements lie. And Bitcoin renewed its slide having endured its worst week since the collapse of FTX exchange in 2022.
In politics, Aaron Ford, Nevada’s attorney general, has prevailed over a crowded field of Democrats to face off against Governor Joe Lombardo, a Republican, in the gubernatorial election. Trump says Bill Pulte will take over as acting Director of National Intelligence on June 19.
European stocks started off on a mildly positive footing before succumbing to the selling pressure in global equities, with the Stoxx 600 down 0.2%. Here are the biggest movers Wednesday:
- STMicro gains as much as 3.4% after Bank of America said its shares have nearly 40% further to climb on optimism that a growing need for chips used to support communications and power management in data centers will boost earnings
- Auto1 shares rise as much as 4.9%, as Goldman Sachs expects capital markets day to support valuation re-rating, seeing 58% upside ahead; believes company will detail uni economics and long-term margin building blocks at the CMD
- EnQuest shares gain as much as 24%, to their highest level since early 2023, after the oil and gas company agreed to buy Malaysian assets for up to $833 million
- Fuller Smith & Turner advances as much as 12%, the most since Nov. 2023, following an update from the pub operator in which it delivered a full-year beat and announced a new share buyback
- Fielmann rises as much as 7.7%, the most since mid-February, as Deutsche Bank initiates coverage of the German eye wear company with a buy recommendation, saying it has a “credible foundation for the next strategic phase”
- Scandi Standard gains as much as 5.2% after SB1 Markets initiated coverage of the Swedish poultry producer with a buy rating, noting the company’s strong market position and potential for continued margin improvement
- WH Smith shares fell as much as 19%, the biggest drop since August 2025, after the retailer cut its full-year profit forecast following a sharp deterioration in US trading and set out plans to raise capital
- Soitec shares drop as much as 12% after Jefferies cut their recommendation on the semiconductors materials producer to underperform from hold. Analysts said the stock’s valuation doesn’t reflect fundamentals
- Kongsberg shares fall as much as 4.7% after the Norwegian firm’s targets came up short of analysts’ margin forecasts, with Morgan Stanley saying the lack of consensus earnings upgrades should call into question the stock’s premium valuation
- Pennon Group shares fall as much as 4.8%, the most in a month, after the water company lowered EPS guidance for its 2027 financial year. Analysts said that the outlook disappoints the market
Asian stocks resumed their decline, weighed by technology firms, as sentiment soured on renewed tensions in the Middle East. The MSCI Asia Pacific Index fell as much as 2.7%, with chipmakers Samsung and SK Hynix the biggest drags. Tech-heavy markets led losses in the region, with South Korea’s Kospi tumbling 4.5% and Taiwanese shares falling by more than 3%. Indonesian stocks extended gains to as much as 3.4%, spurred by the central bank’s off-cycle interest rate hike.
“We don’t think this is a bubble yet,” but could be the early innings of a bubble forming, Jeff Li, global equity CIO at E Fund Management, said in a Bloomberg TV interview. Investors may position themselves at the point of supply that’s suffering from the most severe shortage, which is CPU and optics communications this year, he added.
In FX, The Norwegian krone sits on top of the G-10 leaderboard after hot inflation data. USD/JPY has hit its highest level since April 30, when Japanese authorities intervened in the currency. Spot gold and silver have continued to decline, each down about 2%. Bitcoin falls 1.8% but holding above the $61,000 mark.
In rates, treasury futures fall to session lows as oil prices jump after US President Trump in social media post said Iran has taken too long to come to terms and will “pay the price.” US yields climbed 2bp-3bp across the curve to day’s highs. US 10-year yields rose as much as 3.4bp to 4.55%, remaining inside Tuesday’s range, before stabilizing under 4.54%; bunds and gilts in the sector lag by around 1.5bp. Curve spreads remain within a basis point of Tuesday’s closing levels. Treasury auction cycle continues with $39 billion 10-year note reopening at 1pm New York time; Tuesday’s 3-year new-issue auction tailed by 0.3bp. Cycle concludes with $22 billion 30-year reopening Thursday. WI 10-year yield near 4.54% is ~7bp cheaper than last month’s new-issue auction, which tailed by 0.4bp. IG dollar issuance slate includes a couple of offerings, led by an EIB $4 billion 7Y, but is expected to be muted by CPI release. Eight borrowers priced almost $8 billion on Tuesday, paying about 5bp in new issue concessions on deals that were 2.7 times covered. Focal points of US session include May CPI data and 10-year note auction.
In commodities, WTI crude oil futures, little changed before Trump’s comment, rose as much as 2% afterward and remain higher by about 1.2%, weighing on Treasuries and S&P 500 futures, down around 1%
US economic data calendar includes May CPI (8:30am) and federal budget balance (2pm)
Market Snapshot
Top Overnight News
- Trump slammed Iran for not reaching a quick peace deal with the US after a night of attacks that have strained a fragile two-month truce. “They’ve taken too long to negotiate a deal that would have been great for them, now they will have to pay the price,” Trump wrote on Truth Social
- Trump still thinks a peace deal with Iran is on the horizon, even as the United States launched retaliatory strikes on Iran Tuesday evening, a senior White House official said Tuesday. Politico
- It would be “unwise” to assume that the situation in the Strait of Hormuz will return to how it was before the Iran war, the head of French shipping group CMA CGM said on Tuesday. CMA CGM, the world’s third-largest container line, is among firms with vessels stranded inside the Gulf since the start of the conflict that has virtually closed the waterway, which carries a fifth of global oil and LNG supply. RTRS
- US House passes USD 70bln immigration enforcement funding bill.
- US Agriculture Secretary Rollins said the first US calf with screwworm is healthy and recovering, while she said they will start eradicating screwworm in a couple of months.
- China’s consumer inflation unexpectedly stalled in May even as factory prices gained at the fastest pace in almost four years. BBG
- China’s factory-gate inflation accelerated in May as the ongoing conflict in the Middle East continued to drive up energy and commodity costs. The producer-price index jumped 3.9% from a year earlier in May, accelerating from a 2.8% increase in April, according to data released Wednesday by the National Bureau of Statistics. WSJ
- Japan’s corporate goods prices jumped again in May, signaling strengthening inflationary pressures rippling across domestic supply chains as the war in Iran drags on and keeps energy prices elevated. BBG
- Governments have raised a record $504 billion through syndicated bond sales in the first half so far, surpassing even pandemic-era borrowing as deficits widen and spending climbs. BBG
- US markets are close to ending more than two decades of declining equity supply as a trio of mega initial public offerings brings a flood of new shares. FT
- We expect a 0.17% increase in May core CPI (vs. +0.3% consensus), corresponding to a year-over-year rate of +2.79% (vs. +2.9% consensus). We expect a 0.45% increase in headline CPI (vs. +0.5% consensus), reflecting sharply higher energy prices. Our forecast is consistent with a 0.27% increase in core PCE in May, reflecting a large increase in its financial services component. GIR
- SK Hynix plans to list its shares in the U.S. as soon as August, said two sources familiar with the matter, as the South Korean memory chipmaker seeks to capitalize on strong appetite for AI-linked stocks and broaden its investor base. RTRS
Top Iran Headlines
- The US and Iran exchanged fire following the downing of a US Apache helicopter over the Strait of Hormuz. Iran’s IRGC struck a US base in Jordan and 21 other targets in the Gulf, after the US hit Iranian air defence, ground control stations and surveillance radar sites near Hormuz. Sounds of explosions were reported in Qeshm Island and the port city of Sirik, while explosions were heard near Bandar Abbas and Jask. Following the initial exchange of missiles, US CENTCOM announced in the early hours of Wednesday that they have ended its self-defence strikes against Iran.
- US President Trump told ABC that the US was responding to Iran and that it is important to respond to Iran downing the helicopter, as well as noted that the response is very strong and powerful.
- US VP JD Vance said the US is very close to reaching a deal that would address Iran’s nuclear programme for the long term, which could come next week or months from now, but absolutely before the midterms, according to CBS.
- White House senior official said nothing has changed in their position regarding an agreement with Iran and it is still close despite the strikes.
- A US official said the US military carried out strikes on almost 20 targets inside of Iran, but noted preliminary assessments indicate most Iranian missiles and drones were successfully intercepted.
- Iranian Foreign Ministry spokesperson Baghaei said they need to reassess, following the overnight clashes, when questioned on talks with the US, SNN reported.
- Iranian Foreign Ministry statement strongly condemns America’s crime in its military aggression against Iran.
- An Iranian military source tells IRIB that no offensive military operations have been conducted in the Strait of Hormuz over the past 24 hours. Warned that if the enemy carries out another hostile action under the pretext of the military helicopter crash, it will face a decisive response.
- A massive fire in the centre of Erbil and an explosion has been heard near the US base in the vicinity, Mehr news reported citing sources.
- Local sources reported that an explosion was heard in the area of Qeshm city, Mehr News reports. However, this was later denied by the Qeshm governor.
- UN Security Council debated reviving the Iran sanctions panel, although Russia and China opposed the revival of the Iran sanctions committee, according to Tasnim.
- Israeli air raids hit the Lebanese towns of Touline, Srifa and Kafra. It was separately reported that missiles were spotted from Lebanon that were headed towards Kiryat Shmona and its surroundings, while rockets launched from Lebanon towards Upper Galilee were also detected.
- UKMTO has received a report of an incident 20nm Northeast of Oman’s Sohar.
- UKMTO reported an incident involving a cargo vessel 88 nautical miles southwest of Balhaf, Yemen.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks mostly declined following the tech weakness on Wall St and amid the escalation in the Middle East after the US conducted strikes on Iran in response to the downing of an Apache helicopter, while Iran retaliated with strikes targeting US bases in the region. ASX 200 bucked the trend amid gains in the consumer sectors, financials and defensives. Nikkei 225 retreated amid tech-related headwinds, while firmer-than-expected PPI data and the latest BoJ source report continued to point to a looming hike for next week’s meeting. Hang Seng and Shanghai Comp conformed to the downbeat mood in the region owing to the recent geopolitical escalation. Elsewhere, Chinese inflation data was mixed as CPI Y/Y printed softer-than-expected, but PPI Y/Y topped forecasts and printed its highest since July 2022.
Top Asian News
- Chinese CPI YY (May) 1.2% vs. Exp. 1.3% (Prev. 1.2%).
- Chinese PPI YY (May) 3.9% vs. Exp. 3.8% (Prev. 2.8%).
- Japanese PPI MM (May) 0.9% vs. Exp. 0.5% (Prev. 2.3%).
- Japanese PPI YY (May) 6.3% vs. Exp. 5.5% (Prev. 4.9%).
European bourses (STOXX 600 -0.2%) initially opened with mild gains, before dipping into the red as the morning progressed – currently at lows. In Tuesday’s session, US President Trump vowed retaliation after the downing of a US Apache helicopter, resulting in US forces targeting Iranian air defences, ground control stations and surveillance radar sites around the Strait of Hormuz. In response, Iran’s IRGC said they carried out attacks against a US base in Jordan and 21 other targets around the Gulf. European sectors are mixed. Topping the sector pile is Real Estate (+0.6%), with Optimised Personal Care (+0.4%) and Food, Beverages & Tobacco (+0.5%) rounding out the top three. Underperformance in Financial Services (-0.8%), Basic Resources (-1.2%) and Technology (-0.9%).
Top European News
- Germany’s DIW cuts its 2026 growth forecast for Germany to 0.5% (prev. 1.0%); Germany risks slipping into a technical recession this year following the energy shock.
- European Parliament’s budgetary control committees are to examine the Commissions plan to unlock EUR 16bln of funding for Hungary on the 14th of July, Politico reported citing sources.
FX
- G10s mostly range trading as the Buck positions into US CPI; CAD outperforms into BoC, antipodeans lag after soft Chinese inflation data, NOK outperforms post-CPI.
- DXY -0.1%, lower on the day but still holding onto most NFP gains despite a sharp reversal in crude over the past few days. Levels reached around NFP, just above the 100 mark, will be watched closely as an inline/hot CPI print will help the index return to these levels. MUFG suggests that a hot print CPI (>4.3%) would likely trigger a sharp sell-off in US front-end rates, potentially pulling forward expectations for a hike towards October. ING contends a soft print would see DXY test the 99.50/60 area.
- CAD is one of the best performers ahead of the BoC confab, USD/CAD -0.1%. BoC is widely expected to leave its policy rate unchanged at 2.25% for a fifth consecutive meeting as it balances trade uncertainty against lingering inflation risks. Attention will centre on whether policymakers are more attentive to inflation or growth risks. Markets will also be watching for acknowledgement of Canada’s technical recession, alongside any emphasis on the apparent Q2 recovery, stable core inflation and the Bank’s position near the lower end of neutral as justification for maintaining a wait-and-see approach. USD/CAD could look to test 1.40 if US CPI comes hot, and BoC does not provide food for hawks.
- NOK is the best G10 performer after hot CPI-ATE this morning surpassed consensus and was mildly above the Norges Bank’s own forecast of 3.3%. Sell-side banks saw some risk that a hot inflation report could see board members begin to mull another hike at the June meeting. However, it is more likely that policymakers wait for more data and assess the developments in the Middle East. Nonetheless, CPI-ATE remains persistently high, which clouds the environment. NOK/SEK +0.4%, looks to test par after surpassing the level overnight.
- Antipodeans underperform after Chinese inflation printed cooler than expected. CPI was steady at 1.2% Y/Y, cooler than economists had expected. PPI rose to 3.9%, lower than most estimates. As such, both Aussie and Kiwi weaker against the Buck by 0.2% and 0.1% respectively.
Fixed Income
- Global fixed benchmarks are trading tentatively on either side of the unchanged mark, following similar indecisive action in the energy space. This follows on from overnight US strikes on Iran, in response to the downing of a US helicopter earlier in the week. This latest attack led Iran to launch retaliatory strikes against Bahrain, Kuwait and Jordan. As for the progress to peace, a WH official stated that “nothing has changed in their position regarding an agreement with Iran, and it is still close despite the strikes”. However, the Iranian Foreign Minister stated that they need to reassess, following the recent strikes; he added that the US harms diplomatic efforts.
- USTs (-2 ticks) trade with very mild losses and hold towards the bottom of a 109-03 to 109-08 range. The tentative action today is explained by the uncertain geopolitical environment, and as markets await US CPI/10yr auction later today.
- Bunds (-9 ticks) and Gilts (-6 ticks) trade incrementally lower, following the tentative action seen above. Domestic updates today have been lacking, but focus for the EGBs will be on a 10yr Bund auction. As it stands, the GE 10yr yield holds slightly above the 3% mark, driven higher by elevated energy prices and sticky inflation. The sale should go well, with some traders potentially booking profits at elevated levels. The geopolitical environment appears to be easing (but remains incredibly uncertain), and with some fund managers believing fixed income will reclaim its safe-haven status, yields should begin to ease from recent peaks.
- Germany to sell EUR 3.982bln vs exp. 5bln 2036 2.90% Bund: b/c 1.71x (prev. 1.5x), average yield 3.06% (prev. 3.16%), retention 20.4% (prev. 23.1%).
- Japan sells JPY 450.8bln 30-yr JGBs; b/c 2.94x (prev. 3.49x), and average yield 3.860% (prev. 3.842%), Lowest accepted price 97.40 vs prev. 97.80, Average accepted price 97.78 vs prev. 98.02, Tail in price 0.38 vs prev. 0.22.
- Australia sells AUD 1bln 1.00% October 2037 bonds b/c 4.25, avg yield 4.9566%.
Commodities
- In geopolitics, The US and Iran exchanged fire following the downing of a US Apache helicopter over the Strait of Hormuz. Iran’s IRGC struck a US base in Jordan and 21 other targets in the Gulf, after the US hit Iranian air defence, ground control stations and surveillance radar sites near Hormuz. Sounds of explosions were reported in Qeshm Island and the port city of Sirik, while explosions were heard near Bandar Abbas and Jask. Following the initial exchange of missiles, US CENTCOM announced in the early hours of Wednesday that they have ended its self-defence strikes against Iran.
- Crude futures trade around the unchanged mark despite the US-Iran strikes. WTI Jul’26 oscillates in a USD 87.39-90.00/bbl range while Brent Aug’26 rotates in a USD 90.77-93.26/bbl band. Saxo’s chief investment strategist says, “Geopolitics is being treated as a headline risk, not a macro shock for now. Oil holding around USD 90 despite fresh Iran headlines suggests markets are not pricing a sustained supply disruption.”
- Precious metals continue to trade under pressure. Spot gold slips below the USD 4200/oz handle, at the lower end of its USD 4161-4258/oz range. The yellow metal has been under pressure in recent sessions, which was initially spurred by the stronger-than-expected US jobs report last Friday. The US inflation print at 13:30BST/08:30EDT will be a highly-watched data point for metals traders, another hot print could spur further downside. The next level below market is the USD 4099/oz low from March 23rd.
- 3M LME Copper traded rangebound throughout the Asia-Pac session but is currently extending to lows, slipping below the USD 13.5k/t mark. Chinese inflation failed to move the red metal, after headline inflation held at 1.2% Y/Y but was cooler than the expected 1.3%.
- US Private Inventory Data (bbls): Crude -9.1mln (exp. -3.4mln), Distillates +1.3mln (exp. -0.2mln), Gasoline -1.2mln (exp. -0.6mln), Cushing -1.1mln.
- US Deputy Secretary of State Landau said the US is working to release energy reserves and boost sales of LPG and LNG to ASEAN.
- Kuwait is reportedly in discussions with Saudi Arabia and the UAE to secure pipeline capacity to export crude and oil products, Argus reported.
Central Banks
- BoJ Governor Ueda said to have been hospitalised, reports suggest, and is expected to be absent for the June 15-16 meeting. Deputy Gov. Himino will chair June meeting.
Ukraine
- Ukrainian President Zelensky confirmed that the targeted the Russian Novokuibyshevsk refinery.
- Ukraine hit two Russian pumping stations; namely, Vtorovo and Lobkovo.
US Event Calendar
- 7:00 am: Jun 5 MBA Mortgage Applications 10.8%, prior -2.5%
- 8:30 am: May CPI MoM, est. 0.5%, prior 0.6%
- 8:30 am: May Core CPI MoM, est. 0.3%, prior 0.4%
- 8:30 am: May CPI YoY, est. 4.2%, prior 3.8%
- 8:30 am: May Core CPI YoY, est. 2.9%, prior 2.8%
- 2:00 pm: May Federal Budget Balance, est. -283.1b, prior 215.02b
DB’s Jim Reid concludes the overnight wrap
After writing thousands of EMRs without an ocean or sea view, I’ve now had three in a single month. After the US West Coast and Lisbon in May, I’m writing this looking out from my balcony over the beautiful Bosphorus Strait here in Istanbul. I’m writing in Europe, but looking out across the strait at Asia — a first for me.
As I straddle two continents, markets are straddling some fairly extreme scenarios at the moment. Not only are we oscillating between deal or no deal with the US and Iran, but markets are also swinging between 1999-style AI exuberance and 2000-type tech crash fears. On the former, Brent briefly fell below $90 for the first time since April 17th yesterday before partially rebounding after Trump vowed retaliation following Iran shooting down a US helicopter. On the latter, the Philly Semiconductor Index fell by as much as -8.62% intra-day before recovering to -1.93% by the close. So it’s been a genuinely topsy turvy start to the week, with oil and tech whipsawing across both Monday and Tuesday. All we need now is a volatile US CPI print today to keep the pattern going.
Over the past 24 hours, the conflict between the US and Iran has escalated again following American strikes launched in direct response to the downing of a US Army Apache helicopter over the Strait of Hormuz. Late on Tuesday, US Central Command said its forces carried out what it described as a “proportional response to unjustified Iranian aggression,” striking Iranian air-defence systems, ground control stations and surveillance radar sites near the strait using precision munitions from fighter jets. President Donald Trump, speaking to ABC News as the strikes were announced, said the action was necessary after the helicopter incident, adding: “I believe the response should be very strong, very powerful, and that’s what this one is.” Iranian media reported explosions across southern Iran, including on Qeshm Island and in the Bandar Abbas region, while state television said two water-storage tanks in Sirik were hit, temporarily cutting local drinking water supplies.
Tehran has denied responsibility for shooting down the helicopter, although Iranian officials issued sharp warnings following the US operation. Foreign Minister Abbas Araghchi said that Iran “will leave no attack or threat unanswered,” while also cautioning earlier that foreign forces operating near Iranian territory are at constant risk of “human errors, plain accidents, or potentially being caught in crossfire.” Iran’s joint military command claimed it had targeted several US bases in the region, with the Islamic Revolutionary Guard Corps saying it launched a drone strike at the US Fifth Fleet in Bahrain, according to state-run IRIB. The exchange has underscored the fragility of the April ceasefire and cast fresh doubt over President Trump’s repeated assertions that a broader peace deal was close.
Brent is still over a dollar lower than it was this time yesterday but is up around +0.5% overnight to $91.90 but having been as low as $89.70 before news of the helicopter downing emerged an hour or so before the European close.
This news came as US equities were in the midst of a pronounced tech-led sell-off and added to the risk-off mood. However, there wasn’t an obvious catalyst for that tech sell-off and with there being no follow up to Trump’s post during market hours, equities ended up largely reversing their losses by the close. So the S&P 500 closed a modest -0.26% lower after trading -2.27% intra-day, while the NASDAQ “only” fell -0.97% on the day. We did see underperformance by the Mag-7 (-1.29%) as well as the Philly semiconductor index (-1.93%) but this was much less severe than it had been midway through the session (intra-day lows of -8.62%) as we mentioned at the top. And the picture was actually positive beyond tech, with almost three-quarters of the S&P 500’s constituents up on the day and the equal-weighted index rallying +0.76% amid rotation into more defensive sectors. This morning, S&P 500 (-0.28%) and NASDAQ 100 (-0.45%) futures are a bit lower.
A notable feature of yesterday’s selloff was that unlike Friday, it didn’t coincide with a big hawkish repricing given that oil was still lower on the day even with the turnaround after Trump’s comments on the helicopter incident. If anything, investors were becoming more optimistic on inflation, as earlier hopes for a US-Iran deal saw oil prices fall back again. So even though we were off the lows for the day, Brent crude (-2.97%) still closed at $91.45/bbl, which was its lowest level since mid-April, whilst the 6-month Brent future (-1.61%) closed at $84.58/bbl.
Those moves came as investors latched onto comments from President Trump, which came out shortly before we went to press yesterday, in the small hours of Tuesday. He said that “We’re in the final throes of what will be a very, very good deal”, and that “We could have at least an idea one or two days from now.” So that raised hopes that some kind of deal might be imminent, and that the Strait of Hormuz might reopen in the weeks ahead. And while Trump’s helicopter post added fresh doubts, it didn’t entirely derail the optimism. Later in the day, the New York Times report some of the details of US-Iran negotiations towards an outline of a nuclear agreement, which added hopes that we could get something more than a narrow temporary deal to reopen Hormuz that was reportedly in play late last month.
Inflation is set to remain in the headlines today, as we have the US CPI print for May at 13:30 London time. This is an important one, because recent weeks have seen mounting speculation about a Fed rate hike. That was initially driven by the energy shock pushing inflation up, but we’ve now had 3 consecutive jobs reports surprise on the upside too, with the 3-month average for payrolls at a two-year high of 188k. So the labour market side of the Fed’s mandate seems increasingly secure, giving them much more space to focus on the inflation side.
In terms of what to expect today, our US economists think that monthly headline CPI should come in at +0.51%, which would push the year-on-year measure up to +4.3%. And if that’s realised, it would be the first 4%-plus reading for CPI since 2023, back when the Fed were still hiking rates. They see that driven by a large increase in gas prices, so for core CPI they’re expecting a slower +0.22% pace, which would push the year-on-year core measure up to +2.9%. Nevertheless, we know that markets are attuned to hawkish risk after the reaction on Friday, so an upside surprise could cause trouble given how febrile markets have been recently.
Ahead of the CPI print, lower oil prices helped to ease inflation fears on both sides of the Atlantic. So the US 1yr inflation swap (-3.9bps) fell to 3.03%, and the Euro 1yr inflation swap (-5.6bps) fell to its lowest in almost 3 months, at 2.93%. Meanwhile, with inflation concern easing, investors also dialled back their expectations for a hawkish reaction. For example, the amount of Fed hikes priced by December fell -3.4bps on the day to 25bps.
With that in mind, sovereign bond yields also fell back on both sides of the Atlantic. So in the US, the 2yr Treasury yield (-4.5bps) fell to 4.12%, whilst the 10yr Treasury yield (-4.6bps) fell to 4.52%. And over in Europe, yields on 10yr bunds (-1.7bps), OATs (-2.9bps) and BTPs (-3.5bps) all fell back as well.
Speaking of Europe, equities there were also hit by the sudden selloff, with the STOXX 600 (-0.50%) falling for a 3rd consecutive session, whilst the DAX (-0.74%) was back into negative territory for 2026. This performance wasn’t helped by European markets closing before the recovery in US equities emerged, though the more limited exposure to both chips and the broader tech sector meant that the CAC 40 (+0.05%) and the FTSE MIB (+0.11%) posted modest advances.
Finally, there wasn’t much data yesterday, although we did get a few US releases. That included the NFIB’s small business optimism index, which fell to 95.3 in May (vs. 96.0 expected), marking its lowest level since October 2024. However, there were some stronger numbers, with existing home sales up to an annualised pace of 4.17m in May (vs. 4.07m expected), their highest in 5 months.
Asian equity markets are trading lower as I type with the KOSPI leading regional declines, down -4.20%, while the Nikkei is also weaker (-1.43%) amid continued pressure on AI related stocks. Other major indices are similarly in negative territory, including the Hang Seng (-1.15%), CSI (-0.98%) and Shanghai Composite (-0.58%). Meanwhile, 10 year US Treasuries are +2.2bps higher at 4.54% as we go to print.
Elsewhere, the Japanese yen (-0.02%) is hovering close to its weakest level since April, keeping markets alert to the risk of potential intervention by Japanese authorities.
Early economic data from China showed consumer inflation in May coming in slightly below expectations, highlighting subdued domestic demand. Headline CPI rose +1.2% year on year, marginally under the +1.3% consensus and unchanged from the previous month. By contrast, producer prices accelerated sharply, with PPI up +3.9% year on year, in line with expectations and the strongest reading since August 2022. The pickup was largely driven by higher energy costs linked to developments in the Middle East, marking a notable acceleration from April’s +2.8% pace.
Looking at the day ahead, there’s not too much on the calendar, although we will get the US CPI print for May, and a policy decision from the Bank of Canada. No move is expected.
1 b European opening report
Quiet trade into US CPI, Crude/DXY flat, equities lower – Newsquawk US Market Open
Wednesday, Jun 10, 2026 – 06:18 AM
- US launched fresh strikes on Iran in response to Monday’s downing of an Apache helicopter; the mission was a “proportional response” to Iranian aggression, while President Trump called it “very strong and powerful”.
- Iran responded with attacks on US bases in Bahrain, Kuwait and Jordan; Brent Aug’26 U/C.
- A White House senior official said nothing has changed in their position regarding an agreement with Iran, and it is still close despite the strikes.
- Iranian Foreign Ministry spokesperson Baghaei says they need to reassess, following the overnight clashes, when questioned on talks with the US, SNN reports.
- US equity futures extend lower and currently reside at lows; NQ -1.2% underperforms.
- DXY is incrementally lower into US CPI; USD/JPY choppy on reports that BoJ Governor Ueda is in hospital and will not attend the June meeting.
- Global fixed benchmarks are slightly lower in quiet trade, US paper awaits data and a 10yr auction.
- Looking ahead, highlights include US CPI (May), BoC Policy Announcement (Jun), Speakers including BoC’s Macklem, Supply from the US, Earnings from Oracle.
Newsquawk in 3 steps:
1. Subscribe to the free premarket movers reports
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
IRAN CONFLICT
- The US and Iran exchanged fire following the downing of a US Apache helicopter over the Strait of Hormuz. Iran’s IRGC struck a US base in Jordan and 21 other targets in the Gulf, after the US hit Iranian air defence, ground control stations and surveillance radar sites near Hormuz. Sounds of explosions were reported in Qeshm Island and the port city of Sirik, while explosions were heard near Bandar Abbas and Jask. Following the initial exchange of missiles, US CENTCOM announced in the early hours of Wednesday that they have ended its self-defence strikes against Iran.
- US President Trump told ABC that the US was responding to Iran and that it is important to respond to Iran downing the helicopter, as well as noted that the response is very strong and powerful.
- US VP JD Vance said the US is very close to reaching a deal that would address Iran’s nuclear programme for the long term, which could come next week or months from now, but absolutely before the midterms, according to CBS.
- White House senior official said nothing has changed in their position regarding an agreement with Iran and it is still close despite the strikes.
- A US official said the US military carried out strikes on almost 20 targets inside of Iran, but noted preliminary assessments indicate most Iranian missiles and drones were successfully intercepted.
- Iranian Foreign Ministry spokesperson Baghaei said they need to reassess, following the overnight clashes, when questioned on talks with the US, SNN reported.
- Iranian Foreign Ministry statement strongly condemns America’s crime in its military aggression against Iran.
- An Iranian military source tells IRIB that no offensive military operations have been conducted in the Strait of Hormuz over the past 24 hours. Warned that if the enemy carries out another hostile action under the pretext of the military helicopter crash, it will face a decisive response.
- A massive fire in the centre of Erbil and an explosion has been heard near the US base in the vicinity, Mehr news reported citing sources.
- Local sources reported that an explosion was heard in the area of Qeshm city, Mehr News reports. However, this was later denied by the Qeshm governor.
- UN Security Council debated reviving the Iran sanctions panel, although Russia and China opposed the revival of the Iran sanctions committee, according to Tasnim.
- Israeli air raids hit the Lebanese towns of Touline, Srifa and Kafra. It was separately reported that missiles were spotted from Lebanon that were headed towards Kiryat Shmona and its surroundings, while rockets launched from Lebanon towards Upper Galilee were also detected.
- UKMTO has received a report of an incident 20nm Northeast of Oman’s Sohar.
- UKMTO reported an incident involving a cargo vessel 88 nautical miles southwest of Balhaf, Yemen.
EUROPEAN TRADE
EQUITIES
- European bourses (STOXX 600 -0.2%) initially opened with mild gains, before dipping into the red as the morning progressed – currently at lows. In Tuesday’s session, US President Trump vowed retaliation after the downing of a US Apache helicopter, resulting in US forces targeting Iranian air defences, ground control stations and surveillance radar sites around the Strait of Hormuz. In response, Iran’s IRGC said they carried out attacks against a US base in Jordan and 21 other targets around the Gulf.
- European sectors are mixed. Topping the sector pile is Real Estate (+0.6%), with Optimised Personal Care (+0.4%) and Food, Beverages & Tobacco (+0.5%) rounding out the top three. Underperformance in Financial Services (-0.8%), Basic Resources (-1.2%) and Technology (-0.9%).
- US equity futures lags their European peers, with the NQ (-1.2%) underperforming. Today’s focus will be on the US inflation report, with headline CPI expected to print at 4.2% (prev. 3.8%). A hotter print would bring further hawkish pricing for the Fed to hike rates in 2026. Currently, markets are pricing 25bps of tightening in 2026.
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
FX
- G10s mostly range trading as the Buck positions into US CPI; CAD outperforms into BoC, antipodeans lag after soft Chinese inflation data, NOK outperforms post-CPI.
- DXY -0.1%, lower on the day but still holding onto most NFP gains despite a sharp reversal in crude over the past few days. Levels reached around NFP, just above the 100 mark, will be watched closely as an inline/hot CPI print will help the index return to these levels. MUFG suggests that a hot print CPI (>4.3%) would likely trigger a sharp sell-off in US front-end rates, potentially pulling forward expectations for a hike towards October. ING contends a soft print would see DXY test the 99.50/60 area.
- CAD is one of the best performers ahead of the BoC confab, USD/CAD -0.1%. BoC is widely expected to leave its policy rate unchanged at 2.25% for a fifth consecutive meeting as it balances trade uncertainty against lingering inflation risks. Attention will centre on whether policymakers are more attentive to inflation or growth risks. Markets will also be watching for acknowledgement of Canada’s technical recession, alongside any emphasis on the apparent Q2 recovery, stable core inflation and the Bank’s position near the lower end of neutral as justification for maintaining a wait-and-see approach. USD/CAD could look to test 1.40 if US CPI comes hot, and BoC does not provide food for hawks.
- NOK is the best G10 performer after hot CPI-ATE this morning surpassed consensus and was mildly above the Norges Bank’s own forecast of 3.3%. Sell-side banks saw some risk that a hot inflation report could see board members begin to mull another hike at the June meeting. However, it is more likely that policymakers wait for more data and assess the developments in the Middle East. Nonetheless, CPI-ATE remains persistently high, which clouds the environment. NOK/SEK +0.4%, looks to test par after surpassing the level overnight.
- Antipodeans underperform after Chinese inflation printed cooler than expected. CPI was steady at 1.2% Y/Y, cooler than economists had expected. PPI rose to 3.9%, lower than most estimates. As such, both Aussie and Kiwi weaker against the Buck by 0.2% and 0.1% respectively.
FIXED INCOME
- Global fixed benchmarks are trading tentatively on either side of the unchanged mark, following similar indecisive action in the energy space. This follows on from overnight US strikes on Iran, in response to the downing of a US helicopter earlier in the week. This latest attack led Iran to launch retaliatory strikes against Bahrain, Kuwait and Jordan. As for the progress to peace, a WH official stated that “nothing has changed in their position regarding an agreement with Iran, and it is still close despite the strikes”. However, the Iranian Foreign Minister stated that they need to reassess, following the recent strikes; he added that the US harms diplomatic efforts.
- USTs (-2 ticks) trade with very mild losses and hold towards the bottom of a 109-03 to 109-08 range. The tentative action today is explained by the uncertain geopolitical environment, and as markets await US CPI/10yr auction later today.
- Bunds (-9 ticks) and Gilts (-6 ticks) trade incrementally lower, following the tentative action seen above. Domestic updates today have been lacking, but focus for the EGBs will be on a 10yr Bund auction. As it stands, the GE 10yr yield holds slightly above the 3% mark, driven higher by elevated energy prices and sticky inflation. The sale should go well, with some traders potentially booking profits at elevated levels. The geopolitical environment appears to be easing (but remains incredibly uncertain), and with some fund managers believing fixed income will reclaim its safe-haven status, yields should begin to ease from recent peaks.
- Germany to sell EUR 3.982bln vs exp. 5bln 2036 2.90% Bund: b/c 1.71x (prev. 1.5x), average yield 3.06% (prev. 3.16%), retention 20.4% (prev. 23.1%).
- Japan sells JPY 450.8bln 30-yr JGBs; b/c 2.94x (prev. 3.49x), and average yield 3.860% (prev. 3.842%), Lowest accepted price 97.40 vs prev. 97.80, Average accepted price 97.78 vs prev. 98.02, Tail in price 0.38 vs prev. 0.22.
- Australia sells AUD 1bln 1.00% October 2037 bonds b/c 4.25, avg yield 4.9566%.
COMMODITIES
- In geopolitics, The US and Iran exchanged fire following the downing of a US Apache helicopter over the Strait of Hormuz. Iran’s IRGC struck a US base in Jordan and 21 other targets in the Gulf, after the US hit Iranian air defence, ground control stations and surveillance radar sites near Hormuz. Sounds of explosions were reported in Qeshm Island and the port city of Sirik, while explosions were heard near Bandar Abbas and Jask. Following the initial exchange of missiles, US CENTCOM announced in the early hours of Wednesday that they have ended its self-defence strikes against Iran.
- Crude futures trade around the unchanged mark despite the US-Iran strikes. WTI Jul’26 oscillates in a USD 87.39-90.00/bbl range while Brent Aug’26 rotates in a USD 90.77-93.26/bbl band. Saxo’s chief investment strategist says, “Geopolitics is being treated as a headline risk, not a macro shock for now. Oil holding around USD 90 despite fresh Iran headlines suggests markets are not pricing a sustained supply disruption.”
- Precious metals continue to trade under pressure. Spot gold slips below the USD 4200/oz handle, at the lower end of its USD 4161-4258/oz range. The yellow metal has been under pressure in recent sessions, which was initially spurred by the stronger-than-expected US jobs report last Friday. The US inflation print at 13:30BST/08:30EDT will be a highly-watched data point for metals traders, another hot print could spur further downside. The next level below market is the USD 4099/oz low from March 23rd.
- 3M LME Copper traded rangebound throughout the Asia-Pac session but is currently extending to lows, slipping below the USD 13.5k/t mark. Chinese inflation failed to move the red metal, after headline inflation held at 1.2% Y/Y but was cooler than the expected 1.3%.
- US Private Inventory Data (bbls): Crude -9.1mln (exp. -3.4mln), Distillates +1.3mln (exp. -0.2mln), Gasoline -1.2mln (exp. -0.6mln), Cushing -1.1mln.
- US Deputy Secretary of State Landau said the US is working to release energy reserves and boost sales of LPG and LNG to ASEAN.
- Kuwait is reportedly in discussions with Saudi Arabia and the UAE to secure pipeline capacity to export crude and oil products, Argus reported.
- Oman sets a price of USD 86.47/bbl for Omani crude oil with an August delivery.
- Kazakhstan Energy Ministry sees 2026 oil output at 98mln T (prev. 99.4mln T).
TRADE/TARIFFS
- India’s Trade Minister said they are looking into various measures including duties to deal with the amount of dumped steel products.
CENTRAL BANKS
- BoJ Governor Ueda said to have been hospitalised, reports suggest, and is expected to be absent for the June 15-16 meeting. Deputy Gov. Himino will chair June meeting.
NOTABLE EUROPEAN HEADLINES
- Germany’s DIW cuts its 2026 growth forecast for Germany to 0.5% (prev. 1.0%); Germany risks slipping into a technical recession this year following the energy shock.
- European Parliament’s budgetary control committees are to examine the Commissions plan to unlock EUR 16bln of funding for Hungary on the 14th of July, Politico reported citing sources.
NOTABLE EUROPEAN DATA RECAP
- Norwegian Core Inflation Rate YoY (May) Y/Y 3.4% vs. Exp. 3.3% (Prev. 3.2%).
- Norwegian Core Inflation Rate MoM (May) M/M 0.4% vs. Exp. 0.3% (Prev. 0.7%).
- Norwegian Inflation Rate YoY (May) Y/Y 3.1% vs. Exp. 3.1% (Prev. 3.4%).
- Swedish GDP MoM (Apr) M/M 0.5% (Prev. 1.9%).
- Italian Industrial Production YoY (Apr) Y/Y 1.3% (Prev. 1.5%).
- Italian Industrial Production MoM (Apr) M/M 0.5% vs. Exp. 0.1% (Prev. 0.7%).
NOTABLE US HEADLINES
- US House passes USD 70bln immigration enforcement funding bill.
- US Agriculture Secretary Rollins said the first US calf with screwworm is healthy and recovering, while she said they will start eradicating screwworm in a couple of months.
GEOPOLITICS
RUSSIA-UKRAINE
- Ukrainian President Zelensky confirmed that the targeted the Russian Novokuibyshevsk refinery.
- Ukraine hit two Russian pumping stations; namely, Vtorovo and Lobkovo.
OTHER
- US Pentagon said Defence Secretary Hegseth is to travel to the US Navy base at Guantanamo Bay on Wednesday to engage with troops, as the US continues to pressure Cuba.
CRYPTO
- Bitcoin returns to its selloff, slipping back below the USD 61k handle. Ethereum nears USD 1.6k.
APAC TRADE
- APAC stocks mostly declined following the tech weakness on Wall St and amid the escalation in the Middle East after the US conducted strikes on Iran in response to the downing of an Apache helicopter, while Iran retaliated with strikes targeting US bases in the region.
- ASX 200 bucked the trend amid gains in the consumer sectors, financials and defensives.
- Nikkei 225 retreated amid tech-related headwinds, while firmer-than-expected PPI data and the latest BoJ source report continued to point to a looming hike for next week’s meeting.
- Hang Seng and Shanghai Comp conformed to the downbeat mood in the region owing to the recent geopolitical escalation. Elsewhere, Chinese inflation data was mixed as CPI Y/Y printed softer-than-expected, but PPI Y/Y topped forecasts and printed its highest since July 2022.
NOTABLE APAC DATA RECAP
- Chinese CPI YY (May) 1.2% vs. Exp. 1.3% (Prev. 1.2%).
- Chinese PPI YY (May) 3.9% vs. Exp. 3.8% (Prev. 2.8%).
- Japanese PPI MM (May) 0.9% vs. Exp. 0.5% (Prev. 2.3%).
- Japanese PPI YY (May) 6.3% vs. Exp. 5.5% (Prev. 4.9%).
1 c) Asian opening report
Europe primed for quiet open despite further US-Iran strikes, US CPI ahead – Newsquawk EU Market Open
Wednesday, Jun 10, 2026 – 01:57 AM
- US launched fresh strikes on Iran in response to Monday’s downing of an Apache helicopter; the mission was a “proportional response” to Iranian aggression, while President Trump called it “very strong and powerful”.
- Iran responded with attacks on US bases in Bahrain, Kuwait and Jordan; Brent Aug’26 +0.1%.
- A White House senior official said nothing has changed in their position regarding an agreement with Iran, and it is still close despite the strikes.
- US and Iran had reportedly narrowed negotiations to four core nuclear issues in the days before the latest flare-ups, NYT reported.
- APAC stocks were mostly lower amidst geopolitical strikes and mixed Chinese CPI; European equity futures are indicative of a slightly weaker open.
- DXY is incrementally lower into US CPI, G10s are mixed against the USD, with the Aussie slightly underperforming.
- Looking ahead, highlights include Norwegian CPI (May), Swedish GDP (Apr), US CPI (May), BoC Policy Announcement (Jun), Speakers including BoC’s Macklem, Supply from Germany & US, Earnings from Oracle.
Newsquawk in 3 steps:
1. Subscribe to the free premarket movers reports
2. Listen to this report in the market open podcast (available on Apple and Spotify)
3. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
IRAN CONFLICT
- US Central Command said its forces launched self-defence strikes against Iran in response to the downing of a US Army Apache helicopter, while the mission would be a proportional response to Iranian aggression. CENTCOM later announced that the US military completed self-defence strikes against Iran, while its forces remain vigilant and postured to defend against unjustified aggression.
- US President Trump told ABC that the US was responding to Iran and that it is important to respond to Iran downing the helicopter, as well as noted that the response is very strong and powerful.
- US President Trump earlier said he was informed that the Iranians shot down a highly sophisticated Apache helicopter patrolling over the Strait of Hormuz on Monday night, and there were two pilots involved, both of whom are safe and uninjured. Trump added that the US must, of necessity, respond to this attack.
- White House senior official said nothing has changed in their position regarding an agreement with Iran and it is still close despite the strikes.
- US official said forces attacked several Iranian air defence systems and radar systems around the Strait of Hormuz, while explosions were also reported on Qeshm Island, Sirik and Bandar Abbas. Furthermore, an official said the military carried out strikes on almost 20 targets inside Iran.
- IRGC said it attacked some US bases in the region, and it attacked the US Fifth Fleet in Bahrain with drones in response to US attacks on southern Iran, while it warned of more severe responses if US hostility continues. However, a US official stated that preliminary assessments indicated most Iranian missiles and drones were successfully intercepted and they were not aware of any reports of harm to US personnel or damage to US facilities at this time.
- Sirens and multiple explosions were heard in Bahrain and Kuwait, while the US Al-Azrak base in Jordan was also targeted by a missile attack, according to Noor News.
- US investigation determined that an Iranian drone hit the US helicopter and caused it to crash, but still hasn’t determined if it was intentional or not, according to an Axios report citing a US official. It was later reported that a US official said it is believed that the targeting of the US helicopter by Iran was deliberate, although a source told Al Arabiya that Iran informed mediators it did not intentionally shoot down the American helicopter, and Iran confirmed to the mediators its commitment to continuing on the diplomatic path.
- US and Iran had reportedly narrowed negotiations to four core nuclear issues in the days before the latest flare-ups, according to the NYT, with President Trump’s aides discussing a deal that US officials said would halt Iran’s nuclear programme for around 15 years. Washington had demanded no Iranian uranium enrichment for 20 years, although Iranian officials proposed a 10-year halt, and US officials reportedly believed Tehran could settle for 15 years. US also sought to work with the IAEA to “downblend” Iran’s enriched uranium stockpile, while demanding the dismantling of Iran’s nuclear sites at Natanz, Fordo and Isfahan, as well as “snap” inspections anytime and anywhere inside Iran.
- US VP JD Vance said the US is very close to reaching a deal that would address Iran’s nuclear programme for the long term, which could come next week or months from now, but absolutely before the midterms, according to CBS.
- UN Security Council debated reviving the Iran sanctions panel, although Russia and China opposed the revival of the Iran sanctions committee, according to Tasnim.
- Informed source close to the Iranian negotiating team told a political reporter at Fars News Agency that no new proposal has been sent from Iran to the United States.
- Israeli PM Netanyahu said at the security cabinet meeting on Monday night that “We may reach a situation where we will have to deal with the Iranians alone, without backing from the US, with all the costs involved, armaments and global isolation. We don’t want to get there, but we know we can get there.” Furthermore, Chief of Staff Zamir warned of the emerging agreement, stating “As we see it right now – almost every agreement is a bad agreement”, according to i24 News.
- Iran’s Foreign Minister Araghchi posted on X “Despite its defeats on the battlefield, the U.S. opted to test our determination. Our Powerful Armed Forces will leave no attack or threat unanswered. Leave our region if you want to be safe”. Araghchi also commented that foreign forces in proximity to their territory are at constant risk on account of human errors, plain accidents, or potentially being caught in the crossfire, while he said they prefer the language of diplomacy but speak other languages too.
- Iranian Deputy Foreign Minister Gharibabadi said the draft anti-Iranian resolution of the US and three European countries in the Board of Governors is a dangerous attempt to clear and whitewash the responsibility of the aggressors and criminals.
- Iranian official said they will respond forcefully and immediately to any attack on Iran that it is subjected to by the US, according to Al Jazeera.
- Iran held its fire with Israel on Monday after the US agreed to unfreeze USD 3bln worth of Iranian assets that were transferred on a flight from Abu Dhabi to Tehran, via Kan News citing IRGC-affiliated news agency.
- Israeli air raids hit the Lebanese towns of Touline, Srifa and Kafra. It was separately reported that missiles were spotted from Lebanon that were headed towards Kiryat Shmona and its surroundings, while rockets launched from Lebanon towards Upper Galilee were also detected.
US TRADE
EQUITIES
- US stocks were pressured but ultimately closed mixed and well off lows, with underperformance in the NDX, which suffered intraday losses in excess of 3%. Nonetheless, a lot of the weakness was contained to the technology space, and extending on last week’s pressure, as the equal-weighted S&P, RSP, was actually up +0.3%. For the weakness in tech, the renewed pressure could be a factor of a Bloomberg report that highlighted Crusoe, a data centre developer, has paused its development activities on its Wyoming site, which may have added to recent AI valuation fears, particularly in the wake of the Broadcom (AVGO) earnings report last week, which led to sharp declines in tech on Thursday and Friday.
- SPX -0.26% at 7,387, NDX -1.12% at 29,084, DJI +0.17% at 50,877, RUT +0.41% at 2,867.
- Click here for a detailed summary.
NOTABLE HEADLINES
- US President Trump posted that William Pulte will be taking over as Acting Director of National Intelligence on Friday, June 19th, and will remain as Director of the Federal Housing Finance Agency and Chairman of Fannie Mae/Freddie Mac.
- US Agriculture Secretary Rollins said the first US calf with screwworm is healthy and recovering, while she said they will start eradicating screwworm in a couple of months.
APAC TRADE
EQUITIES
- APAC stocks mostly declined following the tech weakness on Wall St and amid the escalation in the Middle East after the US conducted strikes on Iran in response to the downing of an Apache helicopter, while Iran retaliated with strikes targeting US bases in the region.
- ASX 200 bucked the trend amid gains in the consumer sectors, financials and defensives.
- Nikkei 225 retreated amid tech-related headwinds, while firmer-than-expected PPI data and the latest BoJ source report continued to point to a looming hike for next week’s meeting.
- Hang Seng and Shanghai Comp conformed to the downbeat mood in the region owing to the recent geopolitical escalation. Elsewhere, Chinese inflation data was mixed as CPI Y/Y printed softer-than-expected, but PPI Y/Y topped forecasts and printed its highest since July 2022.
- US equity futures demand was subdued as focus remained centred on geopolitical updates.
- European equity futures indicate a marginally negative cash market open with Euro Stoxx 50 futures down 0.2% after the cash market closed with losses of 0.2% on Tuesday.
FX
- DXY traded flat overnight after slightly weakening on Tuesday as yields marginally declined in tandem with lower oil prices following a report that a draft agreement has been sent to the US side for review. However, geopolitical tensions have since flared up again as the US conducted several waves of attacks on Iran for downing a US helicopter, while Iran retaliated by attacking US bases in the region. Nonetheless, the dollar was largely unmoved by the latest geopolitical headlines, with participants now awaiting today’s US CPI data.
- EUR/USD eked mild gains following the single currency’s recent choppy performance, and with trade contained to relatively tight parameters within the 1.1500 handle.
- GBP/USD marginally extended on the recent upside and edged closer towards retesting the 1.3400 level, which it briefly breached yesterday but failed to sustain, as UK catalysts remained light.
- USD/JPY lacked firm direction and lingers just north of the 160.00 level despite firmer-than-expected Japanese PPI data and a Nikkei report that the BoJ is set to hike rates at its meeting next week.
- Antipodeans were constrained amid the mostly downbeat risk appetite and following the overall mixed Chinese inflation data.
- PBoC set USD/CNY mid-point at 6.8130 vs exp. 6.7749 (prev. 6.8147).
FIXED INCOME
- 10yr UST futures marginally pulled back following the prior day’s bull steepening as geopolitics and recent oil moves remained the main driver across asset classes, while US CPI data and a 10yr auction loom.
- Bund futures traded little changed after the recent flimsy performance and mixed German data, with demand also not helped by the incoming Bund supply totalling EUR 5bln scheduled for today.
- 10yr JGB futures retreated at the open as firmer-than-expected PPI data and the latest source report continued to point towards a BoJ rate hike next week, with pressure also seen after a weak 30yr auction.
COMMODITIES
- Crude futures rebounded from the prior day’s trough after US President Trump threatened that the US would respond to the recent downing of a US Apache helicopter. US CENTCOM later announced that its forces launched self-defence strikes against Iran and said it will be a proportional response to Iranian aggression, although Trump described the response as very strong and powerful, while Iran retaliated by targeting US bases in Bahrain, Kuwait and Jordan.
- US Private Inventory Data (bbls): Crude -9.1mln (exp. -3.4mln), Distillates +1.3mln (exp. -0.2mln), Gasoline -1.2mln (exp. -0.6mln), Cushing -1.1mln.
- EIA STEO sees 2026 World Oil Demand at 102.9mln bpd (prev. 104.2mln bpd), 2027 at 105.3mln bpd (prev. 105.6mln bpd).
- US Deputy Secretary of State Landau said the US is working to release energy reserves and boost sales of LPG and LNG to ASEAN.
- China released a second batch of fuel export quotas totalling 18mln metric tonnes, according to Reuters sources.
- An explosion was reported at the main gas pipeline in Dagestan.
- Spot gold steadily declined with the precious metal breaching beneath the USD 4,200/oz level, as a rebound in oil prices stokes inflationary pressures and supports bets for a Fed rate hike before year-end.
- Copper futures were rangebound for most of the overnight session, but has recently moved into the red. Demand was hampered by the mostly negative risk appetite, while the latest inflation data from China printed mixed.
CRYPTO
- Bitcoin trickled lower overnight beneath the USD 62,000 level.
NOTABLE ASIA-PAC HEADLINES
- South Korea’s Finance Minister said they are to utilise expanded fiscal policy room for future investment, while he added that active fiscal policy is necessary to address inequality and inflation. Furthermore, they will closely monitor risks around rising bond yields, a weak currency and stock market volatility.
DATA RECAP
- Chinese CPI YY (May) 1.2% vs. Exp. 1.3% (Prev. 1.2%)
- Chinese PPI YY (May) 3.9% vs. Exp. 3.8% (Prev. 2.8%)
- Japanese PPI MM (May) 0.9% vs. Exp. 0.5% (Prev. 2.3%)
- Japanese PPI YY (May) 6.3% vs. Exp. 5.5% (Prev. 4.9%)
GEOPOLITICS
RUSSIA-UKRAINE
- Two industrial sites in Russia’s Vladimir region caught fire after a drone attack.
OTHER
- Pakistan conducted strikes on southeastern Afghanistan, according to Tasnim.
- US Pentagon said Defence Secretary Hegseth is to travel to the US Navy base at Guantanamo Bay on Wednesday to engage with troops, as the US continues to pressure Cuba.
- Japan’s Defence Ministry is to designate China as its most serious concern in its annual white paper, according to Nikkei.
EU/UK
NOTABLE HEADLINES
- UK PM Starmer plans to tell ministers to quit if they back Andy Burnham or any other rival in a Labour leadership contest, which could trigger chaos for his government, according to FT.
2.NORTH AND SOUTH KOREA AND JAPAN
SOUTH KOREA
JAPAN
3 CHINA
CHINA/
4. EUROPEAN AND SCANDINAVIAN COMMENTARIES PLUS NATO
EU/RUSSIA
EU Targets Head Of Russian Orthodox Church With Sanctions
Wednesday, Jun 10, 2026 – 04:15 AM
What is there left to sanction in Russia? Apparently the European Union still sees plenty of opportunity to punish Russia over the Ukraine war, and is set to go after even religious leaders, now in year five of the conflict and many sanctions packages later.
The head of the Russian Orthodox Church, Patriarch Kirill, is among many names to be targeted in the EU’s latest anti-Moscow sanctions proposal. Kirill has long been accused of justifying the war based on his several patriotic-themed sermons over the years.
Brussels first tried to impose individual sanctions on the patriarch in 2022, but Hungary under PM Viktor Orban had exercised veto power over the move.
The sanctions would involve travel bans and an asset freeze, as has already happened with Kremlin officials and notables.
Kirill has at times utilized language in public that frames Putin’s ‘special military operation’ in Ukraine as a ‘holy war’; however, some sympathetic pundits especially in the Orthodox Church world have said these are simple calls to patriotism and defense of the ‘motherland’ or homeland – a common mindset among most religions and nationalities.
American politicians and other church leaders in the US have taken swipes at Kirill and the Russian Orthodox Church – and yet it must be recalled that in the lead-up to Bush’s disastrous 2003 Iraq invasion, since proven to have been based on lies, propaganda, and falsehoods – an overwhelming number of prominent Evangelical and Baptist leaders supported it as a somehow ‘righteous’ or ‘godly’ regime change mission.
The Russian Orthodox Church has of late been especially angry that the Ukrainian government under Zelensky has been seizing churches and historic monasteries in Ukraine which still hold communion with Moscow.
In some cases, Orthodox bishops in Ukraine have been arrested simply for not severing spiritual ties with Kirill. This has happened even when bishops, monks, or priests – who find themselves targeted by Ukrainian authorities – don’t support Russia’s war.
And yet, the EU has remained largely silent on Ukraine’s own abuses, and using religion to foster nationalism and conformity to a political agenda.
Moscow has long highlighted this hypocrisy, also as Orthodox Christian clergy in the United States have of late lobbied Congress to demand that Kiev overturn its discriminatory laws which target Orthodox leaders in Ukraine.
END
BELFAST NORTHERN IRELAND
Belfast Is Burning After Attempted Beheading Attack By Migrant
Tuesday, Jun 09, 2026 – 06:20 PM
Summary:
- Widespread reports on social media of fires across Belfast
- Tommy Robinson Says Mass Protests Expected Tonight
- Nation Horrified After Somali Migrant Attempted To Behead UK Citizen
- Belfast Horror: African Migrant Tries To Saw Off Victim’s Head In Street Attack
Belfast is burning… ‘far-right’ blamed by media
Gardaí are “keeping a watching brief” for any violence or what the media is describing as ‘far-right activity’ following the Belfast stabbing.
As the night drew on, more and more images and videos emerged of Belfast burning.A car engulfed in flames crashed into an apartment building in Belfast amid ongoing unrest…
Masked groups are reportedly roaming the streets…
Homes have been set ablaze….
Some on social media likened the chaotic images to those during ‘The Troubles’.
Mass Protests Expected In Coming Hours
Last night’s attempted beheading of a British man by a Somali migrant in Belfast is becoming a major flashpoint, with mass protests reportedly expected across more than 70 cities in the coming hours.
The attack has intensified public anger over Britain’s long-running, nation-killing mass migration policies, which have fueled chaos, violent crime, and a broader national security failure.
“Sh*t is about to hit the fan in Belfast” …
“The whole of the United Kingdom is hitting the streets tonight at 7 pm following yet another invader attack on our people,” activist Tommy Robinson wrote on X.
Robinson continued, “The invader who tried to behead someone in Belfast last night traveled from Sudan to Paris, flew from Paris to Dublin, then got a bus from Dublin to Belfast on 10th February 2023 and claimed ‘asylum’. The British government let him stay, and now this. Blood on their hands.”
Apparently, the government has dispatched water cannon trucks to Belfast ahead of the protests.
Elon Musk chimed in: “Only by protesting REPEATEDLY and LOUDLY will there be any change!!”
Musk was always right all along:
rant rather than a traditional SNAP entitlement program.
END
EU/BULGARIA/RUSSIA VS UKRAINE/NATO
NATO Country Halts Arms To Ukraine Under New Eurosceptic Prime Minister
Wednesday, Jun 10, 2026 – 02:45 AM
In yet another example of Ukraine war fatigue among European allies, NATO member Bulgaria has newly announce it is halting weapons deliveries to Ukraine, signaling a major shift in the eastern European country’s longtime policy.
The prior government proved itself early out of the gate as an enthusiastic arms backer of Kiev, but new Bulgarian Prime Minister Rumen Radev, whose Progressive Bulgaria party won the April election, is rolling back the prior policy.
The new government has made clear it has a new peace agenda, and its position is that nothing will be resolved by just pouring more heavy arms into the conflict, now in its fifth year. It was given a new mandate, but after reports of low voter turnout in the country.
“What we are witnessing is a war of attrition, and no matter how much weaponry is amassed, its only result is the loss of human lives,” the country’s Defense Minister Dimitar Stoyanov told reporters on Tuesday,
The defense chief stressed it is time to sit down at the negotiating table “to seek a just peace that is defined by both sides.”
“Ukraine needs more people, not more weapons. It has enough weapons, so we do not envisage providing more weapons to the Ukrainian army,” he added.
“Of course, the role of the EU is extremely important,” he said, explaining that “it would be difficult to assign this role to that of a mediator for the simple reason that the EU has also assisted Ukraine in its efforts in this war anyway.”
As for the recently installed in office Radev, he’s a eurosceptic former fighter pilot, who had built his campaign around calls for pragmatic ties with Moscow, resumption of Russian energy supplies and an end to military aid for Ukraine.
He has repeatedly criticized EU overreach on green-energy mandates, sanctions policies and what he describes as moral posturing in a “world without rules.” While analysts note he is unlikely to ultimately jeopardize the flow of EU funds that sustain Bulgaria’s economy, the result installs a distinctly Russia-friendly government at the heart of the EU’s southeastern flank – a shift that will draw close scrutiny in Brussels, Washington and Kyiv.
Radev’s campaign had leaned heavily into criticism of EU overreach – particularly its green-energy obsession, sanctions regime, and moral posturing in a “world without rules.” He has repeatedly called for improved relations with Moscow, resumption of Russian energy flows, and an end to military aid for Ukraine – and now he’s begun to make good on these promises, it appears.
Other Western allies have complained he’s too ‘Russia-sympathetic’ – and have called to keep up the steady flow of arms to Ukraine forces.
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS//
ISRAEL/USA VS IRAN//TUESDAY NIGHT
Iran Threatens “Decisive Response” After US Begins ‘Self-Defense’ Strikes Following Downing Of Apache Helicopter
Tuesday, Jun 09, 2026 – 05:25 PM
Summary:
- US begins ‘self defense’ strikes against Iran
- Iran threatens retaliation after US retaliatory strikes
- Trump says ‘US must respond’ after Iran downed Apache over Strait
- Trump says Washington and Tehran are in the “final throes” of cementing a deal, “two or three days”
- Iran shoots down US Apache helicopter over Strait, crew safe
- Despite Trump calls for Israeli ceasefire, casualties are rising in southern Lebanon
So much for the early hopes of an imminent deal…
US Begins “Self Defense” Strikes Against Iran, Iran Threatens Re-Retaliation
Just as President Trump has warned, US Central Command has just tweeted confirmation that the US military began ‘self defense’ strikes against Iran:
“U.S. Central Command (CENTCOM) forces began launching self-defense strikes against Iran at 5 p.m. ET today at the Commander in Chief’s direction, in response to yesterday’s downing of a U.S. Army Apache helicopter.
The mission is a proportional response to unjustified Iranian aggression.”
The extent of the latest strikes wasn’t immediately clear but they further undercut an already fragile ceasefire signed in April.
A US official tells Fox that airstrikes targeting Iran are “ongoing” and targets include air defenses and radar installations.
IRNA reports explosions in Iran’s Hormozgan province, while IRIB reports aerial attacks in Qeshm, Sirik and Bandar Abbas with six explosions reported in Qeshm
The US and Iran have traded attacks several times in recent days even as Trump has said they are close to signing an agreement to bring the conflict to an end.
President Trump told ABC News Jonathan Karl:
“I think it’s very important to respond. They shot down a helicopter, and we are responding as we speak.”
He added:
“This is a response to what they did they did with our helicopter last night, and I believe the response should be very strong, very powerful, and that’s what this one is.”
Shortly after the strikes began, IRGC-owned Tasnim News reported that Iran is threatening to retaliate for US’ retaliation:
“Iran will respond to US aggression.
As warned hours earlier, Iran will deliver a decisive response to the US aggression, which is being carried out under the pretext of an Apache helicopter crash.”
Odds of a peace deal are sliding and oil prices are rising (though not significantly).
Trump Reacts to Apache Downing, Threatens Response
Following earlier reports that a US AH-64 Apache helicopter had gone down over the Strait of Hormuz off the coast of Oman in an unprecedented first of the Iran war, moments ago Trump said on Truth Social that he had “been informed by our Great Military that last night the Iranians shot down one of our highly sophisticated Apache Helicopters while patrolling over the Strait of Hormuz. There were two pilots involved, both are safe and uninjured. Nevertheless, the United States must, of necessity, respond to this attack.“
The news that the US may imminently resume the Iran war – sent oil surging instantly…
… as Trump’s latest promise that a huge peace is coming appears to have unraveled yet again.
Trump Says In ‘Final Throes’ of Iran Deal… Again
President Trump is still maintaining that Washington and Tehran are in the “final throes” of cementing a deal, and is even suggesting (once again) that an agreement will be done in days:
Asked whether it would be matter of days or weeks, he said it would take “two or three days”.
Tehran has repeatedly stated any deal should include Lebanon—where Israel has been pressing its war with Iran-backed Hezbollah—and fired missiles at Israel on Sunday. That prompted Israeli retaliation, despite US pressure for restraint.
Iran fired another salvo before announcing it was ceasing military action, and hours later Israeli Prime Minister Benjamin Netanyahu announced that the “fire on that front is contained”.
Of course, we’ve been hearing that the war is merely ‘days’ away from ending from basically the start of the war. And yet, all too predictably, the two sides keep going up the escalation ladder in an escalation trap.
But the White House is saying that it will forge a deal which is good for the American people, whether Israel likes it or not. “Israel may like that, they may not like that — but this is in the best interest of the United States,” Vice President JD Vance spelled out to Fox this week.
US Apache Helicopter Shot Down over Strait, Crew Safe
A US helicopter has gone down over the Strait of Hormuz off the coast of Oman in an unprecedented first of the Iran war, Central Command announced Tuesday, after which the two crew members were reportedly rescued by unmanned boats.
The Army AH-64 Apache was patrolling regional waters before the downing incident, which is still shrouded in mystery, and which the Pentagon says it is now investigating. However, the Iranians are saying they know exactly what happened – insisting that the Apache was shot down.
“An AH-64 Apache attack helicopter belonging to the U.S. Army was shot down and destroyed by the IRGC Navy near the Strait of Hormuz, after ignoring warnings and being targeted by fired from one of our speedboats,” an Iranian military central command statement has said.
The NY Times, among the first to report the downing, underscores the claims and counter-claims concerning what happened:
It was not immediately clear whether the Apache was shot down by Iranian fire, experienced mechanical failure or encountered some other problem, said a person briefed on the incident, who spoke on the condition of anonymity. Central Command said in a statement that the incident was under investigation.
But the Pentagon says the crew was successfully rescued. The unusual rescue by unmanned boats adds another layer of complexity and strangeness to the story.
“A Task Force 59 unmanned surface vessel, essentially a drone boat, found and rescued the soldiers,” spokesperson Capt. Tim Hawkins described to NBC News. The pair of pilots are now receiving medical care, he indicated, after their rescue came within two hours of the aircraft going down.
Trump briefly spoke to journalists at John F. Kennedy International Airport in New York after watching the NBA Finals on Monday night and he acknowledged the rare crash in the Persian Gulf.
“The pilots are fine. Yeah,” Trump said. “Nobody injured. We are going to issue a report tomorrow. But the pilots are fine.”
Apaches, along with A-10 gunships, have been frequently used for low-flying operations in the Persian Gulf and Hormuz region, in order to attack Iranian small boast.
As for the Iranian claims of shootdown, it remains a top most plausible scenario, but the Pentagon has not said whether it took on Iranian fire.
FOX: American military forces, including U.S. Naval Forces Central Command, the 82nd Airborne Division, and U.S. 5th Fleet assets, helped bring both soldiers to safety.
During earlier operations connected to Epic Fury, other US military aerial assets have crashed or sustained damage over the region – however, the Pentagon has downplayed or rejected efforts to link a number of incidents to Iranian attack, apparently not wishing to give Tehran a battlefield ‘success’ acknowledgement.
But many independent pundits have suspected that all along the Iranians have been hitting a lot more American assets than previously disclosed.
Death Toll Soars As Israel Pounds South Lebanon
The southern Lebanese city of Tyre is being pounded by Israeli airstrikes on Tuesday, despite President Trump’s insistence that Lebanon not come under attack. Israel’s military had hours prior issued an evacuation order for all civilians in the area, amid the unraveling and failing ceasefire.
Casualties are already high, coming at a tense moment after starting on Sunday Iran sent ballistic missiles against Israel over its renewed airstrikes on the southern suburbs of Beirut, where it says Hezbollah command centers are located.
The NY Times reports of the growing death toll Tuesday, “At least eight people were killed in the bombardment, and dozens more were wounded, Lebanon’s health ministry said. The Israeli military also targeted towns and villages across southern Lebanon, including areas that were not covered by evacuation warnings, according to the country’s state-run news agency.”
So clearly the air raids are expanding, per the report, even after the latest Trump warnings directed at Netanyahu to not do anything that would sabotage a broader Iran peace agreement.
END
TUESDAY NIGHT
US conducts repeated retaliatory strikes in Iran following attack of US helicopter
According to CENTCOM, the US struck Iranian air defense, ground control stations, and surveillance radar sites near the Strait of Hormuz with precise munitions from US Air Force and Navy fighter jets.
A US Air Force F-22 Raptor fighter jet climbs after taking off from the former Roosevelt Roads naval base, after the U.S. struck Venezuela and captured its President Nicolas Maduro and his wife Cilia Flores, in Ceiba, Puerto Rico, January 4, 2026.(photo credit: REUTERS/RICARDO ARDUENGO)ByDANYA SAPERSTEINJUNE 10, 2026 00:25Updated: JUNE 10, 2026 04:15
The United States launched strikes against Iran on Tuesday evening, following the downing of a US Army Apache helicopter, US Central Command (CENTCOM) announced on Tuesday.
The strikes were described by CENTCOM as “self-defense strikes” and as “a proportional response to unjustified Iranian aggression.”
Several hours after the first round of strikes, explosions were heard in the Iranian cities of Jask and Bandar Abbas, according to Iranian state-sponsored media outlet Mehr news agency, citing local residents’ reports. A short time after that, explosions were reportedly heard in Qeshm Island in southern Iran, in what various media outlets referred to as a third round of strikes.
According to CENTCOM, the US struck Iranian air defense, ground control stations, and surveillance radar sites near the Strait of Hormuz with precise munitions from US Air Force and Navy fighter jets.
US ‘must respond’ to Iran helicopter attack
Earlier in the day, US President Donald Trump announced that the US “must respond” to Iran’s downing of the helicopter.
“Last night, the Iranians shot down one of our highly sophisticated Apache Helicopters while patrolling over the Strait of Hormuz,” Trump described in a post on Truth Social. “The United States must, of necessity, respond to this attack.”
Axios Global Affairs Correspondent Barak Ravid cited a US official as saying that forces attacked several Iranian air defense systems and radar systems around the Strait of Hormuz.
A US official told CNN that the US does not believe the strikes will impede negotiations to end the war and were intended as a warning shot, the network reported.
However, Iranian Foreign Minister Abbas Araghchi wrote that Iranian forces would “leave no attack or threat unanswered,” in a post on X.
“Leave our region if you want to be safe,” Araghchi added.
Iran denies attacking helicopter
Multiple Iranian officials have disputed that Iran targeted the helicopter. The Iranian Deputy Foreign Minister told Qatari state-run Al Jazeera that Iran was not behind the attack. Additionally, Iranian state media cited an “informed military source” as saying that no air offensive military operations have been carried out in the Strait of Hormuz in the past 24 hours.
The source added that if the enemy attacks under the pretext of downing a military helicopter, it will face a “decisive response,” Iran International cited Iranian media as reporting.
Goldie Katz and Reuters contributed to this report.
ISRAEL /USA/ VS IRAN/WEDNESDAY MORNING
After Heavy Missile Exchange, Trump Mocks Iran’s ‘Total Mess’ Of A Military As Tehran ‘Reviews’ Diplomacy With US
Wednesday, Jun 10, 2026 – 07:45 AM
As part of what the United States is calling its latest ‘defensive strikes’ after Iran shot down an Apache helicopter in the Hormuz region, American forces overnight into the early Wednesday hours targeted “air defense, ground control stations, and surveillance radar sites” – the Pentagon said. Iran confirmed that there were indeed fresh attacks around Bandar Abbas and Qeshm Island, but gave no details on the damage, or info on other strikes potentially conducted elsewhere across the Islamic Republic.
“The operation was a proportional response to recent attacks on U.S. forces and international commercial ships transiting regional waters,” US Central Command (CENTCOM) said. Trump is meanwhile again lashing out at Tehran, claiming its military is now a “complete and total mess” – and yet it keeps responding:
Oil reacts, sensing no peaceful off-ramp or de-escalation on the horizon…
Tehran later claimed attacks in Kuwait, Bahrain and Jordan as fulfilment of its previously vowed ‘retaliation’ – and given these countries host American forces. This marks merely the second time this week the ceasefire was ignored (or rather, shattered – though the White House is maintaining it’s still on) with major tit-for-tat strikes, as each side asserts that it is acting ‘defensively’.
Iran has been saying it’s going to keep up the pressure on Washington and its Gulf allies through both the ‘battlefield and diplomacy’ – with Iran’s Foreign Ministry spokesperson Esmaeil Baghaei freshly charging that the US is “undermining” the diplomatic process through “contradictory messages, frequent shifts in its positions and demands, as well as repeated violations of the ceasefire.”
He indicated that at this point there’s not even the “minimum level of conducive conditions” that is “required in order to carry out diplomacy effectively.”
Bahrain and Kuwait got hit hardest in these newest strikes, with reports saying the US Fifth Fleet base came under fire:
“The Zionist regime is also damaging this process through its repeated violations of the ceasefire in Lebanon,” Baghaei said, adding “any diplomatic process is harmed by the use of force and unlawful actions.”
“Diplomacy and the battlefield are not separate matters. Together they serve as instruments for safeguarding Iran’s national interests and security,” he stressed in a familiar refrain of late.
He also indicated the question of negotiations will be “reviewed” in light of last night’s developments, and further emphasized, “Wherever necessary, our armed forces will respond to the enemy with authority.“
But it’s also clear Tehran feels it must assert strong red lines immediately and without hesitation if it is to survive this now several months-long military confrontation with Washington. On this, longtime regional war correspondent and analyst Elijah Magnier has some insight as to each side’s calculus:
Speaking to Al Jazeera, Magnier said it’s a volatile situation with no “stable political exit” as peace is far from being achieved while Lebanon and Gaza remain outside of any final settlement.
“The most dangerous thing is that every side believes they can control the escalation. However, a repeated incident can erode restraint, and if talks collapse completely, this controlled escalation could widen into a much larger conflict,” he said.
History has shown if “one strike crosses the red line” the attacks can spiral out of control, said Magnier.
Indeed in many ways that’s how we got here in the first place.
Vital water infrastructure reportedly struck in Iran during this new round of intense but brief escalation:
The White House believed it could control the outcome from day one of Operation Epic Fury, and then perhaps a bit of panic set among US officials in when it was realized the government in Tehran would not so easily fall, and that the military apparatus would become hardened, and its power expanded.
Reports of another US MQ-9 Reaper drone shot down over Iran:
From there it took many weeks to get the naval armada in place, enough to where a blockade could be enacted against Iran’s ports and its crucial oil exports. The White House continues to face several ‘bad’ and ‘worse’ options for dealing with the crisis, as energy prices are set to soar this summer.
END
WEDNESDAY MORNING:
Trump ‘May Keep Going’ With Strikes As Iran Took ‘Too Long’ To Negotiate Deal, Must ‘Pay The Price’
Wednesday, Jun 10, 2026 – 09:15 AM
Summary
- Trump tells Fox he “may keep going” with strikes.
- Trump says Iran took too long to negotiate, and now “will have to pay the price”.
- Tehran claims prior night attacks in Kuwait, Bahrain and Jordan as fulfilment of its previously vowed ‘retaliation’ – targeted the Fifth Fleet headquarters in Manama, footage shows.
- Iran again signals it could cut off all indirect talks & any negotiations, says it is ‘reviewing’ US talks after latest exchange of missiles.
* * *
Could ‘Keep Going’ With Strikes: Trump to Fox
More strikes coming? Trump is certainly strongly hinting at this, and yet an overall strategic vision still remains murky and ill-defined. Once again he in a short 12-hour period went from hyping a deal being a few days away, to now threatening yet more attack waves on Iran, in wake of last night’s:
President Trump said Wednesday that he’s close to ordering more strikes on Iran after the country’s attacks targeting American bases in Persian Gulf nations, according to Fox News’ Trey Yingst.
Mr. Trump said he “may keep going” with strikes, which he said would target power plants and bridges, because Iranian negotiators are “tapping the United States along,” according to Yingst.
He wrote on Truth Social just before these comments that Iran will have to “pay the price” after taking too long to proceed with negotiations.
Trump: Iran Took Too Long To Negotiation, Now Will ‘Pay’
As part of what the United States is calling its latest ‘defensive strikes’ after Iran shot down an Apache helicopter in the Hormuz region, American forces overnight into the early Wednesday hours targeted “air defense, ground control stations, and surveillance radar sites” – the Pentagon said. Iran confirmed that there were indeed fresh attacks around Bandar Abbas and Qeshm Island, but gave no details on the damage, or info on other strikes potentially conducted elsewhere across the Islamic Republic.
“The operation was a proportional response to recent attacks on U.S. forces and international commercial ships transiting regional waters,” US Central Command (CENTCOM) said. Trump is meanwhile again lashing out at Tehran, claiming its military is now a “complete and total mess” – and yet it keeps responding:
Oil reacts, sensing no peaceful off-ramp or de-escalation on the horizon…
Kuwait, Bahrain, Jordan Hit Hard by Iranian Overnight Attack
Tehran later claimed attacks in Kuwait, Bahrain and Jordan as fulfilment of its previously vowed ‘retaliation’ – and given these countries host American forces. This marks merely the second time this week the ceasefire was ignored (or rather, shattered – though the White House is maintaining it’s still on) with major tit-for-tat strikes, as each side asserts that it is acting ‘defensively’.
Iran has been saying it’s going to keep up the pressure on Washington and its Gulf allies through both the ‘battlefield and diplomacy’ – with Iran’s Foreign Ministry spokesperson Esmaeil Baghaei freshly charging that the US is “undermining” the diplomatic process through “contradictory messages, frequent shifts in its positions and demands, as well as repeated violations of the ceasefire.”
He indicated that at this point there’s not even the “minimum level of conducive conditions” that is “required in order to carry out diplomacy effectively.”
Bahrain and Kuwait got hit hardest in these newest strikes, with reports saying the US Fifth Fleet base came under fire:
Iran Touting Both ‘Diplomacy & the Battlefield’
“The Zionist regime is also damaging this process through its repeated violations of the ceasefire in Lebanon,” Baghaei said, adding “any diplomatic process is harmed by the use of force and unlawful actions.”
“Diplomacy and the battlefield are not separate matters. Together they serve as instruments for safeguarding Iran’s national interests and security,” he stressed in a familiar refrain of late.
He also indicated the question of negotiations will be “reviewed” in light of last night’s developments, and further emphasized, “Wherever necessary, our armed forces will respond to the enemy with authority.“
“Every Side Believes They Can Control the Escalation”
But it’s also clear Tehran feels it must assert strong red lines immediately and without hesitation if it is to survive this now several months-long military confrontation with Washington. On this, longtime regional war correspondent and analyst Elijah Magnier has some insight as to each side’s calculus:
Speaking to Al Jazeera, Magnier said it’s a volatile situation with no “stable political exit” as peace is far from being achieved while Lebanon and Gaza remain outside of any final settlement.
“The most dangerous thing is that every side believes they can control the escalation. However, a repeated incident can erode restraint, and if talks collapse completely, this controlled escalation could widen into a much larger conflict,” he said.
History has shown if “one strike crosses the red line” the attacks can spiral out of control, said Magnier.
Indeed in many ways that’s how we got here in the first place.
Vital water infrastructure reportedly struck in Iran during this new round of intense but brief escalation:
The White House believed it could control the outcome from day one of Operation Epic Fury, and then perhaps a bit of panic set among US officials in when it was realized the government in Tehran would not so easily fall, and that the military apparatus would become hardened, and its power expanded.
Reports of another US MQ-9 Reaper drone shot down over Iran:
From there it took many weeks to get the naval armada in place, enough to where a blockade could be enacted against Iran’s ports and its crucial oil exports. The White House continues to face several ‘bad’ and ‘worse’ options for dealing with the crisis, as energy prices are set to soar this summer.
More Latest Developments
via Newsquawk…
- US President Trump told ABC that the US was responding to Iran and that it is important to respond to Iran downing the helicopter, as well as noted that the response is very strong and powerful.
- US VP JD Vance said the US is very close to reaching a deal that would address Iran’s nuclear programme for the long term, which could come next week or months from now, but absolutely before the midterms, according to CBS.
- White House senior official said nothing has changed in their position regarding an agreement with Iran and it is still close despite the strikes.
- A US official said the US military carried out strikes on almost 20 targets inside of Iran, but noted preliminary assessments indicate most Iranian missiles and drones were successfully intercepted.
- Iranian Foreign Ministry spokesperson Baghaei said they need to reassess, following the overnight clashes, when questioned on talks with the US, SNN reported.
- Iranian Foreign Ministry statement strongly condemns America’s crime in its military aggression against Iran.
- An Iranian military source tells IRIB that no offensive military operations have been conducted in the Strait of Hormuz over the past 24 hours. Warned that if the enemy carries out another hostile action under the pretext of the military helicopter crash, it will face a decisive response.
- A massive fire in the centre of Erbil and an explosion has been heard near the US base in the vicinity, Mehr news reported citing sources.
- Local sources reported that an explosion was heard in the area of Qeshm city, Mehr News reports. However, this was later denied by the Qeshm governor.
- UN Security Council debated reviving the Iran sanctions panel, although Russia and China opposed the revival of the Iran sanctions committee, according to Tasnim.
- Israeli air raids hit the Lebanese towns of Touline, Srifa and Kafra. It was separately reported that missiles were spotted from Lebanon that were headed towards Kiryat Shmona and its surroundings, while rockets launched from Lebanon towards Upper Galilee were also detected.
- UKMTO has received a report of an incident 20nm Northeast of Oman’s Sohar.
- UKMTO reported an incident involving a cargo vessel 88 nautical miles southwest of Balhaf, Yemen.
END
THEN:
Trump Says “US Will Be Attacking Iran Hard Again Today”, Oil Spikes
Wednesday, Jun 10, 2026 – 11:55 AM
Summary
- Trump says “Will be attacking Iran hard again today”
- Trump tells Fox he “may keep going” with strikes.
- Trump says Iran took too long to negotiate, and now “will have to pay the price”.
- Tehran claims prior night attacks in Kuwait, Bahrain and Jordan as fulfilment of its previously vowed ‘retaliation’ – targeted the Fifth Fleet headquarters in Manama, footage shows.
- Iran again signals it could cut off all indirect talks & any negotiations, says it is ‘reviewing’ US talks after latest exchange of missiles.
* * *
Trump says “will be attacking Iran hard again today”
Oil surged, jumping by more than a dollar with WTI rising above $91 with Brent touching $94 after President Trump vowed to strike Iran again and slammed the country for delaying talks on an interim peace deal, after renewed attacks overnight put further strain on a fragile two-month truce.
“We’re going to be attacking them, attacking them very hard,” Trump told reporters at the White House Wednesday. “We hit them hard yesterday, and we’re going to hit them hard again today.”
Trump declined to say what targets US forces would hit in Iran. The president renewed earlier criticism that Tehran has taken too long to negotiate an end to the conflict.
“I’ve been working with Iran for a number of months, and they should sign their deal,” he said. “It was just tap, tap, tap, I don’t know what they’re doing.”
Trump said he retaliated against the Islamic Republic for shooting down a US Apache helicopter near the Strait of Hormuz. Tehran has not confirmed shooting down the aircraft and said it was reconsidering whether to persist with negotiations in light of the US attacks.
“The diplomatic process doesn’t happen in a vacuum and to advance any diplomatic process you need a minimum space to be able to move forward,” Esmail Baghaei, a spokesman for Iran’s Foreign Ministry, was cited by the state-run Islamic Republic News Agency as saying. “Wherever necessary, our armed forces will respond to the enemy with authority.”
Trump’s comments came after the two sides once again exchanged strikes, underscoring how high tensions are running and the risk that intermittent indirect talks between Iran and the US may be derailed. The overnight clashes followed a direct confrontation between Iran and Israel earlier this week, but halted after Trump called on both sides to stop.
The S&P extended its decline to more than 1% and WTI climbed above $91 a barrel to session highs, after Trump’s comments.
Since almost the start of the conflict, Trump has swung from threats of intensified attacks to touting that a deal is within reach. Even with tensions escalating since last week, he had signaled he wants to contain hostilities and avoid a return to all-out war before the new post.
A White House official said talks are still ongoing and that the US will exert maximum pressure until a deal is reached. Fox News first reported the status of the talks. The semi-official Iranian Students’ News Agency reported that a Qatari delegation arrived in Tehran on Wednesday to discuss the diplomatic process to end the war.
The US military said it had completed an operation that saw fighter jets strike Iranian air defenses, ground control stations and radar sites near the Strait of Hormuz. The Islamic Revolutionary Guard Corps launched missiles on four American targets, including shelters housing F-35 fighter jets and a command center for the US military at Al-Azraq Air Base in Jordan, state-run IRIB News said on Wednesday.
Iran also said it fired drones at the main US naval base in the Middle East, located in Bahrain, and struck Ali Al Salem air base in Kuwait. Kuwait’s defense ministry said it had intercepted projectiles early Wednesday, while Jordan said it had intercepted five Iranian missiles.
Tehran said it had exercised its “inherent right to legitimate self defense” and warned regional states not to allow the US and Israel to use their territory as a staging post for strikes on the Islamic Republic.
There were no immediate reports of casualties in any of the attacks.
* * *
Could ‘Keep Going’ With Strikes: Trump to Fox
More strikes coming? Trump is certainly strongly hinting at this, and yet an overall strategic vision still remains murky and ill-defined. Once again he in a short 12-hour period went from hyping a deal being a few days away, to now threatening yet more attack waves on Iran, in wake of last night’s:
President Trump said Wednesday that he’s close to ordering more strikes on Iran after the country’s attacks targeting American bases in Persian Gulf nations, according to Fox News’ Trey Yingst.
Mr. Trump said he “may keep going” with strikes, which he said would target power plants and bridges, because Iranian negotiators are “tapping the United States along,” according to Yingst.
He wrote on Truth Social just before these comments that Iran will have to “pay the price” after taking too long to proceed with negotiations.
Trump: Iran Took Too Long To Negotiation, Now Will ‘Pay’
As part of what the United States is calling its latest ‘defensive strikes’ after Iran shot down an Apache helicopter in the Hormuz region, American forces overnight into the early Wednesday hours targeted “air defense, ground control stations, and surveillance radar sites” – the Pentagon said. Iran confirmed that there were indeed fresh attacks around Bandar Abbas and Qeshm Island, but gave no details on the damage, or info on other strikes potentially conducted elsewhere across the Islamic Republic.
“The operation was a proportional response to recent attacks on U.S. forces and international commercial ships transiting regional waters,” US Central Command (CENTCOM) said. Trump is meanwhile again lashing out at Tehran, claiming its military is now a “complete and total mess” – and yet it keeps responding:
THIS WOULD BE DEADLY
Trump says US close to striking Iran’s power plants, bridges over failing negotiations
Earlier on Wednesday, Trump implied that he would take action against Iran for taking too long on a peace deal.
US President Donald Trump speaks to the press before boarding Air Force One prior to departure from John F. Kennedy International Airport, in New York, on June 9, 2026.(photo credit: SAUL LOEB / AFP via Getty Images)ByJERUSALEM POST STAFFJUNE 10, 2026 15:30Updated: JUNE 10, 2026 16:44
US President Donald Trump said the United States may begin striking Iran’s power plants and bridges due to the Islamic regime “tapping the United States along” in talks, according to an interview with Fox News’s Trey Yingst on Wednesday.
“I may keep going,” Trump told Fox. “They had a chance to sign a deal and survive.”
He added that little progress has been made in negotiations between the two countries.
Earlier on Wednesday, Trump implied that he would take action against Iran for taking too long on a peace deal.
“The Bully of the Middle East is DEAD!!!” wrote Trump in a Truth Social post. “They’ve taken too long to negotiate a deal that would have been great for them, now they will have to pay the price!!!”
US Central Command (CENTCOM) announced on Tuesday that the US launched strikes against Iran in response to the downing of a US Army Apache helicopter, targeting Iranian air defense, ground control stations, and surveillance radar sites near the Strait of Hormuz.
CENTCOM described the strikes as “self-defense” and “a proportional response to unjustified Iranian aggression.”
Trump: Rescue of Apache pilots a ‘miracle’
The downed Apache pilots were rescued by a US military unmanned vehicle, with Trump describing the operation as a “miracle.”
Trump told Fox that an Iranian drone had hit the low-flying helicopter without exploding, with the pilots managing to safely bring the aircraft down while the drone was still lodged inside the fuselage.
“It was on fire, it was hot,” Trump said of the conditions the pilots faced during the incident.
Trump added that the US destroyed over half of what Iran has attempted to reconstitute amid the ceasefire.
Danya Saperstein and Goldie Katz contributed to this report.
ISRAEL TBN.
HEZBOLLAH
ALASTAIR CROOK ON IRAN:
Former MI6 Spy Alastair Crooke: Iran Takes Its Chances With War
Wednesday, Jun 10, 2026 – 03:30 AM
The US war with Iran has moved beyond its initial phase to an emerging new one — one in which Iran implicitly stakes its chances on the next phase being war. Most likely this will be in abbreviated episodes of limited war, but possessing nevertheless a potential to widen regionally, should the US (and Israel) elect to sharply escalate.
The new phase involves risk of course, yet Iran holds the high cards of an ability to impose disproportionately heavier damage upon Gulf infrastructure as retaliation for any hurt inflicted upon it — and the awareness that the West is edging ever closer to dropping off the energy “cliff.”
The three pillars underlying this shift are firstly, confidence that Iran will not (and cannot) be shifted from its hold over Hormuz, and that in consolidating its administrative structures there, the reality of Iran’s hold over Hormuz will increasingly be assimilated by states, and reflected in their coming to terms with Iranian-Omani control.
Associated with this core principle is Iran’s implementation of escalated deterrence vis á vis the American naval blockade. Any attempt to intercept or attack Iranian vessels or interfere with the Strait’s administration will be met with increasingly harsher ripostes. Ultimately this policy may lead to Iran imposing increasing levels of damage to US naval vessels – another friction point.
On 3 June, for example, the US fired a hellfire missile at an Iranian oil tanker near the Strait of Hormuz. In response, a US-owned (or partly-owned) ship, The Panaya, was struck with missiles. Additionally Iran launched three waves of cruise missiles at the US air and helicopter base in Kuwait from where the attack had originated. Images have emerged of serious damage at Kuwait international airport too (although the cause of the damage remains disputed).
The second underlying principle affecting this shift simply reflects Iranian disdain for Trump’s continuous inflating of demands, exaggerated threats (which palpably fall short of US capacities), together with his continual zigzagging and contemptuous rhetoric towards Iran.
The Iranian leadership has concluded, it seems, that compromise will likely not be forthcoming, and that it is better to cut the “negotiations” rather “than continue the pointless bad-faith negotiations with a deceitful and decrepit American regime,” as the New York Times has termed the Iran “negotiations” — suggesting that the “deal chaos” is not a singular glitch by Trump confined to the Iran issue, but rather is a consistent pattern of dysfunctionality repeating itself across virtually all of Trump’s “peace” initiatives.
Behind Iran’s decision to suspend talks however, likely lies the gradually dawning clarity, seeping out from Israeli and American statements and analysis, that the true objective of the 28 February US-Israeli sneak attack was never regime change per se — aiming to swap out Iranian “hardliners” for a “Delcy Rodrigues”-style more moderate leader; but was intended rather, to bring about Iran’s complete destruction and fracturing — an insight that was bound to shift Iran’s calculus.
This insight has consolidated public support for the Islamic Republic hugely, and at the same time has turned the war into an existential struggle to preserve the ethical values of the Revolution. Seen from this optic, there is little for Iran to discuss with Trump, bar some future modus vivendi — as and when, Washington understands that it is boxed in, and that new realism takes a hold.
The third principle undergirding this new phase of conflict is the one enunciated by Iran from the outset of the Islamabad talks: “Ceasefire for all; or ceasefire for no one.” This was again re-emphasised in Iran’s latest ultimatum to Trump: “If the Israeli threats from last week to flatten the Beirut southern suburb of Dahiyeh had been executed, then Iran would have stricken northern Israel hard with its missiles. ‘It was a ceasefire for all – or no ceasefire.”
Trump chose the ceasefire, and subsequent to his call with Netanyahu, announced that it was in effect. He told Netanyahu to cancel his planned bombing of Dahiyeh in south Beirut. In Israel, a massive wave of anger from all sides of the political spectrum attacked Netanyahu at the very notion of curbing any Israeli attacks in Lebanon. Former PM Naftali Bennett accused Netanyahu of “losing control over Israeli sovereignty.” And former PM Yair Lapid said Israel had been reduced to a “vassal state” after the strikes were called off.
The US and Israel for some months have been attempting to bring a segment of leaders in Lebanon to accept the task of disarming Hizbullah, as Rubio explained, “so Israel doesn’t have to do it” — something Lebanese leaders clearly cannot do.
Israel has no coherent Lebanon strategy. Former senior Israeli military intelligence officer, Danny Citrinowicz, outlines a new strategic “Iranian achievement”:
Tehran has effectively succeeded in linking the Lebanese front to the broader Iranian-Israeli arena. Any escalation in Lebanon is now increasingly viewed through the prism of the US-Iran dynamic.
Nevertheless, he observes:
The situation in Lebanon remains highly unstable. Israel and Hezbollah continue to interpret the current understandings in fundamentally different ways. [Whilst] Israel maintains that it retains freedom of action across Lebanon except Beirut, Hezbollah [on the other hand] insists that any Israeli military activity – at all – violates the ceasefire framework. These competing interpretations create significant potential for renewed friction and escalation on the ground.
In Israel, the situation in northern towns remains neuralgic for nearly all Israelis. Many towns along the Lebanon border and down into the Galilee are half-empty — “entire swaths of land abandoned by [the] government,” writes Ben Caspit. Local politicians claim that they “are Israelis too” and that the government must respond.
Lebanon is certain to remain a point of contention. It is not a matter of if, but when, the next crisis will strike. Israel will not let the matter stand — even Liberal opposition leaders demand Hizbullah’s destruction and protest Trump’s tying of Netanyahu’s hands in Lebanon.
Iran will not let matters stand either. Mediators have informed the Americans that Iran considers an end to the war on Lebanon, withdrawal of Israeli forces, and a withdrawal from Hormuz, to be binding conditions — before discussing other issues.
So, here we are. The military skirmishes — effectively an abbreviated series of strikes by US forces on Iranian shipping and Strait infrastructure, arising from Trump’s desire to assert its naval blockade to US public opinion — continue. This situation is clearly flammable – just as is the Lebanon context.
Iran effectively is acknowledging the reality that in this new phase — with so many inherent flash points to it — American military escalation at some point likely will become a political necessity for Trump’s domestic and Jewish financers’ needs.
And the negotiations? They will go nowhere so long as Israel and the US Jewish billionaire donors reject any Iran outcome that leaves Iran both intact and stronger and — pari passu in this binary thinking — the “Israel First” project within the US and the region correspondingly weakened.
A deal that doesn’t see Iran irretrievably weakened will be condemned by these latter forces as a “treasonous dereliction” by Trump. He will be attacked mercilessly. Yet, he must see that Iran is anyway on the cusp of throwing off the US shackles.
This phase of the Iranian conflict likely will only end when the West falls off the approaching economic cliff …
END
RUSSIA VS UKRAINE
Ukraine Hits Over Half A Dozen Energy & Industrial Sites Deep Inside Russia Overnight
Wednesday, Jun 10, 2026 – 09:05 AM
Ukraine has hit Russia in another sweeping wave of overnight aerial attacks, especially targeting industrial facilities and energy infrastructure across multiple regions, and the extent of damage is yet to be disclosed.
One of the key targets was reportedly the VNIIR-Progress plant, located in the republic of Chuvashia, which is alleged by Ukraine and the West to manufactures components for Russian drones and bombs. Other nearby infrastructure was also attacked.
Ukraine has for months been making clear that it is going gloves off when it comes to attacking Russia’s energy and military sites, as well as dual use military-industrial factories. Ukraine used its domestic-made Flamingo cruise missile:
Ukrainian forces have carried out a missile attack deep inside Russia, hitting a major military plant overnight, President Volodymyr Zelensky has said.
He said FP-5 Flamingo cruise missiles struck the drone and missile plant in the city of Cheboksary, in the Chuvash Republic, more than 900km (560 miles) from the front line. Local officials say said three people were injured in a missile attack on the city.
Ukraine also said it had hit the Moscow-occupied port of Mariupol on the Sea of Azov, a Russian oil refinery in Samara and a “shadow fleet” oil tanker in the Black Sea.
According to a review of sensitive sites struck in the fresh overnight attack wave:
- In Novokuibyshevsk in Russia’s Samara oil hub region, hosting Rosneft refineries, regional governors said authorities repelled drone attacks while urging one million residents to seek shelter. Russian OSINT channel Astra confirmed the Kuibyshevsk oil refinery was burning after at least 29 drones attacked.
- In Russia’s Rostov region bordering Ukraine, falling debris from a drone triggered a fire in a fuel tank at a civilian site. In the central Vladimir region, two industrial facilities were ablaze.
- Rare air raid alerts were issued in remote oil-producing regions Khanty-Mansiysk, Perm and Tyumen, plus industrial Ural mountain regions Chelyabinsk and Sverdlovsk.
Chuvashia regional governor Oleg Nikolayev blasted the strike on the aforementioned manufacturing plant as indicative of the “impotent rage of terrorists who, having no success at the front line, try to intimidate peaceful people in the rear.”
All of these strike waves in disparate places is likely invite even greater airstrikes on Kiev, after the capital has already been hit hard over the past several weeks.
President Putin and top military brass had last month said strikes would be initiated against “decision-making centers” in response to the dorm attack in the Russia’s Lugansk People’s Republic on May 22, which killed 21 people – mostly teenage girls – and injured 70 others.
Kremlin officials now say that Russian forces have “a right to dismantle any infrastructure that supports terrorism.”
But it’s also these constant attacks on oil and industrial sites that little by little will put immense strain on Russia’s economy and the populace. The salvos out of Ukraine will keep coming, especially as Moscow continues to maintain the ‘special military operation’ at a slow, grinding pace.
END
6/.GLOBAL ISSUES, COVID ISSUES, VACCINE INJURIES/HEALTH ISSUES
GLOBAL ISSUES
MARK CRISPIN MILLER
In memory of those who “died suddenly” in the United States and worldwide, June 1-8, 2026
Reality star Duane Ollinger (Mystery at Blind Frog Ranch); Disney singer Peabo Bryson; Tejano singer Ruth (C); gaming creator Alex Cimo (32, C); sports announcers Stacey King, David Halberstam; & more
| Mark Crispin MillerJun 10 |  |
A survey of the likely global toll of COVID “vaccination,” based on the reports collected by our worldwide team of researchers this past week.
To help support our work, consider subscribing or making a donation.
UNITED STATES (85)
‘Mystery at Blind Frog Ranch’ Star Duane Ollinger Dies at 68
June 4, 2026
Duane Ollinger, the star of Discovery’s Mystery at Blind Frog Ranch, has died after a battle with ALS. He was 68. Ollinger’s passing was confirmed by his co-star Ryan Skinner, who shared the news on the Blind Frog Ranch Reddit subforum on Wednesday (June 3). “I’m saddened to share that my close friend Duane Ollinger passed away today around 2:30 PM in the ICU in Amarillo, Texas, due to respiratory failure from pneumonia, while battling ALS disease,” Skinner wrote. “I was recently informed that his health had taken a sudden turn after ongoing complications from multiple strokes over the past couple of years,” he continued. “His girlfriend, Marylee, stayed by his side through it all and made sure he was cared for right up to the end.” Mystery at Blind Frog Ranch premiered on Discovery in 2021 and followed Ollinger, his son Chad, and others as they searched for ancient Aztec gold and investigated strange phenomena in Utah’s Uinta Basin.
Researcher’s note – Casts and crews on productions will have to show proof of COVID booster [sic] shots under updated guidelines: Link
Peabo Bryson (75) passes away: the singer behind Disney classics ‘A Whole New World’ and ‘Beauty and the Beast’
June 3, 2026
Peabo Bryson, born and raised in the state of South Carolina, began his musical career in the 1970s. He remained active as a singer well into the 2010s, scoring hits such as ‘Feel the Fire,’ ‘I’m So Into You,’ ‘Can You Stop the Rain,’ ‘If Ever You’re in My Arms Again,’ and ‘Reaching for the Sky.’ However, it was his contribution to the soundtracks of the Disney film classics Beauty and the Beast (1991) and Aladdin (1992) that earned him international fame. Later this year, Peabo Bryson would make several more appearances to celebrate his 50-year career. Last weekend he suffered a stroke. Last night he died in the presence of his loved ones, the family said in an announcement.
No cause of death reported.
Tejano Trailblazer Ruth, Beloved Singer of ‘El Toquecito,’ Dies After Battle With Cancer
June 7, 2026
The Tejano and Regional Mexican music communities are mourning the loss of pioneering singer Ruth, who passed away on Saturday, June 6, 2026, following a battle with cancer. A unique and compelling figure in Latin music, Ruth broke barriers as one of the few African-American women to achieve success in the Tejano music industry during the 1980s and 1990s. While performing in Las Vegas, Ruth met singer-songwriter Miguel Spindola of the Grammy-nominated Tejano band La Diferenzia. The two eventually married, and Ruth chose to step away from the spotlight to dedicate herself to her family as a full-time wife and mother.
No age reported.
A rock drummer “died suddenly”:
Joel Vermuele, 59
June 5, 2026
Yankton, SD – It is with profound sadness that we announce the passing of Joel Vermuele, who died on June 5, 2026, from complications following a massive heart attack. Joel was 59 years old. Joel was a gifted drummer whose talent and dedication to music opened doors to extraordinary experiences. He performed at events featuring renowned bands including Soundgarden, Guns N’ Roses and the Red Hot Chili Peppers. While Joel’s musical accomplishments were impressive, those who knew him best will remember him for something even greater: his wicked sense of humor.
Gaming Influencer Alex Cimo Dead at 32
June 8, 2026
Gaming content creator Alex Cimo is dead more than a year after going public with his battle with stage 4 colon cancer. Alex’s wife, Bryttni, announced his death in a social media post, revealing he died suddenly on June 2, and admitting she’s still “very raw” as she processes the loss. Alex first revealed his cancer diagnosis in March 2025 and kept followers updated throughout his fight. Just weeks ago, he vowed to keep battling after doctors told him he had only days left to live. He was 32.
A former pro cyclist “died suddenly”:
Celebrated cyclist and teacher Andy Bishop dies at 61
June 3, 2026
HANOVER, N.H. – Celebrated cyclist Andy Bishop passed away this week. Bishop raced in the Tour de France three times. He was a teammate of Lance Armstrong. Bishop moved to Williston in the 1990s with his family. He taught math at Harwood Union High School for five years and spent the last few years teaching math at Hanover High School, where he also coached Nordic skiing. He passed away on Tuesday after a battle with cancer. He had just turned 61.
Two sports broadcasters “died suddenly”:
Cause Of Death Released For NBA Announcer Stacey King
June 7, 2026
A cause of death has been reported for Stacey King, the former Chicago Bulls big man and announcer, who died Sunday at 59 years old. The Chicago Bulls announced on Sunday that King had died. King, a three-time NBA champion with the Bulls, played in the NBA for a decade, starting in 1989. He later went into broadcasting, becoming one of the most-liked announcers in the sport. ESPN 1000 host David Kaplan is reporting that King died after a serious fall at his home on Saturday evening.
Researcher’s note – NBA requiring Covid-19 vaccinations [sic] for referees and others who work with players: https://www.cnn.com/2021/08/28/sport/nba-referees-personnel-covid-vaccine/index.html
Casts and crews on productions will have to show proof of COVID booster [sic] shots under updated guidelines: Link
Longtime sports broadcaster David J. Halberstam dead at 74 as tributes pour in – ‘a kind man’
June 3, 2026
David J. Halberstam has passed away aged 74 after a year-long battle with brain cancer. His career in sports broadcasting and as an author spanned just over 50 years in a variety of different roles. He became the general manager of Westwood Sports One in 2002 and remained there until 2008. Halberstam also formed the Madison Square Garden Radio Network. He would return to the broadcast booth in 2011 as the play-by-play caller of the Nova Southeastern University Sharks men’s basketball team. Just before he left in 2019, Halberstam founded the Sports Broadcast Journal in 2018. The SBJ is a popular publication dedicated to covering the sports broadcasting industry.
Researcher’s note – The Sports Broadcast Journal amplified the “safe and effective” narrative, covering “vaccine” hesitancy negatively. In April 2021, Halberstam wrote, “While we all hope that the vaccine [sic] will mitigate the pandemic’s effect in the shortest order possible …”: https://www.sportsbroadcastjournal.com/nbc-sports-chairman-pete-bevacqua-hopeful-about-nhl-addresses-nfl-olympics-pandemic-and-ratings/
A TV news producer “died suddenly”:
Seth Emerson Andrews, 49
June 7, 2026
Seth Emerson Andrews of Brooklyn, NY, passed away unexpectedly from an aortic aneurysm on Thursday, May 14th, 2026, at the age of 49. He had a great sense of humor, a joyful smile, and an unmistakably big heart – he was a friend to all. His last position was as a National Field Producer at FOX News in New York City. He worked hard and was well respected, leaving behind a multitude of colleagues.
Researcher’s note: If Andrews was working at FOX News between December 2021 and November 2022, he would have been required to take the COVID “vaccine”, with no option to test: https://www.nytimes.com/2021/12/20/business/fox-vaccine-mandate.html
Triple H Pays Tribute to WWE Crew Member Who Recently Passed Away
June 2, 2026
Triple H pays an emotional tribute to a recently passed WWE crew member. Davey Coates, who was WWE’s International Touring Manager, passed away at the age of 63 on March 14, 2026, following a battle with cancer. His son, Henry, has taken his place in the promotion, and Chief Content Officer Triple H took to X/Twitter to share a clip of them backstage at Clash in Italy. He also paid an emotional tribute to the late Coates on what would’ve been his 64th birthday.
Researcher’s Note –Tony Khan was recently interviewed by PWTorch about the COVID-19 vaccination [sic] status of the AEW roster. The AEW President revealed that the majority of the roster is currently vaccinated [sic], and he noted that international touring will create an issue for those that are not: https://www.wrestlinginc.com/news/2021/11/tony-khan-confirms-he-does-not-require-aew-wrestlers-to-be-vaccinated/
Representative Price Wallace Remembered for Service to Mississippi
June 5, 2026
Republican [State] Representative Price Wallace, 64, died unexpectedly at his home in Mendenhall on Wednesday, June 3, 2026. Wallace was widely known throughout Mississippi for his deep knowledge of agricultural issues, his commitment to public service, and his dedication to the people he represented. T
No cause of death reported.
A think tank CEO “died suddenly”:
Brian D. Finlay, 53
June 8, 2026
Brian Derek Finlay, 53 years old, of Takoma Park, MD, passed away on June 3, 2026, surrounded by family. Brian showed up to life with a big smile, ready for a good laugh, and a gift for storytelling that could hold any room. Brian led the Stimson Center for over a decade as President and Chief Executive Officer, with a total of more than twenty years of service to the nonpartisan foreign policy institution. Throughout the past nine months of illness, including long hospital stays and early morning blood draws, Brian never lost his gratitude. The family is forever grateful for the extraordinary care and compassion of Dr. Valerie Lee, her team, as well as the oncology nursing and palliative care teams at Sibley Memorial Hospital, who supported Brian and his family with kindness beyond measure.
Researcher’s note – The Stimson Center promoted COVID “vaccine” access through policy research, international health diplomacy, and advocacy for “equitable distribution”: <a href=”https://substack.com/redirect/2f668fb4-6bed-484f-a040-ea1855b1928b?j=eyJ1IjoiMjF1c29nIn0.oXSYyzfmidyETjPMMTNwiVJar
DR PAUL ALEXANDER
Breaking urgent stories! Islamist jihadist stabs person in Northern Ireland Belfast, violence erupts & rightly so, get these medieval 6 the century beasts out, out of USA first! INFLATION RED HOT &
CPI rises 4.2%; Three Days of Clashes Show the Iran Conflict Is Entering a Dangerous New Phase both Iran & USA posturing for war as Iran shows they are NOT decimated as we were fooled to believe;
| Dr. Paul AlexanderJun 10 |  |
Put that Ireland jihadist down…put any like him down, immediately.
‘Water cut off for thousands of Iranians after U.S. strikes: Iranian state media
The U.S. strikes damaged two reservoirs supplying the Bemani and Kouhestak areas of Sirik town and 20,000 residents of the region have lost access to safe drinking water’
END
RABOBANK/MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
Peacefire
Wednesday, Jun 10, 2026 – 10:50 AM
By Michael Every of Rabobank
Welcome to the ‘peacefire’. After Israel and Iran were pulled back from the brink of new war by Trump on Monday, Wednesday morning Asia time saw him then strike Iran, and it fire at US bases in the Gulf, in response to Tehran downing a US Apache helicopter. It appears the US hit radar and missile/drone facilities around and in the Strait of Hormuz while Iran didn’t hit anything due to its missiles being intercepted.
It seems both sides can now attack each other on a limited/proportional scale under a ‘ceasefire’ while peace negotiations continue… which Trump says are now in the “final throes”, and cynics point out such finality is always thrown further into the future.
The latest suggestion there is that Iran may dilute its highly enriched uranium stockpile rather than destroying or handing it over, which would be a serious US climbdown if so; that’s as Trump elsewhere mused that he might set up a Marshall Plan for Iran – but would want half their oil in return.
Yet allowing Iran to keep its nuclear potential is not going to be acceptable to Israel, meaning no long-term peace in the region whatever the US decides. Meanwhile, Israel continues to attack Hezbollah, so far to no promised retaliation from Iran. As noted yesterday, that points to Iran’s failure to link Lebanon to its own conflict and to force Israel to stop hitting its proxy there. It goes without saying that the latest US strikes against it further underline that Tehran is not as in control of all elements of this crisis as some media and analyst takes would have it: this ‘peacefire’ arguably suits the US more than Iran.
Furthermore, note oil had slid ahead of the latest attacks after the US energy secretary said Hormuz transits are ‘meaningfully’ climbing. Crucially, there is evidence suggesting the US Navy is ushering more oil through Hormuz, with transponders off, than official data on ship movements show. Indeed, both the UAE and Kuwait are now offering crude to Asia again, while Saudi jet fuel supply to Europe is higher than before the Hormuz closure (first discussed here “As Gulf States Plan Bypass Pipelines, US Military Is Quietly Helping Ships Cross Hormuz“). That may not get much fanfare, but it is extremely significant if so.
Of course, oil then climbed after the US strikes on Iran – and a Hormuz reopening date beyond what we already expected (September) was just flagged. Trump had echoed our thinking when talking about Labor Day, September 7, as a possible reopening date, but yesterday Vice-President Vance noted it could take “weeks” or even “months” to get to a deal – but one will “absolutely” happen before the mid-term elections. That means November! Of course, if more oil is getting out of Hormuz, how destructive that extended closure timeline will prove for the global economy is unclear – but the tail risks aren’t eliminated.
Elsewhere in geopolitics, Taiwan’s opposition leader told the US and China not to use her country as ‘pawn’. Recall Bloomberg yesterday claimed a $10 trillion price tag if problems emerge there. How many plan Bs are being put in place on that risk basis?
In geopolitics-adjacent geoeconomics, the EU wants to use African solar power for its own energy future – which will logically require not just up to €100bn in investment there, and Africa not wanting that power for its own economy, but an EU ability to physically protect such installations in a region plagued by Islamist attacks and Russian influence in places. That could therefore cost more than €100bn.
Meanwhile, Germany announced the planned Franco-German fighter jet scheme dead, and Airbus flagged plans for a German-led alliance to replace it. There are also suggestions the UK will be forced to cut its contribution to a proposed UK-Italy-Japan fighter jet and cancel its new Navy destroyers if they don’t further hike taxes, which would be politically damaging. Who could have known that massive rearmament is very expensive and tricky to coordinate?
In related technology issues, Brussels has ordered Meta to open up WhatsApp to rival AI agents, as the White House reined in its new AI-testing unit while Anthropic released the new ‘Mythos-class’ model to the general public ‘with guardrails’. That’s as the Wall Street Journal notes Wall Street is enthusiastically funding AI in any way possible, and Europe’s ASML warned the EU against politically directing chip supplies as part of its AI plans.
In markets, the Korean KOSPI was down 4.5% today after being up 8.2% Tuesday after being down 8.3% on Monday (and 5.5% on Friday).
The US 10-year yield was at 4.53%, not yet at the level requiring a new Iran deal story from Axios.
Wall Street is embracing the crypto it once feared, according to Axios – as Reuters notes, ‘Under the Trump crypto playbook, the family always wins. Investors don’t.’
Now back to the ‘peacefire’.
7. OIL AND NATURAL GAS ISSUES
The Oil Shock Is Weakening India’s Economy and Finances
Tuesday, Jun 09, 2026 – 05:40 PM
By Tsvetana Paraskova of OilPrice.com
India is scrambling to contain the economic and financial impact of the worst oil supply disruption in history as analysts say the high oil prices would continue to weigh on the Indian currency, economic growth, and public finances as long as supply is choked at the Strait of Hormuz.
More than three months after the Iran war began, investment banks, brokerages, rating agencies, and even India’s central bank are lowering economic growth forecasts, while the government intervenes to stop the cash bleed from the balance of payments that has surged with the oil prices.
India, which imports more than 85% of the oil it consumes, received about half of all its imports from the Middle East before the war. Now, state-owned and private refiners are looking to diversify imports, including by taking in record volumes of Russian oil, and turning to Venezuela and Brazil for additional crude to offset the lost Middle Eastern supply.
Yet, the high import prices, with oil up by about $30 per barrel compared to pre-war levels, are weighing on India’s economic prospects and public finances.
“India is set for a series of supply shocks,” Michael Langham, emerging markets economist at Aberdeen Investments, told Reuters.
India on Friday introduced measures to protect its currency, the rupee, which had plunged to an all-time low versus the U.S. dollar amid the energy crisis.
Yet, the world’s third-biggest crude importer has seen its growth prospects diminished as its high import dependence and the high price refiners pay weigh on inflation and GDP growth.
India’s economy remains resilient to the external shocks, but the oil price surge poses near-term downside risks to economic growth and upside risks to inflation, the Reserve Bank of India (RBI) said at the end of May.
Indian wealth and asset manager 360 ONE Capital last week said that India’s inflation is set to accelerate to 4.8% in the fiscal year 2027, if oil prices average $90 per barrel through March next year.
“A further $10/bbl increase in crude prices above our base assumption could push inflation to 5.6 per cent (assuming a partial pass-through of around 5 per cent to retail fuel prices), lower GDP growth by an additional 40 bps to 5.9 per cent, widen the current account deficit to 2.5 per cent GDP, and increase the fiscal deficit to 4.8 per cent of GDP,” analysts at 360 ONE Capital wrote in a report.
END
Oil Prices Extend Gains After Another Big Crude Draw, Cushing ‘Tank Bottoms’ Loom
Wednesday, Jun 10, 2026 – 10:40 AM
Oil prices are higher this morning on renewed fighting between the US and Iran (and Trump rhetoric), while API reported a major crude inventory draw (for an eighth week in a row).
Additionally, in its monthly Short-Term Energy Outlook released on Tuesday, the Energy Information Administration (EIA) reported the closure of the Strait is depleting global inventories, keeping prices high.
“Global oil markets remain highly volatile as very limited shipping traffic through the Strait of Hormuz has caused oil producers in the Middle East to reduce crude oil production by more than 11 million barrels per day (b/d) in May compared with pre-conflict levels. This drop in production has resulted in large global inventory draws to meet demand. Under our assumptions, we expect global oil inventories will fall by an average of 6.3 million b/d in 2Q26 and by 7.6 million b/d in 3Q26,” the agency said.
So this morning, all eyes are on the official data to see just how fast those inventories are depleting…
API
- Crude -9.1MM
- Cushing -1.1MM
- Gasoline -1.2MM
- Distillates +1.3MM
DOE
- Crude -7.23mm
- Cushing -801k
- Gasoline +186k
- Distillates -200k
Following API’s reported a huge crude draw, the official data showed a seventh straight week of crude inventory declines. Gasoline stocks saw a build for the second week in a row…
Source: Bloomberg
Cushing ‘tank bottoms’ are looming…
Source: Bloomberg
US gasoline stocks are barely off their lowest levels since 2014 for this time of year…
Source: Bloomberg
The Strategic Petroleum Reserve saw another huge drawdown this week for a total of 66.2 million barrels since the Iran ‘mini-war’ started (16% of the pre-war total)…
Source: Bloomberg
Rig counts continue to rise with US crude production just shy of record highs…
Source: Bloomberg
US crude and product exports dipped last week but remain notably elevated from pre-war levels…
Source: Bloomberg
WTI was hovering just below $90 ahead of the official data
Despite the higher tensions, crude futures are down by more than a quarter since their peak at the end of April, aided by a combination of a plunge in Chinese imports to multiyear lows, record American oil exports and large releases of emergency reserves.
The retreat is a sign that oil markets are, for now at least, coping with the disruption and physical markets look well supplied.
“At the moment the market is trying to find some equilibrium,” Wael Sawan, Chief Executive Officer of Shell Plc, said on the sidelines of the Wall Street Journal CEO Council in London.
“It’s more driven by short-term headlines. And so if I look at the reality, we’re of course drawing down on those inventories fast.”
“While diplomatic efforts remain ongoing, the latest military exchanges have reintroduced a geopolitical risk premium into oil markets,” Reuters quoted Priyanka Sachdeva, senior market analyst at Phillip Nova, as saying.
END
OIL THROUGH STRAIT OF HORMUZ
Growing Number Of Oil Tankers Successfully Sneak Through Hormuz, Shrinking Iran’s Leverage
Wednesday, Jun 10, 2026 – 01:40 PM
One week ago we reported that “As Gulf States Plan Bypass Pipelines, US Military Is Quietly Helping Ships Cross Hormuz.” We now have more evidence that, whether with or without a US escort, a growing number of ships are transiting Hormuz.
According to Bloomberg, off the coast of Oman over the weekend, 16 tankers clustered together to transfer millions of barrels of oil that had been stranded in the Persian Gulf. A month ago, that area had been entirely empty.
They’re part of a growing number of tankers that are turning their transponders off to lift oil flows through the Strait of Hormuz from a trickle to a stream. While conventional vessel-tracking data show little change in shipments, senior shipping executives, Asian oil buyers and satellite images paint a different picture: That Hormuz is now a lot less blocked, with transits becoming more steady and greater in volume.
As we reported last week, the increase in Gulf producers’ ships going dark to sneak through undetected by Iran is at the heart of the rise in flows, coinciding with a period where the US has been helping ships navigate through the waterway. The recent volumes add to signs that the oil market is managing to route enough to buyers and avert a price surge as the Iran war causes the biggest supply disruption in oil market history.
Commenting on the growing number of stealthy ship transits, earlier today Goldman’s Delta One head, Rich Privorotsky, said that “a lot has been thrown at the oil market and it’s simply not going up, which is remarkable given the level of escalation. The only conclusion that really fits the price action is that barrels are still getting through the Strait of Hormuz, visibly or otherwise. There doesn’t seem to be a more rational explanation.“
Middle East producers have been using vessels they control to ferry barrels outside of Hormuz – avoiding the stratospheric fees that would be commanded by the small number of shipowners willing to transit. After exiting, they then transfer oil onto tankers that take the cargoes to buyers in Asia and elsewhere.
The weekend transfers off Oman were identified by satellite imagery from the European Union’s Copernicus browser. TankerTrackers.com Inc., which tracks vessels using satellite images, said it identified 12 ships with non-Iranian Middle Eastern barrels conducting transfers outside of Hormuz on June 6 alone.
“This is oil coming from Iran’s Arab neighbors,” TankerTrackers.com said. “Yet another reason why oil isn’t $200 a barrel right now.”
“There’s an increase in trends as we’re observing,” said Larry Johnson, head of freight at commodity trader Mercuria Energy Group. “They’re mainly or exclusively government-owned ships that are making it through,” he said, adding that those vessels “seem to have channels of communication and means of securing safe passage somehow, some way.”
At least some of the ships that have crossed are doing so under the cover of darkness, and with lights on board switched off, Bloomberg said citing sources. Crews have also been instructed to stay off the radio.
About 2 million barrels a day of oil and related products are now flowing out of the Gulf, according to Rapidan Energy Group – a level that’s far below normal, but much higher than earlier in the conflict.
As JPMorgan recently discussed in detail, those flows, coupled with a plunge in Chinese buying, surging US exports and workarounds such as pipelines running hundreds of miles across the Middle East, have helped bring oil prices down almost 30% from their peak at the height of the war.
President Trump on Wednesday said in a social media post that “lots of oil is getting out” of Hormuz. A day earlier, US Energy Secretary Chris Wright said at a conference that tanker traffic is “rising very meaningfully.”
With the prospect of more supplies, the Middle East’s main oil benchmark has steadily fallen toward pre-war levels. Before the effective blockade of Hormuz, the strait handled around a fifth of all oil supply in a global market of more than 100 million barrels a day.
Trump on Wednesday also said Iran would “pay the price” for delaying negotiations for an interim peace deal, after renewed attacks overnight put further strain on a fragile two-month truce. Trump said he retaliated against Iran for shooting down a US Apache helicopter near Hormuz.
There are other signs of more supplies getting out of the region. In recent days, both Kuwait and the United Arab Emirates have offered to sell oil outside Hormuz, indicating that barrels crossed the chokepoint. Satellite imagery show a steady run of ships loading at UAE oil terminals in recent weeks. Asian buyers are generally receiving more offers for barrels that are getting out, and expect further shipments to emerge in the coming days and weeks, according to traders involved in the market who asked not to be identified.
At least two supertankers each capable of hauling 2 million barrels of crude crossed Hormuz late last month and began signaling off the coast of Kuwait. Both are managed by Kuwait Oil Tanker Co., according to the Equasis maritime database, and neither has broadcast a signal since then. One shipowner who asked not to be identified also said it had been contracted to carry barrels transferred from Kuwaiti ships that crossed Hormuz, while others said they believed Kuwait secured transit for more than two very large crude carriers.
The bigger Kuwaiti flows follow a similar pattern that has emerged for barrels from the UAE. Abu Dhabi National Oil Co (ADNOC) sold at least 14 million barrels of its oil in a tender that concluded at the end of last week, Bloomberg reported on Monday. Those cargoes are due to start loading this month.
Adnoc is among the firms to have moved crude through Hormuz with transponders off to avoid detection, Bloomberg reported last month. The company has continued to ship barrels at a healthy rate across the strait in recent weeks, according to two people familiar with its operations, who asked not to be identified as the information is private.
Satellite images also show that ships have continued to load at some of the country’s key terminals. An oil tanker was seen loading on six of the eight days there were images at Zirku Island in May, according to Copernicus data. Prior to the war, that terminal was able to load more than 1 million barrels a day of crude and condensate, according to intelligence firm Kpler.
Before some of the most recent transits, roughly a quarter of the non-Iranian large oil tankers trapped inside the Persian Gulf had escaped, shipping data showed in late May. Around 90 are still trapped, compared with roughly 160 in early April, according to Georgios Sakellariou, a freight analyst at vessel-pool management firm Signal Maritime.
So what does it mean if a growing number of ships are exiting the gulf? Well, according to Goldman’s Privorotsky, this would indicate that “Iran’s leverage over global energy markets may be far lower than many (I) assumed. If there is no credible mechanism to materially disrupt flows, then the geopolitical risk premium becomes difficult to sustain. I’ll reserve judgment, but for now the price action remains bearish, even if the headlines do not.”
Still, the risk is not gone, and the Delta One trader says that a potential tripwide that sends prices spiking again is one of the two: Iran striking energy infrastructure outside its borders, or US actions moving beyond tactical degradation and toward regime change objectives.
END
TRUMP…
Trump Says “Secret Military Mission” Allowed 200 Ships, 100 Million Barrels To Cross Hormuz
Wednesday, Jun 10, 2026 – 02:45 PM
Confirming our reported from both a week ago (see “As Gulf States Plan Bypass Pipelines, US Military Is Quietly Helping Ships Cross Hormuz“) and this afternoon (“Growing Number Of Oil Tankers Successfully Sneak Through Hormuz, Shrinking Iran’s Leverage“) moments ago Trump posted on Truth Social that he had “directed our Great U.S. Military to execute a secret mission to support Oil Tankers and other Commercial Ships through the Strait of Hormuz.” Of course, the mission wasn’t that secret if we discussed how the US military was helping ship cross the Strait one week ago.
In any case, Trump added that “this effort has resulted in more than 100 MILLION Barrels of Oil making its way through the Strait, and into the Open Market. More than 200 Commercial Ships have safely traveled through the Strait,” which would explain why oil prices have remained low and confirms what Goldman’s Delta One head, Rich Privorotsky, wrote this morning, namely that “a lot has been thrown at the oil market and it’s simply not going up, which is remarkable given the level of escalation. The only conclusion that really fits the price action is that barrels are still getting through the Strait of Hormuz, visibly or otherwise. There doesn’t seem to be a more rational explanation.”
“This wildly successful effort is because the UNITED STATES of AMERICA CONTROLS the Strait of Hormuz — NOT Iran” Trump concluded.
Trump’s post also validates what JPMorgan EM strategy team pointed out a week ago, namely that ship – and crude – transits are far higher than what official trackers have indicated:
- New higher equilibrium appears to be established in Strait with vessel crossings remaining in the c.25 per day mark for nearly a week, according to JPM EM Strategy methodology.
- Estimated energy exports continue to be very strong – around 3.6 mbd over the past two days and the 7DMA remaining around 2.5mbd. This has been driven by strong refined chemical tanker transits which have risen to more than 50% of pre-conflict levels.
- Reports that US are quietly coordinating with shippers to ensure safe transit without explicit escort.
Here, JPM suggests that Bloomberg’s data is showing muted transits as it can’t keep an accurate read of actual crossings due to AIS transponders being turned off during crossings.
Now the question is whether Iran, whose leverage in the conflict would be viewed as dramatically reduced as a result of this development, will allow stealthy tankers and other ships, with transponders shut, to continue crossing the strait affirming Trump’s implicit claim that the country no longer has control over the strait, or if Tehran will make a public demonstration of how much control it still has.
END
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
MEXICO.USA
the drug of choice; Ivermectin//works perfectly agianst screw worm flesh eating parasite
Mexico Suspends Certain Live Animal Imports From US Over Flesh-Eating Screwworm Concerns
Wednesday, Jun 10, 2026 – 02:00 PM
Authored by Aldgra Fredly via The Epoch Times,
Mexico said Tuesday it would temporarily suspend imports of certain live animals from the United States following the detection of multiple cases of the flesh-eating New World screwworm in Texas and New Mexico.
The decision was made in coordination with the U.S. Department of Agriculture (USDA) and covers imports of cattle, ruminants, pigs, sheep, goats, songbirds, and ferrets, according to Mexico’s agriculture ministry.
The ministry said health authorities, including the USDA’s Animal and Plant Health Inspection Services, also agreed to strengthen health inspections of imported pet dogs at Mexico’s points of entry and assess additional measures to verify their health status.
The measures were intended to protect livestock in the northern states of Mexico, particularly in Baja California, Baja California Sur, Chihuahua, Sinaloa, and Sonora, where no screwworm cases have been recorded, it stated.
The ministry said health officials from both nations would continue to exchange information “in order to identify goods that do not pose a health risk and to establish the measures and conditions that will allow, in due course, the orderly and safe resumption of bilateral trade.”
The USDA said in a notice on its website, updated on June 8, that the suspension of live animal exports will take effect immediately “until we have further information from Mexico.”
Five screwworm cases have been confirmed in the United States, with the latest being reported in La Salle County, Texas, on June 9. The USDA said it is working with state partners in Texas and New Mexico to lead “an aggressive response” to the pest.
Among the confirmed cases was one involving a dog in New Mexico, the state’s first New World screwworm case. The veterinarian who reported the case was based in Texas, but the dog resides at a household in Lea County, New Mexico, according to the agency.
Affecting Humans
According to the Centers for Disease Control (CDC), at least seven people have died from screwworm infections in Central America and Mexico as of Jan. 20.
This month, the CDC reported more than 185,000 cumulative animal cases in the same geographic areas, and more than 2,100 cases in people.
In the United States, one human case was reported at a Maryland hospital last August after a person returned from a visit to El Salvador.
To eradicate the spread of screwworms, the USDA said it has established a 20-kilometer quarantine zone with movement controls and heightened surveillance around confirmed detections. The agency is also releasing sterile flies in and around the infestation area.
Texas Gov. Greg Abbott last week ordered the mobilization of all state personnel, including those from Texas’s University Systems, to accelerate the shipment of sterile flies into Texas and the construction of a sterile fly production facility in Edinburg.
New World screwworms are flesh-eating parasites that infect livestock, wildlife, and, in rarer cases, humans. Screwworm fly maggots burrow into the living tissue of animals, causing severe wounds that can be fatal.
Signs and symptoms of screwworm infestations include irritated behavior, head shaking, a decaying odor, and the presence of maggots, or fly larvae, in wounds, according to the USDA.
END
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
OPENING LEVELS OF CURRENCIES// AND CLOSING ASIAN STOCK MARKET AND OPENING EUROPEAN STOCKS:6 AM EST
EURO VS USA DOLLAR: 1.1549 DOWN 0.0015
USA/ YEN 160.141UP 0.017 NOW TARGETS INTEREST RATE AT 1.75% AS IT WILL BUY UNLIMITED BONDS TO GETS TO THAT LEVEL…//YEN STILL FALLS//END OF YEN CARRY TRADE BEGINS AGAIN DEC 2024/Bank of Japan raises rates by .25% TO 1.75 ..TAKAICHI NEW PM AS YIELDS RISE//JAPAN DEEPLY IN TROUBLE WITH RISING RATES AND A FALLING YEN!!
GBP/USA 1.3383 UP 0.0012 OR 12 BASIS PTS
USA/CAN DOLLAR: 1.3938 DOWN 0.0015 //CDN DOLLAR UP 15 BASIS PTS//
Last night Shanghai COMPOSITE CLOSED DOWN 16.80 PTS OR 0.42%
Hang Seng CLOSED DOWN 195.80 PTS OR 0.80%
AUSTRALIA CLOSED UP 0.45%
// EUROPEAN BOURSE: ALL MOSTLY GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL MOSTLY GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED DOWN 195.80 PTS OR 0.80%
/SHANGHAI CLOSED DOWN 16.80 OR 0.42%
AUSTRALIA BOURSE CLOSED UP 0.45%
(Nikkei (Japan) CLOSED DOWN 1086.63 PTS OR 1.66%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: $4166.00
silver:$63/82
USA DOLLAR VS TRY (TURKISH LIRA): 46.14 PLUS 2 BASIS PTS AND NOW WE SEE THEIR STUPIDITY OF SELLING SOME OF THEIR GOLD AND ALL OF THEIR USA DOLLAR RESERVES. THE COUNTRY IS IN BIG FINANCIAL TROUBLE
USA DOLLAR VS RUSSIAN ROUBLE: 72.41 ROUBLE// DOWN 0 ROUBLE AND 14 BASIS PTS. WOULD YOU BELIEVE THAT THE RUSSIAN ROUBLE AND THE ISRAEL SHEKEL ARE THE STRONGEST CURRENCIES BESIDES THE DOLLAR .
UK 10 YR BOND YIELD: 4.9160 DOWN 0 BASIS PTS
UK 30 YR BOND YIELD: 5.597 DOWN 0 BASIS PTS
CDN 10 YR BOND YIELD: 3.488 DOWN 2 BASIS PTS
CDN 5 YR BOND YIELD; 3.139 DOWN 2 BASIS PTS
USA dollar index early WEDNESDAY MORNING: 99.90 UP 1 BASIS POINTS FROM TUESDAY’s CLOSE
WEDNESDAY MORNING NUMBERS ENDS
And now your closing ERDNESDAY NUMBERS 10.00 AM
Portuguese 10 year bond yield: 3.452% UP 1 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +2.686% UP 1 FULL POINTS BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.862 DOWN 1 BASIS PTS//
SPANISH 10 YR BOND YIELD: 3.511 UP 1 in basis points yield
ITALY 10 YR BOND: 3.847 UP 2 points in basis points yield ./ THE ECB IS QE’ ING ITALIAN BONDS (
GERMAN 10 YR BOND YIELD: 3.0676 UP 1 BASIS PTS
IMPORTANT CURRENCY CLOSES : MID DAY WEDNESDAY
Closing currency crosses for day /USA DOLLAR INDEX/USA 10 YR BOND YIELD/10:00 AM
Euro/USA 1.1551 UP 0.0016 OR 16 basis points
USA/Japan: 160.44 UP 0.047 OR YEN IS DOWN 5 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 4.9240 UP 1 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.603 UP 1 BASIS POINTS.
Canadian dollar DOWN 19 BASIS pts to 1.3934
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
The USA/Yuan CNY UP TO 6.7759// ON SHORE ..
THE USA/YUAN OFFSHORE// CNH UP TO 6.7789
TURKISH LIRA: 46.14 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
Your closing 10 yr US bond yield DOWN 1 in basis points from TUESDAY at 4.527.% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 5.011 DOWN 0 basis points /10:00 AM
USA 2 YR BOND YIELD: 4.118 DOWN 2 BASIS PTS.
GOLD AT 10;00 AM 4154.65
SILVER AT 10;00: 64.02
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates WEDNESDAY CLOSING TIME 10:00 AM///
London: CLOSED UP 27.46 PTS OR 0.27%
GERMAN DAX: CLOSED DOWN 214.74 OR 0.90%
FRANCE: CLOSED DOWN 22.33 PTS PTS PTS OR 0.27%
Spain IBEX CLOSED DOWN 14.00 PTS OR 0.48 %
Italian MIB: CLOSED DOWN 161.46 PTS OR 0.52%
WTI Oil price 89.31 10.00 EST/
Brent Oil: 92.40 10:00 EST
USA /RUSSIAN ROUBLE /// AT: 72.16 ROUBLE DOWN 0 AND 16 / 100
CDN 10 YEAR RATE: 3.492 DOWN 2 BASIS PTS.
CDN 5 YEAR RATE: 3.148 DOWN 2 BASIS PTS
CLOSING NUMBERS: 4 PM
Euro vs USA 1.1545 UP 0.0010 OR 10 BASIS POINTS//
British Pound: 1.3376 UP 0.0005 OR 5 basis pts/
BRITISH 10 YR GILT BOND YIELD: 4.9530 UP 3 FULL BASIS PTS//
BRITISH 30 YR BOND YIELD: 5.598 DOWN 2 IN BASIS PTS.
JAPAN 10 YR YIELD: 2.689 UP 1/2 FULL BASIS PTS (DANGEROUS TO THEIR ECONOMY
JAPANESE 30 YR BOND: 3.858 DOWN 3 PTS AND STILL VERY DANGEROUS TO THEIR ECONOMY
USA dollar vs Japanese Yen: 160.41 UP 0.227 OR YEN DOWN 28 BASIS PTS//GETTING CLOSER TO 160.00
USA dollar vs Canadian dollar: 1.3940 DOWN 0.00125 PTS// CDN DOLLAR UP 12 BASIS PTS
West Texas intermediate oil: 90.42
Brent OIL: 93.45
USA 10 yr bond yield UP 1 BASIS pts to 4.543
USA 30 yr bond yield: UP 2 PTS to 5.026%
USA 2 YR BOND 4.131 UP 1 PTS
CDN 10 YR RATE 3.489 DOWN 1 BASIS PTS
CDN 5 YEAR RATE: 3.137 DOWN 2 BASIS PTS
USA dollar index: 99.95 DOWN 0 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 46.14 GETTING QUITE CLOSE TO BLOWING UP/IDIOTS SOLD GOLD
USA DOLLAR VS RUSSIA//// ROUBLE: 72.25 DOWN 0 AND 28/100 roubles //
GOLD $4089.00 3:30 PM)
SILVER: 63.98 3;30 PM)
XX
DOW JONES INDUSTRIAL AVERAGE: DOWN 953.33 OR 1.87%
NASDAQ 100 DOWN 576.47 PTS OR 1.98%
VOLATILITY INDEX 21.57 UP 1.70 PTS OR 8.56%
GLD: $ 374.66 DOWN 16.12 PTS OR 4.13%
SLV/ $57.65 PTS DOWN 1.36 OR OR 2.,30%
TORONTO STOCK INDEX// TSX INDEX: CLOSED DOWN 215.97 PTS 0.63%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
Soft CPI, Soaring SOXS, & Cease-Ceasefire Trigger More Market Turmoil; Bullion Battered
WRAP UP:
Stocks slide as tech tumbles and oil gains as Middle-East tensions boil – US Market Wrap
Wednesday, Jun 10, 2026 – 04:28 PM
- SNAPSHOT: Equities down, Treasuries down, Crude up, Dollar mixed, Gold down
- REAR VIEW: Softer-than-expected monthly Core CPI, headline M/M in line, yearly gauges rise as expected; US and Iran trade blows after US helicopter was downed; Trump said Iran has taken too long to negotiate a deal, now they will have to pay the price; Trump said will hit Iran very hard today; Trump said not looking to renew USMCA; Strong indirect demand on 10yr note auction, weak direct demand; BoC hold rates as expected; Hotter-than-expected Chinese & Japanese PPI, Norway Core CPI comes in hot; Crude stocks draw for seventh consecutive week; TSMC revenue rises in May
- COMING UP: Data: Swedish CPIF Final (May), US PPI (May), Jobless Claims (May/30). Events: ECB Policy Announcement (Jun), CBRT Policy Announcement (Jun), OPEC MOMR (Jun). Speakers: ECB President Lagarde. Supply: UK, Italy, US. Earnings: Adobe
More Newsquawk in 2 steps:
- 1. Subscribe to the free premarket movers reports
- 2. Trial Newsquawk’s premium real-time audio news squawk box for 7 days
MARKET WRAP
Stocks were sold on Wednesday as weakness in the technology sector extended following the recent AI-driven rally. Several desks have warned throughout the week that positioning remains stretched, with Citi highlighting elevated bullish Nasdaq positioning and associated downside risks, while Bank of America called on investors to take profits. Goldman Sachs also noted that retail trading activity and options pricing continue to imply elevated expectations, while institutional investors have become increasingly concerned about the pace of the rally and the market becoming “one big trade” centred around AI.
Industrials, Materials and Technology were the worst-performing sectors, with many of the AI beneficiaries extending recent losses. Broadcom (AVGO) and Nvidia (NVDA) both came under renewed pressure, while the Memory ETF (DRAM) fell a further 4% and the Semiconductor ETF (SOXX) declined by around 3.5%. Outside of equities, precious metals were also heavily sold, with gold falling back below USD 4,100/oz.
The geopolitical backdrop remains fluid. Crude prices settled higher after the US and Iran exchanged strikes overnight, while President Trump warned that Iran would “pay the price” for taking too long to negotiate and stated the US would strike Iran again tonight, keeping geopolitical risks elevated and supporting energy markets.
Meanwhile, the US CPI report was largely in line with expectations. Core CPI M/M came in softer than forecasted, although some of the underlying details, including core services and supercore inflation on a Y/Y basis, accelerated. The report did little to alter Fed pricing following last Friday’s strong nonfarm payrolls report, but it continues to support the case for a prolonged period of restrictive policy and keeps the risk of further tightening on the table should inflation remain persistent and the labour market stable.
Treasuries were also pressured, particularly at the long end of the curve, resulting in a bear steepening move. The USD 39bln 10-year note auction was strong overall, although the strength was driven overwhelmingly by indirect demand while domestic participation was notably weak. Attention now turns to Thursday’s 30-year bond auction to gauge whether a similar demand dynamic emerges further out the curve.
In FX, the Dollar was mixed against major peers. The Canadian Dollar outperformed, largely supported by higher crude prices rather than the Bank of Canada’s widely expected policy decision, while the Australian Dollar lagged amid the weakness in equities and metals.
US
US CPI: Headline CPI rose 0.5% M/M in May, in line with analyst expectations and cooling from the prior 0.6%, while the Y/Y rate accelerated to 4.2% from 3.8%, matching forecasts. The core metrics were softer than expected, with core CPI rising 0.2% M/M, down from 0.4% in April and below the 0.3% forecast, while the Y/Y rate accelerated to 2.9% from 2.8%, in line with expectations. The softer monthly core reading is a welcome sign for policymakers and suggests underlying inflation pressures may not be accelerating further despite elevated energy prices. However, inflation remains well above the Fed’s 2% target and, alongside a labour market that continues to appear resilient, is unlikely to materially alter the recent hawkish shift in policy expectations. Within the report, core goods prices declined on the month, while the Y/Y pace was little changed. Core services inflation eased on a monthly basis but accelerated Y/Y, while supercore inflation also cooled slightly M/M but accelerated on an annual basis. The continued firmness in services and supercore inflation is likely to remain a concern for policymakers, although some of that pressure may be offset by easing goods prices as tariff-related effects continue to unwind. Looking ahead, Oxford Economics writes that with gasoline prices falling sharply so far in June, May may prove to be the peak for headline CPI. However, the consultancy expects inflation to decline only gradually, keeping the Fed on hold for much of the year. The desk notes that its preliminary estimate for May PCE points to a similar headline reading but a firmer core measure, partly reflecting a rise in portfolio management fees.
FIXED INCOME
T-NOTE FUTURES (U6) SETTLED 2+ TICKS LOWER AT 109-04+
T-notes bear steepen, led by the long end, while T-notes chop around CPI. At settlement, 2-year +0.2bps at 4.124%, 3-year +1.0bps at 4.180%, 5-year +1.4bps at 4.260%, 7-year +1.9bps at 4.397%, 10-year +2.2bps at 4.540%, 20-year +2.3bps at 5.036%, 30-year +2.7bps at 5.024%.
THE DAY: Treasuries were lower across the curve on Wednesday, with weakness led by the long end, resulting in a bear steepening move. The rise in yields largely tracked higher oil prices after President Trump warned that Iran would “pay the price” for taking too long to negotiate a deal, while fresh military exchanges between the US and Iran overnight kept geopolitical tensions elevated. The US responded to the downing of an Apache helicopter by striking military and radar sites in Iran, while Iran subsequently launched attacks against US military bases across the Middle East. Trump also said will hit Iran hard again today, while Iranian officials reiterated they would respond to any further US action.
Aside from geopolitics, the May CPI report was the key economic release. Headline and annual inflation measures largely accelerated in line with expectations, while the core monthly reading came in softer than forecast. Treasuries saw a brief two-way reaction to the data before ultimately returning to trade in line with developments in the energy market. The softer monthly core reading was a welcome sign and suggests underlying inflation pressures may not be accelerating materially despite elevated energy prices. However, inflation remains well above the Fed’s target and, alongside a labour market that continues to appear resilient, is unlikely to materially alter the recent hawkish shift in policy expectations.
Elsewhere, the USD 39bln 10-year note auction was strong overall, stopping through by 0.1bps and posting a stronger-than-average bid-to-cover ratio. However, the strength was driven overwhelmingly by indirect demand, which surged well above recent averages, while direct demand fell sharply and remained well below recent norms. Despite the strong headline result, the long end of the Treasury curve remained under some pressure following the auction.
Attention now turns to Thursday’s 30-year bond auction, which will provide a clearer test of demand for duration. While the strong 10-year result highlights robust foreign participation at current yield levels, the combination of elevated volatility, a weak 30-year JGB auction overnight, and continued geopolitical uncertainty suggests the long end could still face some challenges. That said, the improvement from yesterday’s softer 3-year auction to today’s strong 10-year offering may indicate investors are becoming more comfortable extending duration, particularly with both CPI and PPI in the rear-view mirror by the time of the 30-year sale.
SUPPLY
Notes
- US sold USD 39bln of 10-year notes; Stop through 0.1bps.
- US to sell USD 22bln of 30-year bonds on June 11th
Bills
- US sold 17-wk bills at high-rate 3.665%, B/C 2.88x
- US to sell USD 70bln of 4-wk bills and USD 75bln of 8-wk bills on June 11th.
STIRS/OPERATIONS
- Fed Pricing: 24.9bps (prev. Dec 25.1bps)
- EFFR at 3.62% (prev. 3.62%), volumes at USD 106bln (prev. USD 108bln) on June 9th
- SOFR at 3.60% (prev. 3.63%), volumes at USD 3.063tln (prev. USD 3.115tln) on June 9th
- NY Fed RRP op demand at 0.39bln (prev. 0.58bln) across 4 counterparties (prev. 13) on June 10th
CRUDE
WTI (M6) SETTLED USD 1.83 HIGHER AT USD 90.03/BBL; BRENT (Q6) SETTLED USD 1.65 HIGHER AT 93.10/BBL
The crude complex was firmer and supported by the ever-increasing US/Iran tensions. Overnight, the US launched fresh strikes on Iran in response to the downing of an Apache helicopter, and Iran responded with attacks on US bases in Bahrain, Kuwait and Jordan. Even further heightening these risks, Trump on Truth said Iran has taken too long to negotiate a deal, and now they will have to pay the price. Later on in the session, benchmarks spiked to session highs after further punchy rhetoric from the US President, who said they will be attacking Iran hard and have the right to resume attacks and will hit Iran hard again today. As such, participants will be looking to see what is next and if and when any further attacks are. Trump also suggested Iran should sign the deal, and it’s a good deal. Following this, and in response to Trump’s latest threat, Tasnim reported that Iran has repeatedly warned that any aggression will be responded to in the most severe and decisive manner. Lastly, Trump, again on Truth, said a secret mission to support oil tankers initiated last month has resulted in over 100mln bbls of oil making its way through the Strait of Hormuz and into the open market.
Away from the Middle East, the weekly EIA data saw a larger-than-expected crude draw, in-fitting with the private figures, whole gasoline saw a surprise build, albeit small, and gasoline a shallower-than-anticipated draw. Overall, crude production was up 93k W/W to 13.799mln.
WTI traded between USD 87.39-91.84/bbl and Brent USD 90.77-94.65/bbl.
EQUITIES
CLOSES: SPX -1.62% at 7,267, NDX -1.98% at 28,508, DJI -1.87% at 49,924, RUT -1.10% at 2,835
SECTORS: Industrials -3.41%, Materials -2.45%, Technology -2.34%, Consumer Discretionary -2.23%, Communication Services -1.65%, Health -1.15%, Financials -0.50%, Utilities -0.01%, Real Estate +0.02%, Energy +1.46%, Consumer Staples +1.69%.
EUROPEAN CLOSES: Euro Stoxx 50 -0.62% at 6,012, Dax 40 -0.88% at 24,218, FTSE 100 +0.27% at 10,255, CAC 40 -0.51% at 8,162, FTSE MIB -0.46% at 50,029, IBEX 35 -0.18% at 18,143, PSI -0.06% at 8,897, SMI +0.80% at 13,463, AEX +0.48% at 1,052
STOCK SPECIFICS:
- Super Micro Computer (SMCI) launched USD 7bln equity raise.
- Cracker Barrel (CBRL) raised its FY rev. & adj. EBITDA outlook.
- Amazon (AMZN) expanded its LTL freight offering to all destinations in the US. Of note for Old Dominion (ODFL), Saia (SAIA), XPO (XPO) and ArcBest (ARCB).
- Nike (NKE) downgraded at RBC to ‘Sector Perform’ from ‘Outperform’.
- Illumina (ILMN) upgraded at JPMorgan to ‘Overweight’ from ‘Neutral’.
- Summit Therapeutics (SMMT) commenced an underwritten public offering of USD 500mln of common stock, with all shares offered by the company.
- Walmart (WMT) said advertising is now about a USD 6bln business, with Walmart Connect referenced as growing c. 40%.
- OpenAI reportedly prepares a new AI model and expects to go public within the next year, according to The Information.
- Visa (V) teams up with OpenAI to let AI agents make purchases online, according to Bloomberg.
FX
Dollar performance was mixed against major peers following a series of inflation figures across multiple economies. In the US, inflation was somewhat welcomed, with the core monthly figure slightly softer than expected, headline M/M in line, and the yearly figures printed in line. The report had little influence on money market pricing and will likely ease any further hawkish shift for now from Fed officials, but some may be concerned about elevated services inflation. PPI on Thursday could resume the transition to a more hawkish policy view from the FOMC next week if it comes in hot and shifts PCE expectations. Across other countries (Japan, China, Norway), inflation figures tilted above expectations, signalling the upside pressure the Middle East conflict is having on inflation despite the oil decline in late May. Progress between the US and Iran has stalled as strikes between the two have resumed after the Iranians downed a US helicopter earlier in the week. Trump has cited the attack on the US helicopter and Iran taking too long to negotiate a deal behind his decision to hit Iran very hard at some point today. The Iranians have repeatedly said that any aggression will be responded to in the most severe and decisive manner. After the US close, attention will be on the AI trade, with Oracle set to report earnings, giving a glimpse of the AI buildout story. Attention stays on the geopolitical front for any escalation in any attacks, namely, whether it shifts towards energy facilities or senior officials.
CAD and EUR were flattish against the buck on Wednesday, GBP and JPY were marginally weaker, and AUD lagged. For CAD, the expected BoC decision to hold rates at 2.25% had little bearing on price action. The release and accompanying remarks from Macklem/Rogers were rinse and repeat from April, with current policy appropriate for a patient approach in a soft labour market environment, combined with a clouded inflation outlook, which poses risks of becoming persistent. BoC money market pricing was little changed in the aftermath, currently pricing ~37bps of tightening by year-end.
For EUR, the main event is on Thursday, where the ECB is expected to hike by 25bps, taking the Deposit Rate to 2.25%, justified by the assessment that the ECB is past the March baseline and is closer to the adverse scenario. Attention will also be on language regarding a July move. Click here for the EBC Newsquawk Preview.
USA DATA RELEASES
CPI
Americans’ Real Wages Are Shrinking As CPI Tops 4% For First Time In 3 Years
Wednesday, Jun 10, 2026 – 08:39 AM
With expectations of a 4%-plus print, all eyes are on this morning’s CPI report as we move past April’s shutdown-related distortions.
Headline CPI rose 0.5% MoM (as expected) in May, lifting prices 4.2% YoY (also as expected). The first 4%-plus print since April 2023…
Core Goods prices deflated in May while Energy remains a notable contributor…
Core CPI rose less than expected (+0.2% MoM vs +0.3% MoM exp), lifting prices by 2.9% YoY (as expected), up from April’s 2.8% YoY and the highest since Sept 2025…
Core Services costs are accelerating…
On a shorter-term basis, its all about energy…
Is this the peak of Energy-cost-driven inflation?
This leaves headline consumer prices up 5.16% since President Trump came to office…
And perhaps most notably, Americans’ real wages are shrinking on a YoY basis (for the first time since April 2023)…
BofA’s Michael Hartnett previously warned that a May print above 0.4% (estimates currently have it a 0.6%) means US CPI >4% YoY and on course for 5% by US midterms, and risk assets get twitchy: in the past 100 years once CPI crosses 4% on average, the S&P is down 4% in the next 3 months, and down 7% next 6 month…
Finally, while nattering nabobs of mainstream media will be decrying Trump’s terrible record on prices, Deutsche Bank’s Jim Reid notes that when looked at over the full century, inflation above 4% is not especially rare: over a quarter of monthly observations have exceeded this level.
However, these episodes have tended to arrive in distinct waves – most notably around WWII, during the 1970s, and more briefly in the post-Covid period.
Smaller but still meaningful pockets also appeared during the late-1980s boom and ahead of the GFC.
The more recent experience looks very different.
Since 1992, 83% of observations have sat comfortably in the 1–4% range, with just 10% printing above 4%. For most market participants, then, inflation above 4% has been an exception rather than the rule.
The key question is whether the future looks more like the last 35 years or the full 105-year monthly history.
While there are no immediate signs of inflation running away, the disinflationary environment of the past few decades benefited from a set of unusually supportive, and largely non-repeatable, global forces.
So going forward the template from the last century rather than the last few decades will probably be the better guide.
USA ECONOMIC REPORTS
Number Of US Home Sellers Hits Highest Level In 6 Years In May: Report
Wednesday, Jun 10, 2026 – 12:00 PM
Authored by Rob Sabo via The Epoch Times,
Homebuyers held more leverage over sellers in May, with sellers outpacing prospective buyers in 35 of the nation’s 50 most populous metropolitan markets, according to a June 9 report from real estate brokerage Redfin.
The number of sellers reached its highest level since 2020.
Home sellers outnumbered buyers by nearly 47 percent for the month, up slightly from 46.4 percent in April, but retreating slightly from the peak of 49.5 percent in December 2025, Redfin researchers said.
The numbers are in stark contrast to 2021, when there were 36.4 percent fewer sellers than buyers as mortgage rates under 3 percent sparked a buying frenzy.
A typical buyer’s market has 10 percent more sellers than buyers, which gives prospective buyers greater negotiating power since there are an abundance of homes from which to choose.
“While the gap between homebuyers and sellers has narrowed slightly since the end of last year, house hunters still have far more negotiating power and less pressure to make rushed decisions,” Redfin senior economist Asad Khan said.
“Buyers in most of the country can be selective and ask for concessions, while sellers still need to price competitively to stand out.”
There were more than 1.48 million sellers in May, up by 0.4 percent from the previous month and the highest number of home listings since 2020, Redfin noted. On the other side of the equation, just 1.01 million buyers were looking for new residences.
Sellers entered the market in greater numbers in April in part due to a slight easing in mortgage rates, but buying demand compressed in May as mortgage rates crept higher, Redfin noted. The average 30-year fixed-rate mortgage for the week ending June 4 was 6.48 percent, Freddie Mac reported. At the end of May, however, that rate hit a year-high at 6.53 percent.
Existing home sales increased by 3.2 percent in May, while total for-sale inventory ticked up by 3.2 percent, the National Association of Realtors reported. Homebuying may be slightly slower through the final two quarters of the year, however, as interest rates are expected to remain unchanged until the summer of 2027, Goldman Sachs researchers said. Elevated mortgage rates reduce homeowner affordability.
Multiple Sun Belt metros lead the nation in seller imbalance. The strongest buyers’ market was Nashville, Tennessee, which had 17,494 hopeful sellers versus 7,614 prospective buyers, an imbalance of 129.8 percent.
Miami, Florida, had 122.3 percent more sellers than buyers (19,426 to 8,740), followed by three Texas cities: Austin at 116 percent (18,281 to 8,462), Houston at 110.8 percent (45,968 to 21,809), and San Antonio at 107.5 percent (19,552 to 9,423).
Buyers outnumbered sellers in a handful of markets, creating more favorable conditions for purchasers, Redfin stated. Nassau County, New York, had 38.3 percent more buyers than sellers, Milwaukee had 29.1 percent, and Montgomery County, Pennsylvania, had 24.9 percent. Sellers in those markets can benefit from higher sale prices, multiple bids, fewer concessions, and reduced time on market, according to Freddie Mac.
VICTOR DAVIS HANSON
KING NEWS
The King Report
M. Ramsey King Securities, Inc.
| Wednesday June 10, 2026 – Issue 7760 “Independent View of the News” |
Trump says in ‘final throes’ of reaching deal with Iran
Trump says a war-ending deal is imminent despite recent differences with Netanyahu – The Blaze
With Little to Show, Trump Touts Iran Peace Deal in Final Stages – Sabah
NBC News: Hours after President Trump insisted again that a deal to end the war with Iran could be just days away Israel renewed its military assault in Lebanon striking the southern city of Tyre…
CNN: How many times has Trump claimed an Iran deal is around the corner?
Including the period before the ceasefire, he’s done it at least 38 times. That’s the number of times he’s said directly — in social media posts, public appearances and phone calls with the media — that a deal was nigh or claimed Iran was desperate to cut one…
Trump “keeps saying it, either because he’s delusional, trying to calm the financial markets, or thinking he can will it into existence.”…
CNBC: Oil prices fall as Trump Tries to convince market in Iran deal is close despite recent violence – Trump told reporters late Monday that a deal to end the war with Iran could come in “two or three days” and the Strait of Hormuz would open “immediately” after an agreement…
Oil prices slide after Trump says US-Iran negotiations in ‘final stages’ May 19, 2026
On Monday night, ESMs traded between flat and moderate losses until they broke higher near 21:40 ET. ESMs then steadily inched higher until they popped at the NYSE opening. After spiking to a daily high of 7491.00 and 9:48 ET, ESMs tumbled to a daily low of 7311.00 at the 11:58 ET.
The catalyst for morning tumble: Iran shot down a US Apache Helicopter in the Strait of Hormuz. A US Navy drone boat rescued the two downed Apache pilots.
The Iran attack unleashed manic selling in AI related stocks and trading sardines. The SOX Index was -8.6% at 12:40 ET. The Nasdaq 100 to -4.14% at 12:40 ET. The NY Fang+ Index was -4.2% at 11:58 ET. An early valuation rotation into DJTA stocks appeared. The DJTA was +1.55% at 9:34 ET and stayed positive until it turned negative at midday.
Trump says the US must respond to the Iranian attack of Apache helicopters – BBG 12:38 ET
ESMs and stocks rebounded after Trump’s measured pledge to respond to the Iranian attack. The rally intensified when Axios’s Barak Ravid, who Team Trump leaks to routinely wrote, “A U.S. official told me the investigation determined that an Iranian drone hit the U.S. helicopter and got it to crash. The U.S. official said the investigation still hasn’t determined if it was intentional or not.”
Traders quickly surmised that the leaked rhetoric “intentional or not” indicated that Trump wanted to downplay the attack on the US Apache Helicopter. Why the palpably desperate appeasement if ‘Iran negotiators badly want to make a deal and will give us everything’?
WSJ: In a phone call with the Journal, Trump said that it “wasn’t a big deal… the pilot is fine.”
NQMs rallied to 5819.38 (+3.2% from the daily low of 5639.38 at 12:40 ET) at 15:05 ET. After a moderate retreat, the late manipulation forced NQMs to5818.75 at 16:00 ET.
ESMs soared to 7398.75 at 15:03 ET, +51.50 from the daily low of 7247.25 at 12:40 ET. After a drop to 7348.00 at 15:48 ET, the standard late manipulation pushed ESMs to 7397.50 at 16:04 ET.
@zerohedge: SOXS (-3x Semis) traded more than 1.3 billion shares today, the third largest volume day in terms of shares for a US-listed ETF in data observed over the past two decades: GS
Nobody is trading stocks anymore: it’s all just options and levered ETFs.
White House Reins In AI-Testing Unit as National-Security Concerns Grow – WSJ
Unit’s future was thrown into doubt after its public work was halted… the White House is tightening control over AI models as national-security concerns increase… (Critics claim disappointing results)
@RealEJAntoni: Small business optimism index fell in May to lowest level since Oct ’24, erasing the last of the gains from the Nov ’25 spike; many respondents cited higher fuel costs as the reason for both worsening business conditions and canceling plans for additional hiring or cap ex:
NY Fed: “household finance and labor market expectations deteriorate” in May as consumers anticipate jobs and credit will be harder to get over the next 12 months; 5-yr and 3-yr inflation expectations hold steady while 1-yr expectation declines to 3.5% – still hot:
Positive aspects of previous session
Trump induced a rally with soft rhetoric regarding an Iran shoot down of a US Apache.
The DJTA rallied as much as.
Oil and gasoline declined sharply on Trump’s repetitive claims of an Iran deal.
USMs rallied modestly.
Negative aspects of previous session
AI-related stocks and Fangs got clobbered.
Ambiguous aspects of previous session
Are the markets becoming inured to Trump’s verbal intervention re: Iran?
First Hour/Last Hour NYSE Action [S&P 500 Index]: 1st Hour: Down; Last Hour: Up
Pivot Point for S&P 500 Index [above/below indicates daily trend to day traders]: 7369.22
Previous session (S&P 500 Index) High/Low: 7483.15 (9:48 ET); 7237.85 (12:40 ET)
On Fox: VP Vance: Let’s be honest. The Iranians don’t want this war to continue. It’s not in their best interests. They’re coming to the table putting some real things on the table. If we get this deal, it’s going to be a home run for the American people. (Only the most devoted Koo-Aide Kids believe this Schiff!!)
@WallStreetMav: Ever since USAID was defunded and thousands of NGO contracts were cancelled, left-wing parties are losing in Central and South America. Right-wing presidential candidate Keiko Fujimori just won the Peru election. This continues the trend of other countries rejecting socialism.
@DavidAsmanfox: As someone who covered the region for a dozen years for the WSJ, and reported in astonishment how even under conservative Pres Ronald Reagan USAID was funding socialist projects in Latin America, I can assure you that this is 100% accurate.
Bitcoin sinks to $61K as Wall Street braces for SpaceX IPO – and analysts fear crypto bear market https://trib.al/Gn1BfI9
Under the Trump crypto playbook, the family always wins. Investors don’t.
Risking little of their own money, the US president and his sons have added at least $2.3 billion to the family fortune from their main crypto ventures, while the investors they’ve wooed have taken a $2.3 billion hit, a Reuters examination found.
US launches military strikes against Iran after downing of helicopter
“U.S. Central Command forces began launching self-defense strikes against Iran at 5 p.m. ET today at the Commander in Chief’s direction, in response to yesterday’s downing of a U.S. Army Apache helicopter,” CENTCOM posted on X. “The mission is a proportional response to unjustified Iranian aggression.”
Axios, citing a US official: US forces attacked several Iranian air defense systems and radar systems around the Strait of Hormuz
WSJ’s @alexbward: Trump hadn’t been convinced of the need to retaliate against Iran earlier in the day, U.S. officials said. Trump told the Journal this morning it “wasn’t a big deal.” He changed his mind after Hegseth and Gen. Caine recommended military action during a White House briefing.
@i24NEWS_EN: IRGC threatens ‘harsh response’ to US retaliation strike in Iran. ‘Soon, a heavy response will be given to the enemy’s hostile actions,’ said the Revolutionary Guards’ Aerospace Force spokesperson.
DJT said an Iran deal is “still close” despite US retaliatory strikes for the downed Apache. (Make it stop!)
Politico: Trump believes the deal with Iran “is still imminent” despite the strikes over the heli crash
NY Post Editorial Board: Trump’s advisers are letting Tehran play him for a sucker
The prez needs to show he’s serious, or Tehran will keep trying to play him for a sucker as it has every president going back to Jimmy Carter. Consider: Trump told the press just hours before that attack, “We’re very close to having a very, very good, strong, powerful deal.”
A country that’s “very close” to sealing a deal in good faith doesn’t escalate against its negotiating partner… The enemy is playing diplomatic rope-a-dope with you, Mr. President: Quit these farcical talks, open the Strait and leave them to rot.
Super Micro Seeks $7 Billion in Equity Deal for AI Equipment – BBG
SMCI was -9.16% to 38.06 near 14:46 ET. Obviously, someone traded on inside info, a staple of Trump Term 2. Super Micro sank to 35.45 (-19.3% from Monday close) at 17:20 ET on its equity offering.
Today – If AI stocks and Fangs tumble again, will Trump or Bessent surface to issue verbal intervention? No POTUS has fixated on the stock market, shilled stocks (crypto and now AI), or incessantly intervened in the stock market like Trump. There is no telling when the bubble bursts.
However, ‘the end’ will be very, very ugly, perhaps rivaling 2008 because like in 2007-2008, most of The Street’s insiders knew that ‘they’ would intervene. This is why so few hedge funds and big brokers played the downside while the Great Financial Crisis unfolded, and why big hedgies and traders largely tolerated the collapse of Bear Stearns, Lehman, and GSEs.
It wasn’t until AIG went tapioca and killed the OTC derivative books of big brokers/banks, which had fraudulently been ‘marked to fantasy’ by models for years, that ‘they’ panicked.
On Sunday, Trump boasted that a deal with Iran would appear on Monday, or Tuesday, or Wednesday. Today is Wednesday. If no deal is announced, how will the markets react? Will DJT surface to extend the deadline? Wait and watch unless you are likely gambling on Trump-Iran roulette. We remain trapped in a Trumpian Groundhog Day regarding Iran.
Will Team Trump allow the BLS to post a bad May CPI Report? A ‘good’ CPI could provoke a transitory rally. After the algos buy on a ‘good’ CPI headline, inflation reality should appear later.
ESMs are -11.25; NQMs are -58.25; WTI is +$0.40; gasoline is +1.90¢; USMs are -2/32 at 21:30 ET.
Expected Economic Data: May CPI0.5% m/m & 4.2% y/y; Core CPI 0.3% m/m & 2.9% y/y; May Federal Budget -$282.0B
S&P Index 50-day MA: 7195; 100-day MA: 7005; 150-day MA: 6945; 200-day MA: 6868
DJIA 50-day MA: 49,282;100-day MA: 48,844; 150-day MA: 48,526; 200-day MA: 47,952
(Green is positive slope; Red is negative slope)
S&P 500 Index (7386.55 close) – BBG trading model Trender and MACD for key time frames
Monthly: Trender and MACD are positive– a close below 6078.33 triggers a sell signal
Weekly: Trender andMACD are positive – a close below 6795.95 triggers a sell signal
Daily: Trender and MACD are negative – a close above 7607.46triggers a buy signal
Hourly: Trender and MACD are negative – a close above 7387.22 triggers a buy signal
Bombshell photo unveils damning Nithya Raman link with homeless voters — as fury erupts over LA ballot count – Thousands of homeless voters were registered to vote at LA shelters, despite very few actually living there…
@TRobinsonNewEra: Horrific scenes in North Belfast tonight as an invader was caught trying to behead a man in the middle of the street!
@Osint613: Protesters torched a bus in Belfast after a Sudanese national tried to behead a local resident yesterday. https://x.com/Osint613/status/2064432372775281004
@visegrad24: Anti-beheading protests are taking place in cities across the UK tonight.
SWAMP STORIUES FOR YOU TONIGHT
SNAP Benefits Go To 186,000 Dead People… And Stopping Them Might Be Difficult
Tuesday, Jun 09, 2026 – 06:25 PM
Authored by Tom Gantert via The Epoch Times,
President Donald Trump’s anti-fraud efforts have brought renewed focus on issues plaguing the welfare system, including the millions of dollars in food stamps that are being sent to dead recipients.
The U.S. Department of Agriculture (USDA) released a report last month stating that 185,986 deceased people in 29 states were receiving Supplemental Nutrition Assistance Program (SNAP) benefits as of July 1, 2025, at an annual cost of $419.6 million. It also reported an additional $3 billion in potential fraud, waste, and abuse.
On May 21, a federal jury convicted a man who stole the identity of Carlos Ramon Obregon, who was killed in a 1977 Los Angeles drive-by shooting. Decades after the 14-year-old’s death, the defendant used the dead teen’s identity to collect about $283,000 in government benefits, including SNAP benefits, Medicaid, Supplemental Security Income, and COVID-19 payments.
That’s just one example that the administration has outlined to highlight the issue. Here’s what to know about the problem of dead recipients, which has been lingering for decades.
Renewed Focus by Trump Admin
Trump directed federal agencies via executive order in March 2025 to ensure “unfettered access” to data from federally funded state programs such as SNAP, also known as food stamps.
In response, the USDA’s Food and Nutrition Service told state agencies on May 6, 2025, that all records associated with SNAP must be made available to the federal government.
“For years, this program has been on autopilot, with no USDA insight into real-time data,” Agriculture Secretary Brooke Rollins wrote in a letter to states.
Following the USDA’s demand for detailed information on food stamp recipients to review for fraud, a coalition of 21 states and the District of Columbia filed a federal lawsuit against the USDA, accusing the agency of unlawfully demanding massive amounts of sensitive SNAP recipient data.
The U.S. Department of Agriculture in Washington on Feb. 17, 2026. The department reported in May that millions of dead people were receiving food stamp benefits. Madalina Kilroy/The Epoch Times
The July 2025 lawsuit, led by California Attorney General Rob Bonta, argued that the USDA was seeking unprecedented access to five years of personal information tied to millions of food assistance applicants, including Social Security numbers, home addresses, immigration status, and grocery transaction records.
The lawsuit led to an October 2025 court order allowing the opposing states to withhold the data requested by the federal government.
“Let’s be crystal clear: The president is trying to hijack a nutrition program to fuel his mass surveillance agenda,” Bonta said in a statement announcing the ruling.
He said that his state will “continue to vigorously litigate this lawsuit and defend [California] communities, protect privacy, and ensure that SNAP remains a tool for fighting hunger—not a weapon for political targeting.”
The USDA sent follow-up letters to 21 states that had not turned over state data on SNAP, asking them to comply.
The agency’s preliminary assessment, based on data provided by compliant states, indicated that “billions of dollars in federal funds may have been lost due to fraud or other errors undetected by States in their administration of SNAP,” the November 2025 letter states.
A USDA spokesperson told The Epoch Times that “by not sharing data, noncompliant states continue to prioritize criminals over the American taxpayer.”
“By simply sharing data, states can protect those most in need, get the criminals out, and save their hardworking taxpayers millions of dollars,” the spokesperson said.
California Attorney General Rob Bonta speaks in Los Angeles on April 15, 2024. A July 2025 lawsuit led by Bonta pushed back on a USDA request for state information on millions of SNAP recipients. John Fredricks/The Epoch Times
How Dead People End Up on Food Stamps
A 1998 Government Accountability Office report stated that agencies historically “rely primarily on unverified information on household membership” from food stamp applicants and participants.
That 1998 report found nearly 26,000 deceased individuals tied to SNAP benefits in four states in 1995 and 1996. The states reviewed were California, New York, Florida, and Texas. Estimated improper payments totaled $8.5 million.
According to the report, states did not always match recipients against Social Security death records. In multiperson households, deceased members sometimes remained on food stamp rolls after their demise, increasing benefits. In other cases, an individual continued fraudulently using the dead person’s identity.
Now, states have been told to check SNAP beneficiaries against death records.
A “We Accept (Food Stamps)” sign hangs in the window of a grocery store in Miami on Oct. 31, 2025. A new federal SNAP integrity team will analyze state data with the aim of ending fraud. Joe Raedle/Getty Images
The USDA estimated that even after a state determined that a person receiving SNAP benefits had died, it could take an additional six to 12 months before benefits were discontinued. Commonly, states identify SNAP recipients as being on the Social Security Administration’s death master file, but they must conduct further research before they act on that information. Therefore, they wait several months until the dead recipient’s next recertification period to discontinue the benefit.
The USDA created its own SNAP integrity team in May 2025 to analyze data it receives from the states, along with all other available information, to end indiscriminate welfare fraud.
Rachel Sheffield, research fellow in welfare and family policy with The Heritage Foundation, told The Epoch Times that states need to take more accountability.
“Federal taxpayers fund SNAP, but states administer the program,” Sheffield said. “The chain of accountability is broken because states aren’t financially responsible when individuals remain on the rolls who shouldn’t be there.
“In fact, states receive more federal funding for every additional person enrolled. States should be held accountable for how they administer SNAP. Providing their data allows for transparency to taxpayers.”
Sheffield said the SNAP program should be reformed so that states are required to share in the cost.
A Houston resident holds a card identifying her as a SNAP beneficiary while she waits to get supplies from the Houston Food Bank Program at NRG Stadium in Houston on Nov 1, 2025. About 39 million people receive food stamps benefits each month, according to the USDA. Moisés Ávila/AFP via Getty Images
Long-Running Problem
Benefits fraud sometimes goes undetected for years or even decades.
In another high-profile case, federal prosecutors alleged in April that a Worcester, Massachusetts, man fraudulently collected SNAP benefits for years by using the identity of a deceased U.S. citizen from Puerto Rico.
According to the U.S. Attorney’s Office, the suspect—believed to actually be a citizen of the Dominican Republic—allegedly assumed the identity of a Puerto Rican man who died in 2006 and used it to obtain state identification documents, a Social Security card, and public benefits.
Prosecutors said the man collected more than $12,000 in SNAP benefits between 2022 and 2026, despite internal concerns raised by a state employee noting a possible “death match” tied to the Social Security number.
The case involving Obregon was used by the Trump administration to highlight the work of the National Fraud Enforcement Division, which was created on April 7 by the Department of Justice.
Hurricane survivors receive food and water being given out by volunteers and municipal police in the aftermath of Hurricane Maria, in Toa Baja, Puerto Rico, on Sept. 28, 2017. Dead people in the commonwealth received 150 million in Nutrition Assistance Program benefits between 2017 and 2024, Puerto Rico’s comptroller recently reported. Joe Raedle/Getty Images
The Justice Department on May 27 announced reforms to speed up the review of False Claims Act whistleblower complaints involving fraud in federally funded, state-run benefits programs.
The Civil Division will prioritize initial reviews within 60 to 120 days. Its aim is to quickly identify major fraud schemes, recover taxpayer money, and coordinate with criminal prosecutors and federal agencies under the administration’s broader anti-fraud enforcement initiative.
The federal government continues to take action against fraud.
The USDA Office of Inspector General is reviewing findings that Puerto Rico improperly paid about $150 million in Nutrition Assistance Program benefits to deceased individuals between 2017 and 2024. Those findings were reported in April by Puerto Rico’s comptroller.
Puerto Rico participates in the Nutrition Assistance Program, or NAP, which differs from the Supplemental Nutrition Assistance Program because it operates as a federal block grant rather than a traditional SNAP entitlement program.
GREG HUNTER…INTERVIEWS DR JEROME CORSI
Trump Not Going to Allow Dems to Steal Midterms – Dr. Jerome Corsi
By Greg Hunter On June 9, 2026 In Market Analysis, Political Analysis2 Comments
By Greg Hunter’s USAWatchdog.com
Dr. Jerome Corsi says the Democrat election and voter fraud in California is over the top. In the LA Mayor’s race, this headline reads, “Outrage as Spencer Pratt is dumped from LA mayor’s race: ‘City is lost.’” Dr. Corsi, who has a Harvard PhD in political science and has written more than 50 books, says there is a silver lining to California’s election fraud. Dr. Corsi points out, “The game is not over yet. Everybody is aware that there was cheating. It is now obvious there is cheating. There is no excuse for counting the ballots this long into the game. The algorithms in the data base allow the creation of these false records. If you want to cheat with mail-in ballots, all you have to do is go into your fake records with noncitizens and start voting them with mail-in ballots that you don’t actually mail. The signatures are going to match, and the numbers are going to match, but that does not mean that is a legitimate vote.”
So, is it over for Spencer Pratt for mayor of LA? Dr. Corsi says, “Spencer Pratt should file suit and fight like hell. . .. Bost vs Illinois Board of Elections was decided in January of this year 2026. Chief Justice Roberts wrote the majority opinion that said extending the counting of an election beyond election day was unfair, unconstitutional and illegal. . .. California is on dangerously thin ice, and they think they can get away with it. If a lawsuit is filed, I think the entire election will come apart for the Democrats. . .. This has not been announced yet, but the Supreme Court will also announce the results of a Mississippi case that says counting after election day is also illegal and unconstitutional. So, I don’t think the Democrats are going to get away with this for very much longer.”
President Trump Is going to stop voter and election fraud this November. Dr. Corsi says, “If voter fraud is stopped, the Democrats will lose half their seats in Congress.”
Is this about to get nasty? Corsi says, “It’s already nasty. It’s now going to get justice. . .. The President is not going to allow the election to be stolen in the midterms because if they do, the first thing the Democrats will do is remove him (Trump) and Vance from office and put in Hakeem Jefferies. Jefferies is licking his lips over this opportunity. It’s not going to happen.”
There is much more in the 24-minute interview.
sawatchdog.com/trump-not-going-to-allow-dems-to-steal-midterms-dr-jerome-corsi/
Join Greg Hunter of USAWatchdog as he goes one-on-one with Dr. Jerome Corsi of GodsFiveStones.com. Dr. Corsi gives us an update on the obvious California voter fraud and what is being done to stop it for 6.9.26.
After the Interview:
To donate to fund election integrity by Dr. Corsi and his group, you can make a tax-deductible donation by clicking here. GodsFiveStones.com is a 501 (c)(3).
If you go to GodsFiveStones.com, you can see all the election fraud data for free.
You can also donate by snail mail at the address below:
Capstone Legacy Foundation
harveyorganblog.com 
