COMEX
EXCHANGE: COMEX
CONTRACT: JULY 2026 COMEX 100 GOLD FUTURES
SETTLEMENT: 4,036.300000000 USD
INTENT DATE: 07/28/2026 DELIVERY DATE: 07/30/2026
FIRM ORG FIRM NAME ISSUED STOPPED
363 H WELLS FARGO SECURITI 247
661 C JP MORGAN SECURITIES 247
905 C ADM 1 1
TOTAL: 248 248
MONTH TO DATE: 13,123
GOLD: NUMBER OF NOTICES FILED FOR JULY/2026: 248 CONTRACTs NOTICES FOR 24,800 OZ or 0.77138 TONNES
total notices so far: 13,123 contracts FOR 1,312,300 OZ OR 40.818 TONNES
SILVER NOTICES: 2 NOTICE(S) FILED FOR 10,000 OZ /
total number of notices filed so far this month : 9170 CONTRACTS (NOTICES) for 45.850 million oz
GLD AND SLV
GLD
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 10,000 OZ//NEW STANDING ADVANCES TO 12.970 MILLION OZ// TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK OF 20 CONTRACTS FOR 100,000 OZ//NEW STANDING ADVANCES TO 13.070 MILLION OZ. (IN EXCHANGE FOR RISK THE BUYER ASSUMES THE RISK AND ONLY A CENTRAL BANK WOULD TAKE THAT RISK. THE BUYER IS PROBABLY THE CENTRAL BANK OF INDIA.)
JULY INITIAL STANDING: 37.110 MILLION OZ FOLLOWED BY A 1 CONTRACT QUEUE JUMP OR 0.010MILLION STANDING ADVANCES TO 45.860 MILLION OZ///
SUMMARY OF OUR JULY 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. 64.065 MILLION OZ//FINAL AND FAIR SIZED THIS MONTH.
JULY: 35.335 MILLION 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 10,000 OZ//NEW STANDING ADVANCES TO 12.960 MILLION OZ TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK OF 20 CONTRACTS FOR 100,000 OZ//NEW STANDING ADVANCES TO 13.070 MILLION OZ
JULY : INITIAL STANDING: 37.110 MILLION OZ FOLLOWED BY TODAY’S 5,000 OZ QUEUE JUMP //STANDING THUS ADVANCES TO 45.860 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 EXCHANGE FOR PHYSICAL TRANSFER OF 0.0186 TONNES/NEW STANDING REDUCES TO 127.03 TONNES
JULY: INITIAL AMOUNT OF GOLD WILLING TO STAND: 23.306 TONNES TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 0.77138 TONNES/ TO WHICH WE ADD OUR FIRST EXCHANGE FOR RISK 0F 0.0062 TONNES/NEW STANDING ADVANCES TO 40.824TONNES
GOLD PRICE FELL BY $39.20
STANDING FOR THE LAST 7 MONTHS JANUARY TO JULY:
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 FINAL 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 FINAL STANDING NOW ADVANCES TO 51.554 TONNES
JUNE: INITIAL AMOUNT OF GOLD WILLING TO STAND: 64.496 TONNES TO WHICH WE ADD OUR NEXT EXCHANGE FOR PHYSICAL TRANSFER JUMP OF 0.0186 TONNES//NEW STANDING 127.03 TONNES//FINAL
JULY: INITIAL AMOUNT OF GOLD WILLING TO STAND: 23.306 TONNES OF GOLD TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 0.77138 TONNES/ PLUS 0.0062 TONNES EX FOR RISK///NEW STANDING FOR GOLD ADVANCES TO 40.824TONNES.
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: 142.053 TONNES
JULY: 141.819 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 SO IS THE OPEN INTEREST OF SPREADERS. THE OPEN INTEREST IN WILL CONTINUE TO RISE UNTIL ONE WEEK BEFORE FIRST DAY NOTICE OF AN UPCOMING ACTIVE DELIVERY MONTH (OCT), AND THAT IS WHEN THE CROOKS SELL THEIR SPREAD POSITIONS BUT NOT AT THE SAME TIME OF THE DAY. THEY WILL USE THE SELL SIDE OF THE EQUATION TO CREATE THE CASCADE (ALONG WITH THEIR COLLUSIVE FRIENDS) AND THEN COVER ON THE BUY SIDE OF THE SPREAD SITUATION AT THE END OF THE DAY. THEY DO THIS TO AVOID 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 FELL BY A FAIR 170 CONTRACTS TO AN OI OF 106,719
EFP ISSUANCE 180 CONTRACTS
OUR CUSTOMARY MIGRATION OF COMEX LONGS CONTINUE TO MORPH INTO LONDON FORWARDS AS OUR BANKERS USED THEIR EMERGENCY PROCEDURE TO ISSUE:
SEPT 180 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 LOSS OF 170 CONTRACTS AND ADD TO THE 180 E.FP. ISSUED
WE OBTAIN A TINY GAIN OF 10 OI OPEN INTEREST CONTRACTS FROM OUR TWO EXCHANGES DESPITE OUR LOSS OF $1.33
THUS IN OUNCES, THE GAIN ON THE TWO EXCHANGES TOTALS 50,000 PAPER OZ
STANDING ADVANCES TO 45.860 MILLION OZ
SILVER PRICE LOST $1.33
2.ASIAN AFFAIRS JULY 29 /2025
SHANGHAI CLOSED UP 15.15 PTS OR 0.40%
HANG SENG CLOSED UP 447.15 PTS OR 1.77%
Nikkei CLOSED DOWN 640.92 PTS OR 1.03%
//Australia’s all ordinaries CLOSED UP 0.41%
//Chinese yuan (ONSHORE) CLOSED UP TO 6.7642
/ OFFSHORE CLOSED UP AT 6.7669 Oil UPTO 82.13 dollars per barrel for WTI and BRENT UP TO 87.07 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN// WITH YUAN TRADING UP (6.7672 OFFSHORE YUAN TRADING UP TO 6.7669)ONSHORE YUAN TRADING BELOW LEVEL OF OFF SHORE AND UP ON THE DOLLAR// / AND THUSSTRONGER/OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
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1. COMEX DATA//AMOUNTS STANDING//VOLUME OF TRADING/INVENTORY MOVEMENTS
LET US BEGIN:
THE TOTAL COMEX GOLD OPEN INTEREST ROSE BY A VERY STRONG 9245 CONTRACTS TO 386,603 STILL WELL ABOVE ITS NEW LOW OF 326,052 OI SET JUNE 3, CLOSE TO THE PREVIOUS ALL TIME LOW OF 345,705 SET (MAY 28) AND CLOSE TO 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 //JUNE 3 2026 WITH GOLD AT AN EXTREMELY HIGH $4,450.00 WHICH MAKES ABSOLUTELY NO SENSE!!!
WE HAD CONSIDERABLE T.A.S. LIQUIDATION DURING TUESDAY’S COMEX TRADING/. IT SEEMS THAT MANY OF THE SPECULATORS THAT HAVE NOW CONTINUED AGAIN TO BE ON THE SHORT SIDE WITH BANKERS ON THE LONG SIDE AND THESE GUYS WERE OBLITERATED YESTERDAY WHEN THE LONGS TENDERED FOR DELIVERY:
CENTRAL BANKS 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 JULY CONTRACT MONTH!!
THE VERY STRONG SIZED GAIN ON OUR TWO EXCHANGES (11,245 CONTRACTS) OCCURRED DESPITE OUR STRONG LOSS IN PRICE IN GOLD (DOWN $39.20)
WE THUS HAD A VERY STRONG SIZED GAIN IN OI ON BOTH OF OUR EXCHANGES (11,245 CONTRACTS), DESPITE OUR LOSS IN PRICE, AS WE WERE INFORMED OF A FAIR CONTRACT EXCHANGE FOR PHYSICAL ISSUANCE EQUATING TO 2000 CONTRACTS.
THEN WE WERE NOTIFIED TODAY OF A 0 CONTRACT FOR RISK ISSUANCE IN GOLD CONTRACTS FOR NIL OZ OR 0 .0TONNES OF GOLD. TOTAL THUS SO FAR THIS MONTH: 2 CONTRACTS//200 OZ OR 0.00622 TONNES
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 FRIDAY, 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 JUNE AND JULY
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.
JUNE: 0 IN GOLD. THUS FOR THE ENTIRE MONTH IN GOLD ZERO NOTICES WERE FILED.
JULY 2 FOR 200 OZ OR 0.00622 TONNES
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A LITTLE HISTORY OF EXCHANGE FOR RISK DECEMBER THROUGH TO JUNE/JULY:
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 146+ 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
JULY 2 FOR 200 OZ OR 0.00622 TONNES. I DOUBT VERY MUCH THAT THIS IS A CENTRAL BANK
DETAILS ON OUR NEW JULY COMEX CONTRACT MONTH//
IN TOTAL WE HAD A VERY STRONG GAIN ON OUR TWO EXCHANGES OF 11,245 CONTRACTS DESPITE OUR LOSS IN PRICE ($39.20). 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/JULY CONTINUES TO DISTORT OPEN INTEREST NUMBERS GREATLY ALTHOUGH THE T.A.S. ISSUANCES IN GOLD HAVE GENERALLY BEEN ON THE LOW SIDE COMPARED TO SILVER WHICH HAVE BEEN HUGE. TODAY’S NUMBER HOWEVER IS A SMALL SIZED T.A.S ISSUANCE CONTRACTS .THE CME NOTIFIES US THAT THEY HAVE ISSUED 407 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 FOR THE MONTH
JULY: 2 SO FAR FOR 200 IZ IR 0.00622 TONNES
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.
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 FINALIZES AT 157.879 TONNES, ITS HIGHEST STANDING RECORDED IN OVER 4 YEARS.
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 SUBTRACT AN EXCHANGE FOR PHYSICAL TRANSFER TO LONDON OF 0.0186 TONNES//NEW STANDING REDUCES TO 127.03 TONNES// TOTAL QUEUE JUMPING FOR THE MONTH FINALIZES AT 62.4217 TONNES OR AVERAGING 3.285 TONNES PER DAY IN JUNE.
JULY: INITIAL AMOUNT OF GOLD WILLING TO STAND: 749,300 OZ OR 23.306 TONNES OF GOLD TO WHICH WE ADD OUR NEXT QUEUE JUMP OF 0.77138TONNES//NEW STANDING ADVANCES TO 40.818TONNES PLUS 0.00622 TONNES EXHANGE FOR RISK// NEW TOTAL 40.824 TONNES . TOTAL QUEUE JUMPING SO FAR: 17.5802 TONNES OR 0.9252 TONNES ON EACH TRADING DAY LEAVING COMEX FOR EASTERN SHORES.
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 JULY,. CONTRACT;
THE SPECS/HFT WERE SUCCESSFUL IN LOWERING GOLD’S PRICE( IT FELL BY $39.20
WE HAD ZERO T.A.S. SPREADER LIQUIDATION MONDAY // COMEX SESSION// WITH OUR LOSS IN PRICE
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 AT THE COMEX OF $39.20
WE HAD 1642 CONTRACTS ADDED TO OUR OI AT THE COMEX TRADES TO OPEN INTEREST (CROOKS)//PRELIMINARY TO FINAL.
NET GAIN ON THE TWO EXCHANGES: 11,245 CONTRACTS OR 1,124,500 OZ (34.976TONNES)
ULY DELIVERY MONTH
JULY 29
| Gold | Ounces |
| Withdrawals from Dealers Inventory in oz | nil |
| Withdrawals from Customer Inventory in oz | TWO ENTRIES i) Out of HSBC 353.661 oz (11 kilobars) ii) Out of Stonex: 96.453 oz (3 kilobars) total withdrawal: 450.114 oz (14 kilobars) |
| Deposit to the Dealer Inventory in oz | 0 ENTRY |
| Deposits to the Customer Inventory, in oz | DEPOSITS/CUSTOMER//gold ENTRIES: 1 i) Into Loomis Customer acct: 96.43oz (3 kilobar)s total deposit: Customer acct 96.43 oz (30 kilobars) xxxxxxxxxxxxxxxx |
| No of oz served (contracts) today | 248 CONTRACTS OR 24,800 OZ 0.77138TONNES OF GOLD |
| No of oz to be served (notices) | 0 Contracts 000 OZ 0.0000 TONNES |
| Total monthly oz gold served (contracts) so far this month | 13,123 notices 1,312,300 OZ 40.818TONNES |
| Total accumulative withdrawals of gold from the Dealers inventory this month | NIL oz |
| Total accumulative withdrawal of gold from the Customer inventory this month |
dealer deposits: 0
DEPOSITS/CUSTOMER
ENTRIES: 1
i) Into Loomis Customer acct:
ENTRIES: 1
i) Into Loomis Customer acct: 96.43oz (3 kilobar)s
total deposit: Customer acct 96.43 oz
(30 kilobars)
xxxxxxxxxxxxxxxxxx
comex withdrawal
TWO ENTRIES
i) Out of HSBC 353.661 oz (11 kilobars)
ii) Out of Stonex: 96.453 oz (3 kilobars)
total withdrawal: 450.114 oz (14 kilobars)
adjustments: 1//MANFRA: DEALER TO CUSTOMER;
a) Manfra: 9259.458 OZ
COMEX IS DRAINING GOLD
chaos inside the comex
THE FRONT MONTH OF JULY OI STANDS AT 248 CONTRACTS HAVING A GAIN OF 242 CONTRACTS. WE HAD A GAIN IN OZ STANDING OF 3 CONTRACTS FOR 300 OZ OR 0.0096 TONNES, ANOTHER QUEUE JUMP AS CENTRAL BANKS CONTINUE TO TAKE PHYSICAL GOLD OUT OF THE COMEX!!
AUGUST LOST 38,256 CONTRACTS TO AN OI OF 71,480
SEPTEMBER ADDED 200 CONTRACT UP TO AN OI OF 3475
.
We had 8 contracts filed for today representing 800 oz
Today, 0 notice(s) were issued from J.P.Morgan dealer and 247 notices issued from their client or customer account. The total of all issuance by all participants equate to 248contract(s) of which 0 notices were stopped (received) by j.P. Morgan dealer and 0 notice(s) was (were) stopped (received) by J.P.Morgan//customer account
To calculate the INITIAL total number of gold ounces standing for JULY. /2026. contract month, we take the total number of notices filed so far for the month (13,123) to which we add the difference between the open interest for the front month of JULY (248 CONTRACTS) minus the number of notices served upon today 248 x 100 oz per contract) equals 1,312,300 OZ OR (40.818 Tonnes of gold)then we add our first exchange for risk of 2 contracts for 200 oz or .00622..new standing 40,824 tonnes.
THUS: INITIAL total number of gold ounces standing for JULY. /2026. contract month, we take the total number of notices filed so far for the month (13,123) to which we add the difference between the open interest for the front month of JULY( 248) contracts minus the number of notices served upon today 248 x 100 oz per contract) equals 1,312300 OZ OR (40.818Tonnes of gold) plus 0.0062 tonnes exchange for risk..new standing 40.824
Yesterday’s standing: 40.0552 tonnes//today: 40.824tonnes// (queue jump = 0.77138 tonnes)
new total of gold standing in JULY becomes 40.824 TONNES//
TOTAL COMEX GOLD STANDING FOR JULY 40.824TONNES TONNES WHICH IS NOW REALLY HUGE FOR THIS NON ACTIVE DELIVERY MONTH OF JULY. ALSO THIS MAKES NO SENSE THAT WE HAVE A MASSIVE DEMAND FROM A CENTRAL BANK AND WHILE THIS IS GOING ON THEY RAIDED HUGELY THESE PAST FEW WEEKS?
confirmed volume TUESDAY confirmed 298.726/ GOOD// 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: 1,833,860.233 oz 57.040 tonnes pledged gold lowers
total inventories in gold declining rapidly
total pledged gold: 1,833,860.233tonnes oz 57.040 tonnes
TOTAL OF ALL GOLD ELIGIBLE AND REGISTERED GOLD 27,025,730.839oz
TOTAL REGISTERED GOLD 14,747,681.698 tonnes (458.72onnes)
TOTAL OF ALL ELIGIBLE GOLD 12,278,049.141 oz//eligible gold leaving hand over fist
REGISTERED GOLD THAT CAN BE SERVED UPON 12,913.821oz ((REG GOLD- PLEDGED GOLD)=
401.79 Tonnes //
total inventories in gold declining rapidly
SILVER COMEX
JULY DELIVERY MONTH
JULY 29
| Silver | Ounces |
| Withdrawals from Dealers Inventory | NIL oz |
| Withdrawals from Customer Inventory | 1 entries i) Out of Manfra: 109,792.500 oz total withdrawal 109,792.500 oz |
| Deposits to the Dealer Inventory | ENTRY:0 |
| Deposits to the Customer Inventory | ENTRY: 0 |
| No of oz served today (contracts) | 2 CONTRACT(S) ( 10,,000 OZ) |
| No of oz to be served (notices) | 2 Contracts (10,000 oz) OR .010 MILLION |
| Total monthly oz silver served (contracts) | 9170 contracts 45.850MILLION 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
ENTRY:0
DEPOSIT ENTRIES/CUSTOMER ACCOUNT
ENTRY: 0
xxxxxxxxxxxxxxxxxxxxxxxxx
withdrawals: customer side/eligible
1 entries
i) Out of Manfra: 109,792.500 oz
total withdrawal 109,792.500 oz
adjustments :1
dealer to customer:
a) Asahi 3379.300 oz
xxxxxxxxxxxxxx
TOTAL REGISTERED SILVER: 96.236 MILLION OZ//.TOTAL REG + ELIGIBLE. 331.362 Million oz
registered silver dropping in numbers
CALCULATIONS FOR THE NEW STANDING FOR SILVER FOR JULY
silver open interest data:
FRONT MONTH OF JULY /2026 OI: 4 OPEN INTEREST CONTRACTS FOR A LOSS OF 5 CONTRACTS.
STANDING FOR SILVER TODAY IS REPRESENTED BY 45.860 MILLION OZ. YESTERDAY’S STANDING: 45.855MILLION OZ. THUS WE GAINED 1 CONTRACT OR A 5,000 QUEUE JUMP ..STANDING RISES TO 45.860 MILLION OZ
AUGUST SAW A LOSS OF 123 CONTRACTS DOWN TO 1448…
SEPTEMBER SAW A LOSS OF 1474 CONTRACTS UP TO AN OI OF 79,750 CONTRACTS
TOTAL NUMBER OF NOTICES FILED FOR TODAY: 2 or 10,000oz
CONFIRMED volume TUESDAY; 39,054// extremely poor//
XXX
AND NOW JULY. DELIVERIES:
To calculate the number of silver ounces that will stand for delivery in JULY. we take the total number of notices filed for the month so far at 9170 X5,000 oz = 45.850 MILLION oz.
We now take the total number of oz standing today and subtract the total standing yesterday and we have a GAIN of 1 contracts for 0.010 MILLION oz and this represents a queue jump
YESTERDAY: 45.855 MILLION OZ//STOOD FOR DELIVERY// TODAY 45.860 MILLION OZ// THUS A 5,000 OZ QUEUE JUMP.
Thus the standings for silver for the JULY 2026 contract month: (9170 )Notices served so far) x 5000 oz + OI for the front month of JULY ( 4) minus number of notices served upon today (2x 5000 oz equals silver standing for the JULY..contract month equating to 45.860 MILLION OZ. ( a very strong delivery month)
We must also keep in mind that there is considerable silver standing in London coming from our longs
There are ONLY 96.236 million oz of registered silver
JPMorgan as a percentage of total silver: 137.898/331.362million: 41.59%
The record level of silver open interest is 234,787 contracts set on April 21./2017 with the price on that day at $18.42.
The previous record was 224,540 contracts with the price at that time of $20.44.
END
BOTH GLD AND SLV ARE MASSIVE FRAUD//
JULY 29//2026/WITH GOLD DOWN $0.10 /NO CHANGES IN GOLD AT THE GLD INTO THE GLD. : //:/INVENTORY RESTS AT 1009.30TONNES
JULY 28//2026/WITH GOLD UP 21.50 /NO CHANGES IN GOLD AT THE GLD INTO THE GLD. : //:/INVENTORY RESTS AT 1009.30TONNES
JULY 27.2026/WITH GOLD UP 21.50 /HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 1.43TONNES OF GOLD INTO THE GLD. : //:/INVENTORY RESTS AT 1009.30TONNES
JLY 24/2026/WITH GOLD UP 6.30 /NO CHANGES IN GOLD AT THE GLD A DEPOSIT OF 1.43TONNES OF GOLD INTO THE GLD. : //:/INVENTORY RESTS AT 1009.30TONNES
JULY 23/2026/WITH GOLD DOWN 98.60 /HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 2.00 TONNES OF GOLD INTO THE GLD. : //:/INVENTORY RESTS AT 1007.87TONNES
JULY 22/2026/WITH GOLD UP $73.30 /HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 2.28 TONNES OF GOLD INTO THE GLD. : //:/INVENTORY RESTS AT 1005.87 TONNES
JULY 21/2026/WITH GOLD DOWN $1.40 /HUGE CHANGES IN GOLD AT THE GLD A DEPOSIT OF 2.572 TONNES OF GOLD OUT OF GLD. : //:/INVENTORY RESTS AT 1004.45 TONNES
JULY 20/2026/WITH GOLD UP $59.75 /HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 0.860 TONNES OF GOLD OUT OF GLD. : //:/INVENTORY RESTS AT 1003.59 TONNES
JULY 17/2026/WITH GOLD UP $26.55 /HUGE CHANGES IN GOLD AT THE GLD A WITHDRAWAL OF 2.572 TONNES OF GOLD OUT OF GLD. : //:/INVENTORY RESTS AT 1001.878 TONNES
JULY 16/2026/WITH GOLD DOWN $110.60 /NO CHANGES IN GOLD AT THE GLD : //:/INVENTORY RESTS AT 1004.45 TONNES
JULY 15/2026/WITH GOLD DOWN $15.05 /HUGE CHANGES IN GOLD AT THE GLD : A DEPOSIT OF 1.94 TONNES OF GOLD INTO THE GLD/ //:/INVENTORY RESTS AT 1004.45 TONNES
JULY 14/2026/WITH GOLD UP $63.45 /NO CHANGES IN GOLD AT THE GLD : / //:/INVENTORY RESTS AT 1002.510 TONNES
JULY 13/2026/WITH GOLD DOWN $105.20 /HUGE CHANGES IN GOLD AT THE GLD : A WITHDRAWAL 0F 3.108 TONNES OF GOLD OUT OF THE GLD/ //:/INVENTORY RESTS AT 1002.510 TONNES
JULY 10/2026/WITH GOLD DOWN $27.25 /HUGE CHANGES IN GOLD AT THE GLD : A DEPOSIT 0F 3.138TONNES OF GOLD INTO THE GLD/ //:/INVENTORY RESTS AT 1005.618 TONNES
JULY 9/2026/WITH GOLD UP $58.60 /SMALL CHANGES IN GOLD AT THE GLD : A WITHDRAWAL OF 0.28 TONNES OF GOLD FROM THE GLD/ //:/INVENTORY RESTS AT 1002.510 TONNES
JULY 8/2026/WITH GOLD DOWN $73.30 /NO CHANGES IN GOLD AT THE GLD //:/INVENTORY RESTS AT 1002.79 TONNES
JULY 7/2026/WITH GOLD DOWN $28.05 /HUGE CHANGES IN GOLD AT THE GLD:A DEPOSIT OF 1.42 TONNES OUT INTO THE GLD/ ./ //:/INVENTORY RESTS AT 1002.79 TONNES
JULY 6 /2026/WITH GOLD DOWN $19.55 /HUGE CHANGES IN GOLD AT THE GLD:A WITHDRAWAL OF 3.954 TONNES OUT OF THE GLD/ ./ //:/INVENTORY RESTS AT 1001.366 TONNES
JULY 3 /2026/WITH GOLD UP $62.95 /NO CHANGES IN GOLD AT THE GLD: ./ //:/INVENTORY RESTS AT 1005.077 TONNES
JULY 2 /2026/WITH GOLD UP $44,05 /NO CHANGES IN GOLD AT THE GLD: ./ //:/INVENTORY RESTS AT 1005.077 TONNES
JULY 1 /2026/WITH GOLD UP $42.95 /NO CHANGES IN GOLD AT THE GLD: ./ //:/INVENTORY RESTS AT 1005.077 TONNES
JUNE 30 /2026/WITH GOLD UP $2.85 /NO CHANGES IN GOLD AT THE GLD: ./ //:/INVENTORY RESTS AT 1005.077 TONNES
JUNE 29 /2026/WITH GOLD DOWN $58.30 /HUGE CHANGES IN GOLD AT THE GLD: A MASSIVE WITHDRAWAL OF 8.223 TONNES OF GOLD FROM THE GLD // ./ //:/INVENTORY RESTS AT 1005.077 TONNES
JUNE 26 /2026/WITH GOLD UP $49.10 /HUGE CHANGES IN GOLD AT THE GLD: A MASSIVE WITHDRAWAL OF 4.287 TONNES OF GOLD FROM THE GLD // ./ //:/INVENTORY RESTS AT 1013.350 TONNES
JUNE 25 /2026/WITH GOLD UP $42.70 /NO CHANGES IN GOLD AT THE GLD: // ./ //:/INVENTORY RESTS AT 1017.637 TONNES
JUNE 24 /2026/WITH GOLD DOWN $141.55 /HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 4.563 TONNES OF GOLD OUT OF THE GLD/./ //// ./ //:/INVENTORY RESTS AT 1017.637 TONNES
JUNE 19 /2026/WITH GOLD UP $36.85 /HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 7.421 TONNES OF GOLD INTO THE GLD/./ //// ./ //:/INVENTORY RESTS AT 1020.49 TONNES
JUNE 18 /2026/WITH GOLD DOWN $135.20 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A DEPOSIT OF 0.856 TONNES OF GOLD INTO THE GLD/./ //// ./ //:/INVENTORY RESTS AT 1013.069 TONNES
JUNE 17 /2026/WITH GOLD UP $20.80 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 1.427 TONNES OF GOLD FROM THE GLD/./ //// ./ //:/INVENTORY RESTS AT 1012.213 TONNES
JUNE 16 /2026/WITH GOLD UP $4.45 TODAY/NO CHANGES IN GOLD AT THE GLD: //// ./ //:/INVENTORY RESTS AT 1013.640 TONNES
JUNE 15 /2026/WITH GOLD UP $111.10 TODAY/NO CHANGES IN GOLD AT THE GLD: //// ./ //:/INVENTORY RESTS AT 1013.640 TONNES
JUNE 12 /2026/WITH GOLD UP $123.30 TODAY/NO CHANGES IN GOLD AT THE GLD: //// ./ //:/INVENTORY RESTS AT 1013.640 TONNES
JUNE 11 /2026/WITH GOLD DOWN $15.15 TODAY/HUGE CHANGES IN GOLD AT THE GLD: A WITHDRAWAL OF 2.855 TONNES OF GOLD FROM THE GLD//// ./ //:/INVENTORY RESTS AT 1013.640 TONNES
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 1016.495 TONNES
GLD INVENTORY: 1009.30 TONNES, TONIGHTS TOTAL GOLD INVENTORY
SILVER
JULY 29 WITH SILVER UP $0.34: :NO CHANGES IN INVENTORY AT THE SLV : // :INVENTORY RESTS AT 483.057 MILLION OZ
JULY 28 WITH SILVER UP $0.27: :HUGE CHANGES IN INVENTORY AT THE SLV A WITHDRAWAL OF 0.633 MILLION OZ FROM THE SLV : // :INVENTORY RESTS AT 483.057 MILLION OZ
JULY 27 WITH SILVER UP $0.27: :HUGE CHANGES IN INVENTORY AT THE SLV A WITHDRAWAL OF 0.722 MILLION OZ FROM THE SLV : // :INVENTORY RESTS AT 483.690 MILLION OZ
JULY 24 WITH SILVER UP $1.45: :NO CHANGES IN INVENTORY AT THE SLV : // :INVENTORY RESTS AT 484.413 MILLION OZ
JULY 23 WITH SILVER DOWN 2.18: :HUGE CHANGES IN INVENTORY AT THE SLV : A DEPOSIT OF 0.723MILLION OZ OUT OF THE SLV// :INVENTORY RESTS AT 484.413 MILLION OZ
JULY 22 WITH SILVER UP $1.45: :SMALL CHANGES IN INVENTORY AT THE SLV : A WITHDRAWAL OF 0.217 MILLION OZ OUT OF THE SLV// :INVENTORY RESTS AT 483.690 MILLION OZ
JULY 21 WITH SILVER UP $1.89: :HUGE CHANGES IN INVENTORY AT THE SLV : A WITHDRAWAL OF 0.217 MILLION OZ OUT OF THE SLV// :INVENTORY RESTS AT 483.961 MILLION OZ
JULY 20 WITH SILVER UP $0.97: :HUGE CHANGES IN INVENTORY AT THE SLV : A DEPOSIT OF 2.17 MILLION OZ INTO THE SLV// :INVENTORY RESTS AT 484.232 MILLION OZ
JULY 17 WITH SILVER UP $0.25: :HUGE CHANGES IN INVENTORY AT THE SLV : A DEPOSIT OF 1.175 MILLION OZ// :INVENTORY RESTS AT 482.062 MILLION OZ
JULY 16 WITH SILVER DOWN $1.48: :NO CHANGES IN INVENTORY AT THE SLV// :INVENTORY RESTS AT 480.887 MILLION OZ
JULY 15 WITH SILVER DOWN $1.52: :HUGE CHANGES IN INVENTORY AT THE SLV/ A DEPOSIT OF 3.30 MILLLION OZ OZ INTO THE SLV// :INVENTORY RESTS AT 480.887 MILLION OZ
JULY 14 WITH SILVER UP $1.18: :HUGE CHANGES IN INVENTORY AT THE SLV/ A WITHDRAWAL OF 543,000 OZ FROM THE SLV// :INVENTORY RESTS AT 477,587 MILLION OZ
JULY 13 WITH SILVER DOWN $2.07: :NO CHANGES IN INVENTORY AT THE SLV/ :INVENTORY RESTS AT 478.130 MILLION OZ
JULY 10 WITH SILVER DOWN $0.67: :SMALL CHANGES IN INVENTORY AT THE SLV A WITHDRAWAL OF 0.904 MILLION OZ INTO THE SLV/ :INVENTORY RESTS AT 478.130 MILLION OZ
JULY 9 WITH SILVER UP $2.64: :SMALL CHANGES IN INVENTORY AT THE SLV A WITHDRAWAL OF 0.497 MILLION OZ INTO THE SLV/ :INVENTORY RESTS AT 479.531 MILLION OZ
JULY 8 WITH SILVER DOWN $2.70: :HUGE CHANGES IN INVENTORY AT THE SLV A DEPOSIT OF 0.497 MILLION OZ INTO THE SLV/ :INVENTORY RESTS AT 479.531 MILLION OZ
JULY 7 WITH SILVER DOWN $1.36: :HUGE CHANGES IN INVENTORY AT THE SLV A WITHDRAWAL OF 1.266 MILLION OZ OUT OF THE SLV/ :INVENTORY RESTS AT 479.034 MILLION OZ
JULY 6 WITH SILVER DOWN $0.51: :HUGE CHANGES IN INVENTORY AT THE SLV A DEPOSIT OF 940,000 OZ INTO THE SLV/ :INVENTORY RESTS AT 480.300 MILLION OZ
JULY 3 WITH SILVER UP $1.81: :SMALL CHANGES IN INVENTORY AT THE SLV A DEPOSIT OF 940,000 OZ INTO THE SLV.// :INVENTORY RESTS AT 479.360 MILLION OZ
JULY 2 WITH SILVER UP $0.58: : NO CHANGES IN INVENTORY AT THE SLV// :INVENTORY RESTS AT 479.360 MILLION OZ
JULY 1 WITH SILVER UP $0.48: : SMALL CHANGES IN INVENTORY AT THE SLV A DEPOSIT OF 0.233 MILLION OZ OUT OF THE SLV/./ // :INVENTORY RESTS AT 479.360 MILLION OZ
JUNE 30 WITH SILVER UP $1.35: : HUGE CHANGES IN INVENTORY AT THE SLV A WITHDRAWAL OF 1.447 MILLION OZ OUT OF THE SLV/./ // :INVENTORY RESTS AT 479.127 MILLION OZ
JUNE 29 WITH SILVER DOWN $1.08: : HUGE CHANGES IN INVENTORY AT THJE SLV A WITHDRAWAL OF 1.402 MILLION OZ OUT OF THE SLV/./ // :INVENTORY RESTS AT 480.574 MILLION OZ
JUNE 26 WITH SILVER UP $0.86: : HUGE CHANGES IN INVENTORY AT THJE SLV A DEPOSIT OF 2.352 MILLION OZ INTO THE SLV/./ // :INVENTORY RESTS AT 481.976 MILLION OZ
JUNE 25 WITH SILVER UP $0.69: : SMALL CHANGES IN INVENTORY AT THJE SLV A WITHDRAWAL OF 769,000 OUT OF THE SLV/./ // :INVENTORY RESTS AT 479.624 MILLION OZ
JUNE 24 WITH SILVER DOWN $4.18: : SMALL CHANGES IN INVENTORY AT THJE SLV A DEPOSIT OF 93,000 MILLION OZ INTO THE SLV/./ // :INVENTORY RESTS AT 480.393 MILLION OZ
JUNE 19 WITH SILVER UP $1.11: : NO CHANGES IN INVENTORY AT THJE SLV/./ // :INVENTORY RESTS AT 480.302 MILLION OZ
JUNE 18 WITH SILVER DOWN $4.80: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: HUGE CHANGES IN INVENTORY A WITHDRAWAL OF 1.086 MILLION OZ FROM THE SLV././ // :INVENTORY RESTS AT 480.302 MILLION OZ
JUNE 17 WITH SILVER UP $0.79: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: NO CHANGE IN INVENTORY AT THE SLV /./ // :INVENTORY RESTS AT 481.388 MILLION OZ
JUNE 16 WITH SILVER DOWN $0.13: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A DEPOSIT OF 0.362 MILLION OZ INTO THE SLV /./ // :INVENTORY RESTS AT 481.388 MILLION OZ
JUNE 15 WITH SILVER UP $3.25: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 1.357 MILLION OZ OUT THE SLV /./ // :INVENTORY RESTS AT 481.026 MILLION OZ
JUNE 12 WITH SILVER UP $3.34: HUGE CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 0.769 MILLION OZ OUT THE SLV /./ // :INVENTORY RESTS AT 482.383 MILLION OZ
JUNE 11 WITH SILVER DOWN $0.12: SMALL CHANGES IN SILVER INVENTORY AT THE SLV: A WITHDRAWAL OF 0.226 MILLION OZ OUT THE SLV /./ // :INVENTORY RESTS AT 483.152 MILLION OZ
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
CLOSING INVENTORY 483.057 MILLION OZ OF SILVER
GOLD COMMENTARIES:
1.PETER SCHIFF
2. MATHEW PIEPENBERG/EGON VON GREYERZ
ALASDAIR MACLEOD.
3. CHRIS POWELL AND HIS GATA DISPATCHES
4. ANDREW MAGUIRE/LIVE FROM THE VAULT; 281 AND 279
VAULT 281//MUST VIEW
Central Bank Wars: Fortress China Targets LBMA
by Kinesis Money
Thursday, Jul 16, 2026 – 11:03
In this week’s Live from the Vault, Andrew Maguire details how China’s launch of the Hong Kong SGE gold gateway marks a historic shift in global gold pricing, as Beijing moves to challenge London and New York’s long-held grip on the market.
With the PBOC systematically draining Western gold reserves and central banks accelerating their shift away from dollar holdings, the precious metals expert outlines why he sees a US Treasury gold revaluation as no longer a distant prospect.
279
282 ALASDAIR MACLEOD…
5. COMMODITY REPORT/CORN..
US Corn Conditions Suffer Sharpest Deterioration In Three Years, Fueling Food Inflation Fear
Wednesday, Jul 29, 2026 – 06:55 AM
Less than a week after we reported that an options whale placed a $20 million bet on corn futures, a new U.S. crop report revealed the sharpest weekly deterioration in conditions in three years.
Bloomberg cites a new USDA report that rated 63% of the U.S. crop as good or excellent, down 4 percentage points from the previous week and below consensus estimates. The decline was due to heat and dryness battering some of the nation’s top agricultural growing belts.
1YR Net Change Corn Crop Yield Forecasts
The most-active contract gained as much as .9%.
Heat warnings plague parts of Illinois and Missouri, although Corn Belt weather is expected to improve later this week.
Last week, an options trader made a $20 million bet that corn futures will surge to their highest since 2023, as reduced U.S. planting, record exports, and heat-damaged crops tighten the supply outlook. The trade involved 105,000 November $5.50/$6 call spreads, equivalent to more than 500 million bushels.
The Bloomberg Agriculture Spot Index (BCOMAGSP) recently hit a three-year high. This dollar-denominated benchmark tracks 10 major agricultural futures, including Chicago and Kansas City wheat, corn, soybeans, soybean meal, soybean oil, coffee, cocoa, sugar, and cotton.
Read our latest note on BCOMAGSP, where traders are increasingly focused on maritime chokepoint disruptions, El Niño risks, and extreme heat gripping key growing regions across the U.S. and Europe.
Bank of America: The Timing Of The Next Grocery Inflation Surge Revealed By BofA.
END
YOUR EARLY CURRENCY VALUES/GOLD AND SILVER PRICING/ASIAN AND EUROPEAN BOURSE MOVEMENTS/AND INTEREST RATE SETTINGS WEDNESDAY MORNING.7:30 AM
SHANGHAI CLOSED UP 15.15 PTS OR 0.40%
HANG SENG CLOSED UP 447.15 PTS OR 1.77%
Nikkei CLOSED DOWN 640.92 PTS OR 1.03%
//Australia’s all ordinaries CLOSED UP 0.41%
//Chinese yuan (ONSHORE) CLOSED UP TO 6.7642
/ OFFSHORE CLOSED UP AT 6.7669 Oil UPTO 82.13 dollars per barrel for WTI and BRENT UP TO 87.07 Stocks in Europe OPENED ALL GREEN
ONSHORE USA/ YUAN// WITH YUAN TRADING UP (6.7672 OFFSHORE YUAN TRADING UP TO 6.7669)ONSHORE YUAN TRADING BELOW LEVEL OF OFF SHORE AND UP ON THE DOLLAR// / AND THUSSTRONGER/OFF SHORE YUAN TRADING UP AGAINST US DOLLAR/ AND THUS STRONGER
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
ONSHORE YUAN: CLOSED UP AT 6.7672
OFFSHORE YUAN: UP TO 6.7669
1.HANG SANG CLOSED UP 447.15 PTS OR 1.77%
2. Nikkei closed DOWN 640.92 PTS OR 1.03%
WEST TEXAS INTERMEDIATE OIL UP TO 82.13
BRENT; 87.07
3. Europe stocks SO FAR: ALL GREEN
USA dollar INDEX DOWN TO 101.11// EURO RISES TO 1.1397 UP 11 BASIS PTS
3b Japan 10 YR bond yield:FALLS TO. +2.752 DOWN 2 FULL BASIS PTS/ VERY TROUBLESOME//Japan buying 100% of bond issuance)/Japanese YEN vs USA CROSS NOW AT 163.590… 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: 3.935 DOWN 6 FULL BASIS PT
3c Nikkei now ABOVE 17,000
3d USA/Yen rate now well ABOVE the important 120 barrier this morning
3e Gold UP /JAPANESE Yen UP CHINESE ONSHORE YUAN: UP (6.7672) AND OFFSHORE: UP AT 6.7669
3f Japan is to buy INFINITE TRILLION YEN worth of BONDS. Japan’s GDP equals 5 trillion USA. CENTRAL BANK OF JAPAN WILL NO LONGER DO QE.
Japan to buy 100% of all new Japanese debt and NOW they will have OVER 50% of all Japanese debt. GOVERMENT ASKED JAPAN PENSION FUNDS AND INSURANCE FUNDS TO BUY MORE JAPANESE BONDS AND REPATRIATE ALL FOREIGN BONDS.
3g Oil UP for WTI and UP this morning
3h European bond buying continues to push yields HIGHER on all fronts in the EU German 10yr bund YIELD UPTO +3.1216/ Italian 10 Yr bond yield UP AT 3.944/ SPAIN 10 YR BOND YIELD UP TO 3.577%
3i Greek 10 year bond yield UP TO 3.805%
3j Gold at $4045.85//Silver at: 58.21 1 am est) SILVER NEXT RESISTANCE LEVEL AT $100.00
3k USA vs Russian rouble;// Russian rouble DOWN 0 AND 46/ 100 roubles/79.11
3m oil (WTI) into the 82 dollar handle for WTI and 87 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 163.59 // 10 YEAR YIELD AFTER FIRST BREAKING .54% LAST YEAR NOW EXCEEDS THAT LEVEL TO 2.752% DOWN 2 BASIS PTS STILL ON CENTRAL BANK (JAPAN) INTERVENTION//YEN CARRY TRADE NOW UNWINDING//YEN BOND TRADING OVERSEAS TO BE REPATRIATED.//JAPAN 30 YR: 3.935 DOWN 6 PTS..: USA/SF this 0.8184 as the Swiss Franc . Euro vs SF: 0.9327
USA 10 YR BOND YIELD: 4.609 UP 1 BASIS PTS…
USA 30 YR BOND YIELD: 5.097 DOWN 0 BASIS PTS/
USA 2 YR BOND YIELD: 4.295 UP 2 BASIS PTS
USA DOLLAR VS TURKISH LIRA: 47.40 UP 2 BASIS PTS/LIRA GETTING KILLED//IDIOTS FOR SELLING GOLD AND USA DOLLAR RESERVES.
10 YR UK BOND YIELD: 4.9750 UP 2 PTS
30 YR UK BOND YIELD: 5.675 UP 2 BASIS PTS
10 YR CANADA BOND YIELD: 3.531 DOWN 3 BASIS PTS
5 YR CANADA BOND YIELD: 3.163 DOWN 2 BASIS PTS.
Futures Rise Despite Oil Spike And Ongoing Korean Collapse, Ahead Of Fed, Meta And Microsoft
Wednesday, Jul 29, 2026 – 08:15 AM
US equity futures are higher, overlooking both tech-led declines in Asia which saw the Kospi crash as much as 13% and trigger a second consecutive 20 minute market-wide halt, and the 5% jump in oil prices which has pushed Brent over $88. As of 7:30am ET, S&P 500 and Nasdaq 100 contracts are each up 0.2%, reversing sharp overnight losses, with tech flipping from laggard to leader and reversing (for now) a chip rout overnight which saw SK Hynix plunge 7.6% after tumbling 17% the session prior. With hyperscaler earnings today (MSFT and META), JPMorgan’s trading desk – which has incorrectly called the bottom in the chip rout almost every day in the past month – asks if “perhaps we finally establish a floor within the Tech trade.” Semis are higher pre-market with Mag7 mixed. Overnight, Korea / Semis took another leg lower with JPM’s Mixo Das seeing the levered ETF unwind in its 9th inning (90% complete). Defensives are leading Cyclicals (ex-Tech & Energy) with the Energy bid returning on news of renewed attacks in the Middle East. In fact, oil is trading 5% higher at session highs (above $83 for WTI and above $88 for Brent) which is pushing bond yields up 1-2bp as the curve flattens, USD is weaker. Today’s macro focus is on the Fed (read out preview here). Most banks (but not Citadel) expect the Fed to hold with two or more hawkish dissents; the market is pricing a 32% chance of a hike.
In premarket trading, Mag 7 stocks were mostly, if modestly, higher: (Alphabet +0.6%, Amazon +0.1%, Apple +0.2%, Meta +0.3%, Microsoft +0.2%, Nvidia +0.1%, Tesla +0.2%)
- Avantor (AVTR) rises 4% after the life-sciences company reported adjusted Ebitda and net sales for the second quarter that beat the average analyst estimate. The company also boosted its adjusted profit guidance for the full year.
- Bloom Energy (BE) jumps 8% after the fuel-cell maker posted earnings that were more than double expectations and raised full-year guidance for the second consecutive quarter, a sign of rampant demand from data centers.
- Caterpillar (CAT) falls 4% after Baird cut its recommendation to neutral, citing a growing trend of state and local government actions targeting data centers, which have become a key growth driver for the industrial giant.
- Ford (F) rises 5% after the automaker raised its profit outlook for the second time this year as consumers continue to snap up the automaker’s high-margin sutility vehicles.
- Garmin (GRMN) climbs 7% after the maker of GPS smartwatches boosted its pro forma earnings per share guidance for the full year.
- GE Healthcare (GEHC) climbs 11% after the maker of X-ray equipment reported adjusted earnings per share for the second quarter that beat the average analyst estimate. The firm also posted a booking ratio that was ahead of expectations.
- GlobalFoundries (GFS) gains 7% after the semiconductor contract manufacturing and design company signed a letter of intent with the US Department of Commerce.
- Humana (HUM) drops 7% after the insurer maintained its yearly profit guidance despite a strong second quarter.
- Johnson Controls International (JCI) rises 5% after after the HVAC equipment maker boosted its adjusted earnings per share forecast for the full year
- KLA Corp. (KLAC) falls 8% after the semiconductor capital equipment company reported fourth-quarter results that Morgan Stanley called “uninspiring.”
- Lemonade (LMND) falls 12% after the insurance company reported less customers for the second quarter than analysts expected. It also said Nick Stead, the company’s senior vice president finance, will replace Tim Bixby as CFO effective Jan. 1.
- Manhattan Associates (MANH) rises 11% after the software company reported second-quarter results that beat expectations, prompting an analyst upgrade.
- O-I Glass (OI) is down 13% after the manufacturer of packaging products reported adjusted earnings per share for the second quarter that missed the average analyst estimate.
- Procter & Gamble (PG) slips 3% after giving a conservative outlook for its current fiscal year, highlighting the challenges the maker of Downy fabric softener faces as consumers retrench.
- Seagate Technology (STX) gains 5% after the computer hardware and storage company reported fourth-quarter results that beat expectations and gave a revenue forecast that is ahead of the consensus estimate.
- Teradyne (TER) gains 7% after the semiconductor manufacturing company reported second-quarter results that beat expectations and it gave a third-quarter forecast that is much stronger than expected.
- Vertiv (VRT) falls 14% after the power equipment company’s net sales missed estimates.
In other corporate news, Cigna must defend against most claims of a proposed class action alleging the health insurer disclosed the personal information of patients to third parties in violation of federal and state privacy laws. Visa said it’s taking a $563 million charge tied to job cuts affecting about 7% of the workforce, part of an effect to operate more efficiently and focus on its biggest opportunities for growth. Canada plans to scrap a levy on entertainment companies including Netflix and Walt Disney, according to a court filing, after pushback from US officials and Hollywood studios
Futures are tentatively higher, ignoring a continued tech rout in Korea, and surging oil, but as Bloomberg notes, price action at this stage of the session likely offers little insight into how equities will trade over the next 24 hours, with the FOMC policy announcement and Meta and Microsoft earnings later. Stripping away the ongoing meltdown in the chip/memory bubble, the equal-weight version of the S&P 500 reached another record high in Tuesday’s cash session and themes of rotation, divergence and dispersion continue. Of course, nobody cares about that; instead what people do care about is that the high beta momentum index, which we warned at the start of the month would have a terrible July…
… had a terrible July, and is on track for the biggest monthly drop on record in data going back to 1999, eclipsing the dot-com era, while an equal-weight version of the Nasdaq 100 is trailing the S&P 500 Equal Weight Index by the most in two decades of data.
As always, AI remains in the spotlight, with SK Hynix shares crashing – again – after forecasting a record outlay of at least $31 billion for capital spending this year, a jump of around 50% year-on-year, adding to concerns that tech companies are overinvesting in AI. The pace of capex growth mirrors a similar trajectory at rival Micron, and with hyperscalers capex’ bills projected to exceed a $1 trillion next year, some analysts estimate memory could account for more than a third of that.
The biggest loser from the latest SK Lonix rout was, of course, Korea’s Kospi which slid as much as 12.6%, triggering a circuit breaker for a second straight day, and is on course for a record monthly loss of ~35%. And just when you thought it couldn’t get any more farcical, South Korea’s finance minister apologized on Wednesday after retail investors racked up heavy losses from leveraged bets on stocks, following rule changes earlier this year. The May 27 introduction of single-stock leveraged Exchange Traded Funds has seen Korean retail investors pile in with net purchases of 14 trillion won ($9.7 billion), compared with roughly 2 trillion won by foreign investors, according to KB Financial Group. But the speculative trading boom that helped fuel one of the world’s hottest equity markets has resulted in those investors nursing catastrophic losses, leaving millions liquidated after margin calls, that have seen thousands owing money to their banks after being wiped out.
And while we wait to find out just how many millions of broke and margin called Koreans will participate in the next season of Squid Games, we have a Fed decision later today where traders are eyeing the possibility of a surprise hike as patience with high inflation wears thin, and Chair Warsh’s avoidance of the past practice of giving signals on the future rates path. JPMorgan’ Market Intel analysis shows a 28% probability of the central bank keeping rates unchanged, while sounding accommodative on the inflation outlook. This would trigger gains of 0.5% to 1% in the S&P 500 Index, the team said (full analysis here).
“It’s really rare to have the market split just hours ahead of a Fed decision,” said Amélie Derambure, a senior multi-asset portfolio manager at Amundi. “That means some investors will necessarily be hurt. A hike could have harsh consequences on equities if it announces a fresh cycle.”
Earnings from Meta and Microsoft arrive as the AI trade is faltering, with traders questioning whether the vast and often debt-fueled spending behind the buildout of the technology can deliver adequate returns. “I hope that Meta and Microsoft can confirm the capex spree in the industry and reassure the market about semiconductors,” said Fares Hendi, a portfolio manager at Société de Gestion Prévoir in Paris.
In other AI related news, the OpenAI models that hacked the startup Hugging Face this month also gained access to a customer account on the cloud platform Modal and used it to launch attacks, underscoring the broad scope of the incident. Meta CEO Mark Zuckerberg said the US administration should not block Chinese models to gain an edge in the AI arms race, in an interview with the Financial Times. It follows Nvidia CEO defending open-weight AI models earlier on Tuesday. And Moonshot AI secured a $35 billion valuation after raising $3.5 billion in a round of financing, exceeding its initial target of $1 billion to $2 billion.
Elsewhere, Washington tightened curbs on some foreign-made robots and inverters, vital components of solar-powered electricity, in a sweeping move that risks widening its tech confrontation with Beijing less than two months before a meeting between the countries’ leaders.
In the latest Iran escalation news, Brent jumped to session highs after Iran fired pre-emptively on American forces overnight and the US and Saudi Arabia struck Tehran-backed militias in Iraq, ending a days-long pause in hostilities. Elsewhere, Reuters reported that Iran is expected to receive within weeks a first shipment out of up to 400 Chinese-made shoulder-fired air-defense missile launchers, as it rebuilds its defenses amid war with the United States.
Initial gains in European stocks faltered with the Stoxx 600 down 0.2%, following a flurry of earnings as Hermes weighs after missing expectations for its key leather goods unit. Real estate and retail sectors fall the most and energy and miners are the biggest gainers. Here are some of the biggest movers on Wednesday:
- Deutsche Bank shares jumped 6% after the German lender reported strong earnings supported by a fixed-income trading beat and announced a share buyback of €500 million.
- Reckitt shares jump as much as 7.4% after the maker of Dettol and Durex delivered better like-for-like sales growth than expected in the second quarter, with the core business accelerating more than anticipated, according to analysts at Barclays.
- Kering shares gain as much as 12% after the luxury goods maker reported better-than-expected revenue at Gucci in the second quarter.
- UBS shares gained 3.7% after the Swiss lender announced a new $3 billion share buyback program and reported second-quarter earnings that analysts said were strong.
- Sopra Steria shares jump as much as 17% after the IT firm boosted its organic revenue forecast for the full year.
- Porsche shares rise as much as 4.8% after the German carmaker posted what analysts called a strong set of results, including an operating profit beat driven by sales of its 911 model.
- BASF shares rise as much as 4.3% after the chemicals company announced a new €1 billion buyback program and beat EPS expectations.
- Electrolux shares gain as much as 23% after the Swedish home appliance manufacturer’s second-quarter earnings exceeded estimates and the company lowered its capex forecast.
- RWE advances as much as 4.4%, the most since mid-March, after delivering preliminary second-quarter results ahead of expectations and lifting its guidance for both 2026 and 2027.
- Endesa shares gain 2.4% after the Spanish electricity company reported net income for the first half that beat the average analyst estimate.
- Hermes shares fall 8.1% as the French maker of the Birkin bag missed analyst expectations for its key leather goods unit and was punished by investors.
- DWS shares plunge as much as 8.9% after the asset management firm posted pretax profits below expectations in the second quarter as heavier costs weighed, with analysts noting the strong share price performance leading into the print.
- CaixaBank shares fell as much as 6.7% after the Spanish bank’s second-quarter results missed expectations for net interest income.
- Auto1 shares fall as much as 16% after the German used-car retailer reported second-quarter results that Morgan Stanley analysts said leave it needing a stronger second half to achieve management’s full-year goal.
Earlier in the session, Asian stocks declined as a selloff in heavyweight chipmakers deepened, and oil prices rebounded following a fresh round of fighting across the Middle East. The MSCI Asia Pacific Index lost 0.7%, with shares of SK Hynix plunging almost 10% to be among the biggest drags. The firm’s quarterly profit fell short of lofty estimates despite surging sixfold, and its plan to spend at least $31 billion on capital expenditures intensified existing market worries that companies are overinvesting in AI capacity. Samsung, which is due to report results Thursday, also saw its stock slump more than 5%. TSMC slid 3.5%. South Korea’s Kospi index swung wildly again, tumbling 13% intraday before closing 6% lower. The declines in tech-heavy indexes in Korea, Taiwan and Japan outweighed gains in places like India and some Southeast Asian markets, which have relatively less exposure to the AI theme.
“The deleveraging and selloff in Korea have increasingly taken on a life of their own,” said Rajeev De Mello, global macro portfolio manager at Gama Asset Management. “Concerns about excessive optimism around AI initially triggered the correction in semiconductor stocks, but the latest acceleration lower looks less driven by fundamentals and more by positioning, forced selling and investor psychology.”
Sentiment was also cautious ahead of the Federal Reserve’s rate decision later on Wednesday. While the central bank is expected to hold, market participants are eyeing the possibility of a surprise hike as patience with high inflation wears thin. “Investors have re-focused on the downside surprise to earnings, and also recognized the constraint of the Fed decision,” said Damien Boey, portfolio strategist at Wilson Asset Management. A gauge of Chinese stocks listed in Hong Kong jumped more than 2% to be the top gainer in Asia on Wednesday. Still, the MSCI Asia Pacific was on course for its lowest close since April 23, having slumped 3.4% in the previous session, when it also entered a technical correction.
In FX, the Bloomberg Dollar Spot Index is fractionally weaker, while the Aussie dollar is the standout laggard following soft CPI data.
In rates, firmer crude prices have weighed on global fixed income markets, with US yields up around 1bp across the curve and those of EGBs up slightly more.
In commodities, oil is back on the rise, with Brent crude futures up 3.7% as fighting erupted once again in the Middle East. Spot gold and silver are posting respective gains of 0.2% and 1.3%. Bitcoin adds 0.9%.
Looking to the very busy day ahead, the main event will be the Fed’s policy decision. The attention will then shift to the earnings from Microsoft and Meta after the US close. Before that, we also have Lam Research, ARM, L’Oreal, Hermes and Airbus.
Market Snapshot
Top Overnight News
- Brent rose after Iran fired on American forces overnight and the US and Saudi Arabia struck Tehran-backed militias in Iraq, ending a days-long pause in hostilities. BBG
- Iran is expected to receive within weeks a first shipment out of up to 400 Chinese-made shoulder-fired air-defense missile launchers, three sources familiar with the deal told Reuters, as it rebuilds its defenses amid war with the United States. BBG
- Iran rejected a proposal to evenly divide control of the Strait of Hormuz, jeopardizing hopes that Tehran and Washington would quickly resume negotiations to end the war. WSJ
- South Korea will hold an emergency meeting Wednesday evening to discuss the market situation after a stocks rout that has wiped billions of dollars off investors’ holdings. BBG
- SK Hynix shares slumped after the company missed lofty expectations while committing at least $31 billion in capex this year. BBG
- The US plans to end a subsidy program that helped hold down costs for Medicare drug plans. BBG
- The Senate voted 86-12 to advance a bill that would empower Trump to impose tariffs on major buyers of Russian energy, as well as Iran, with a final vote possible later this week. BBG
- Wall Street banks have demanded more collateral from hedge funds in recent weeks as a rout in AI stocks accelerates and triggers heavy losses across several popular strategies. FT
- Moonshot secured a $35 billion valuation after raising a larger-than-anticipated $3.5 billion in a just-closed round of financing, people familiar said. BBG
- US President Trump posted “Senator Johnson is working hard with Senate Republican leadership to adopt a budget resolution before the August recess. This is the first step towards getting as much of the Save America Act as possible in the budget bill..”. Full post: “Senator Ron Johnson is working hard with Senate Republican Leadership to adopt a Budget Resolution before the August recess. This is the first step towards getting as much of THE SAVE AMERICA ACT as possible in a Budget Bill, funding our Troops, and helping our Farmers. I am calling on the Senate to get this critical first step done before the August recess. This Resolution can be adopted at a simple Majority threshold. GET IT DONE! Thank you for your attention to this matter. President DONALD J. TRUMP”.
- Majority of US Senate votes to confirm Trump nominee Jay Clayton to be the Director of National Intelligence.
A more detailed look at global markets courtesy of Newsquawk
APAC stocks were choppy with mixed, two-way trade seen as bourses initially began on the front foot as an initial tech rebound helped the region shrug off the geopolitical risks following the Iran attack on a US base in Jordan, although the tech-related gains were eventually wiped out. ASX 200 bucked the trend amid outperformance in defensives and as participants reflected on Rio Tinto’s earnings and softer-than-expected inflation data, which saw an unwinding of RBA rate hike bets. Nikkei 225 initially rallied amid early tech momentum and reports the government will finalise a food sales tax cut next month, but then slipped into the red as tech stocks reversed course. KOSPI suffered at the whim of tech fluctuations, with stocks initially buoyed following mixed results from SK Hynix, which beat on Q2 net, but missed on oper. profit and revenue, stoking concerns of lofty expectations, despite oper. profit jumping 557%. However, the index then slumped and eventually triggered circuit breakers. Hang Seng and Shanghai Comp were mixed, with the Hang Seng driven by Chinese automakers/EV names, while the mainland is subdued amid ongoing trade-related frictions.
Top Asian News
- South Korean Lawmaker said Finance Minister, BoK Governor and Financial regulatory Chiefs to meet on Thursday afternoon.
- Japan’s Chief Cabinet Secretary said Govt. will not pre-determine whether to use reserve funds for earthquake relief.
- Japanese PM Takaichi plans to cut food sales tax to 1% for two years starting April 2027, while government will finalise plan in August.
European Bourses began the session on a softer footing but remain relatively resilient to the firmer oil prices and prior APAC weakness, with earnings also providing somewhat of a cushion/impetus in the absence of macro updates. The IBEX 35 (-1.6%) underperforms following CaixaBank results, while the FTSE 100 (+0.1%) outperforms on earnings, including Rio Tinto, and a strong Glencore production update, whilst heavyweights BP and Shell cheer the higher oil prices. Sectors are mixed, with resilience across the board despite energy strength and prior APAC weakness, while sentiment remains capped by ongoing memory concerns and China competition following KOSPI volatility. Movers: SK Hynix (-9%) weighs on sentiment after earnings miss lofty expectations. In Europe, Kering (+12%), Gerresheimer (+5%), Eni (+4%), Deutsche Bank (+4%), BASF (+4%), Rio Tinto (+4%), UBS (+3%), Glencore (+3%) and Standard Chartered (+3%) gain after earnings. To the downside, ASM International (-8%), Hermes (-8%), CaixaBank (-6%), Aberdeen (-5%), Remy Cointreau (-4%) and EssilorLuxottica (-2%).
Top European News
- UK Net Lending to Individuals MoM (Jun) M/M 9.5B vs. Exp. 5.5B (Prev. 4.6B).
- UK Mortgage Lending (Jun) 7.73B vs. Exp. 3.95B (Prev. 2.89B).
- UK Mortgage Approvals (Jun) 58.20K vs. Exp. 56K (Prev. 56.21K).
- UK M4 Money Supply MoM (Jun) M/M 0.8% vs. Exp. 0.2% (Prev. 0.1%).
- UK BoE Consumer Credit (Jun) 1.807B vs. Exp. 1.7B (Prev. 1.662B).
- Italian Industrial Sales YoY (May) Y/Y 5.3% (Prev. 3.2%).
- Italian Industrial Sales MoM (May) M/M 0.60% (Prev. 0.3%).
FX
- DXY is relatively uneventful within a narrow band ahead of the FOMC, despite the overnight geopolitical escalation which saw crude gap higher. The index trades within a 101.23-101.49 range, holding broadly flat as markets priced around a 36% probability of a hike, with focus on the Fed decision and Chair Warsh’s presser.
- JPY modestly firmer overnight on potential haven demand following geopolitical tensions and APAC equity weakness, though USD/JPY came off best levels and now trades around the middle of a 163.28-163.88 range, below the prior session’s trough of 163.64.
- EUR holds a mild upward bias amid a subdued Dollar, with EUR/USD just below 1.1400 and trading within a 1.1382-1.1404 range. Newsflow is light from the bloc, with a smaller-than-expected softening in German import prices and a modest increase in the ECB Wage Tracker failing to move the needle.
- GBP trades with a modest upside bias in rangebound conditions, oscillating around the 1.3300 mark within a 1.3277-1.3307 range. Focus turns to the BoE on Thursday, where a hold is expected, with attention on the vote split and guidance and then the press conference.
- Antipodeans are mixed, with AUD under pressure after softer-than-expected inflation data prompted Westpac to shift its RBA view to a prolonged hold (vs prev. view of an August hike). AUD/USD trades at the bottom of a 0.6943-0.6979 range. NZD is relatively cushioned by AUD/NZD downside but remains soft overall, with NZD/USD in a 0.5775-0.5794 range.
Fixed Income
- USTs are modestly softer, down by a handful of ticks, as geopolitical escalation and firmer energy prices weigh on the space. The contract remains comfortably above recent lows at 108-15+ and 108-12+, with focus turning to the FOMC where a hold is expected, though risks are tilted hawkish amid the recent rise in energy, and with markets implying a 30-35% chance of a hike.
- Bund are under pressure, down around 15 ticks, with only a fleeting lift seen on softer German import prices (6.1% Y/Y vs prev. 6.8%). The benchmark trades just above a 124.95 low, holding above Tuesday’s 124.93 base. No move was seen to the 2036 Bund auction, which was moderately weak but showed slightly better underlying demand compared to the prior.
- Gilts are lower, opening down 16 ticks before extending losses to an 87.08 base, taking out Tuesday’s trough but remaining above Monday’s 86.83 low. Price action is largely driven by the broader energy-led move, with limited UK-specific catalysts.
- Germany sold EUR 4.5bln (exp. 6bln) 3.00% 2036 Bund: b/c 1.1x (prev. 1.03x), average yield 3.13% (prev. 3.09%) & retention 25.05% (prev. 35%).
Commodities
- Crude futures are firmer after gapping higher overnight on escalating geopolitics, with Iran striking a US base in Jordan and subsequent US-Saudi strikes on Iranian-backed militia. WTI Sept’26 and Brent Oct’26 hit highs of USD 83.30/bbl and USD 85.63/bbl respectively, before waning as the US had not yet officially retaliated to the Jordan strike. Dutch TTF found resistance at EUR 59.50/MWh, then support at EUR 58/MWh, stabilising around EUR 58.50/MWh. Prices rose further after sources said Yemen’s Houthis are considering imposing fees on commercial ships transiting the southern Red Sea.
- Precious metals are firmer but to varying degrees, supported by geopolitically driven haven demand amid a flat/subdued Dollar, though upside is capped ahead of the FOMC. Spot gold trades within a USD 4,010-4,047/oz range, while spot silver posts larger gains but remains off the USD 58.53/oz peak, within a USD 56.85-58.23/oz range.
- Base metals are mixed to subdued as geopolitical tensions weigh on the growth outlook. 3M LME copper trades within a narrow USD 13,584.00-13,690.90/t range, while iron ore prices waned overnight amid weak steel demand concerns.
- Egypt aims to drill 160 new oil and gas wells with investments of USD 7.2bln, according to Al Arabiya.
- US invests USD 1bln to combat New World Screwworm outbreak,a ccording to Agricultural Secretary Rollins.
- US Private Inventory Data (bbls): Crude +3.3mln (exp. -1.4mln), Distillates +0.4mln (exp. +0.6mln), Gasoline +0.9mln (exp. -1.2mln), Cushing -0.3mln.
Trade/Tariffs
- US tariffs are sending some firms back to China, NYT writes.
- UK Foreign Secretary Miliband will play a “greater role” in the UK’s Brexit reset talks than previous foreign secretaries, the FCDO told POLITICO.
- China Commerce Minister held a call with the UK Trade Secretary and said China is willing to strengthen cooperation in service trade, green transition and renewable energy. said:. Highly concerned about nationalisation of British steel and urged the UK to abide by relevant international rules. Urged favourable business environment for Chinese enterprises in the UK.
- China’s MOFCOM said regarding US putting Chinese research institutions on sanctions list, that it is aware of the situation and strongly dissatisfied and firmly opposes this. said:. China urges the US to stop smearing Chinese research institutions, correct its approach, and provide fair, impartial, non‑discriminatory treatment. China will take necessary measures to safeguard the legitimate rights of its research institutions and to protect normal scientific exchanges and cooperation.
- Trump administration bans foreign made robots and power inverters amid fears of Chinese influence, according to POLITICO.
Geopolitical – Iran
- US CENTCOM said US and Saudi forces strike Iran-backed terrorist sites in Iraq.
- Iranian state TV cites an unnamed military source stating that Iran denies any link to projectiles fired from other countries at targets in Saudi Arabia.
- Chinese Foreign Ministry denies reported that Iran will received Chinese-made man-portable air defence systems in the coming weeks.
- Iran official said Oman proposal for Hormuz Strait joint regional management is to fail.
- Iran will get Chinese shoulder launched missile systems in weeks, according to Reuters.
- US President Trump said in a tele-rally that Iran wants to make a deal so badly, adds we’ll get Iran to sign on the dotted line and we’ll get the war over with.
- US CENTCOM said at 17.45EDT, IRGC forces launch multiple ballistic missiles from Iran and all Iranian missiles were effectively intercepted.
- US official said Iran launched missiles at a US base in Jordan, but noted missiles were intercepted, according to Axios.
- Iran considered retaliatory strike on Ukrainian seaport, although a flurry of diplomacy has eased tensions, according to NYT citing officials.
- US official said Iran is over reaching with demands that Oman, US and the international community are rightly rejecting on Strait of Hormuz. Deal being discussed is a coordination deal, there are no tolls and no fees.
- Iraq PM’s planned visit to Saudi Arabia tomorrow has been cancelled, Iraqi government source tells Al-Araby.
- A senior Iranian official said Tehran has rejected Oman’s proposal for regional joint management of the Strait of Hormuz as unworkable, reported suggest.
- Iraqi sources said US and Saudi Arabia targeted a mosque and water purification plant in Baghdad.
- IRGC noted that 3 tankers were hit and seized in the Hormuz Strait, adds US interference in the region will not go unanswered.
- Explosions were heard in south Baghdad, while reported noted US and Saudi strike in Kirkuk and Salah Al-Din.
- Israeli PM Netanyahu said meeting with Trump is one of the best we’ve had.
- IRGC confirmed that they fired ballistic missiles at the US Air Base and US Military Central Command Center in Jordan.
- US President Trump posted that he had a very good meeting with Israeli PM Netanyahu and many important subjects were discussed.
- Explosions reported in Al-Suwayrah, Wasit province South of Baghdad.
- Source circulates ‘footage of a direct hit on Muwaffaq Al Salti Air Base in Jordan’.
- IRIB reported explosions in Jordanian airspace and that US base in Jordan was possibly targeted.
- Iranian media sources report explosions in US base in Jordan due to Iranian missile attack.
- Three Japanese-linked vessels have exited the Strait of Hormuz via Iran’s designated route, Kyodo reported.
- An Israeli military source said Defence Minister Katz disclosed operational details about the takeoff of US fighter jets from Israel to carry out strikes on Iran, Al Hadath reported.
- Several loud explosions are being reported in Jordan, according to Nour News.
- Sources said Yemen’s Houthis are considering imposing fees on commercial ships transiting the southern Red Sea.
Geopolitical – Ukraine
- Ukrainian President Zelensky said forces struck Russian oil refinery in the Perm region, export terminal and military plant in Rostov region.
- Russian forces hit two vessels carrying weapons to Ukrainian ports near Odesa, according to Russia’s defence ministry.
- Ukrainian President Zelensky said had a very good meeting with US President Trump and that Trump accepted that he’ll give Ukraine licenses for Patriot missiles.
- US President Trump posted that it was a great honour to meet with Ukrainian President Zelensky and that the meeting went well with many things discussed.
- Large majority of US Senate voted to advance Russian energy sanctions, with the bill targeting Russian officials and oil-dependent nations.
US Event Calendar
- 7:00 am: Jul 24 MBA Mortgage Applications, prior 1.9%
- 2:00 pm: Jul 29 FOMC Rate Decision Upper Bound est. 3.75%, Lower Bound est. 3.5%
DB’s Jim Reid concludes the overnight wrap
As we head towards a highly anticipated Fed decision this evening, over the past 24 hours markets were again caught in the crosswinds of volatile oil prices and an ongoing chip rout. A continued decline in oil prices had won out yesterday, with a -4.83% decline in Brent crude helping the equal weighted S&P 500 (+1.14%) to a new record high and the regular S&P 500 (+0.21%) also advancing even as the Philly semiconductor index fell -4.49%.
However, sentiment has soured overnight as the US said that it intercepted an Iranian attack against its bases in the Middle East, ending a pause in the fighting that had seen Brent crude decline from above $100/bbl last Thursday to only $84.09/bbl at yesterday’s close, marking its sharpest three-day decline (-16.5%) since April 2020. Iran’s IRIB News reported that missiles were fired in response to “aggressive US actions”. This comes as the US and Saudi Arabia carried out strikes on Iran-backed militants in Iraq in response to recent drone strikes. IRIB also reported that the IRGC targeted three tankers in the Strait of Hormuz “moving along an unsafe and illegal route”. With the news raising the risk of a return to a full war, Brent crude is trading about +4% higher as I type.
Together with a continued sell-off in chip stocks, this has weighed on the mood in Asian markets this morning. The KOSPI (-8.65%) is seeing another dramatic sell-off, triggering a circuit breaker for the second time in two days after tumbling by -11.0% yesterday. A reassessment in Korea’s AI-driven valuations has been boosted by results from semiconductor heavyweight SK Hynix, which is down -16.5% as its +557% surge in quarterly profits failed to meet elevated market expectations. Shares in Samsung, which reports tomorrow, are down -11.0%. The Nikkei (-2.29%) is also extending Tuesday’s decline, while in mainland China the CSI 300 (-0.24%) and Shanghai Composite (-0.50%) are posting more modest declines. In contrast, the Hang Seng (+1.34%) is outperforming the broader regional trend, while the S&P/ASX 200 (+1.10%) is advancing after softer-than-expected inflation data eased concerns about further RBA tightening (details below). Equity futures are also losing ground, with those on the S&P 500 (-0.20%), NASDAQ 100 (-0.62%) and STOXX 50 (-0.58%) all lower.
All that leaves a volatile backdrop ahead of today’s FOMC decision, which is the most finely poised in years in terms of market pricing. With a 32% chance of a rate hike today priced as of last night, this is the most uncertain that the market has been on whether the Fed will change rates going into a meeting since December 2018, when the eventual 25bps rate hike was about 65% priced the day before. We’ve seen considerable volatility in the July hike pricing over the past couple of weeks, falling as low as 10% in mid-July following the soft June US CPI print but rising to as high as 38% on Monday. So with Chair Warsh shying away from policy guidance, we’ve seen one regime shift compared to the past few years when markets received a steer from officials’ commentary or via the financial press.
In terms of today’s decision, our US economists expect the Fed to leave rates unchanged but see the risks of a hike as significant with the renewed escalation in the Middle East complicating the inflation outlook. If the Fed holds rates steady, they expect at least a couple of dissents in favour of a hike.
Prior to the overnight moves, a continued fall in oil prices had dominated yesterday’s market action, as more positive signals on Iran negotiations stabilized inflation concerns. Trump said in an interview with Fox News that the US had a “strong position” and that Iran has essentially agreed to not have a nuclear weapon but would now need to make it formal. Markets reacted positively to his comments as well as reports of continued talks between Iran and Oman over control of the Strait of Hormuz, with front-month Brent crude down -4.83% and 6-month Brent sliding by a sizeable -3.60%.
That helped markets to dial back near-term inflation pricing. The 1 yr US inflation swap (-5.3bps) retreated to 1.88%, while the 1yr Euro inflation swap continued to post bigger declines (-13.8bps to 2.28%). In turn, Treasury yields pulled back across the curve with 2yr yield down -3.5bps to 4.29%, while the 10yr yield fell -4.3bps to 4.61%, which was actually its biggest daily decline in over a month. And this time real yields also fell, with the 10yr (-3.5bps to 2.41%) real yield retreating from Monday’s post-2023 high.
The decline in oil and rates also helped support equities, with the S&P 500 closing +0.21% higher. And the broader market mood was more clearly positive, with the equal-weighted version of the S&P (+1.14%) posting its best day in over a month and hitting a new record high. This came amid a broad rotation into non-tech and defensive sectors, though it was partially offset by continued losses for chipmakers. A -4.49% decline for the Philly semiconductor index left the gauge -24.6% below its June 22 high, though it is still up +55.8% YTD. Yesterday’s decline also left the NASDAQ 100 (-0.98%) just half a percent from technical correction territory. But it was not all bad news for tech yesterday, with Apple (+0.94%) exceeding the $5trn market cap for the first time, though it ended the session just below it at $4.995trn. The company is set to report its earnings tomorrow along with Amazon, after reports from Microsoft and Meta this evening.
In Europe, the market mood was positive yesterday, with the Stoxx 600 up +0.35% as the CAC 40 (+0.61%) and FTSE 100 (+0.83%) and DAX (+0.41%) all saw decent gains. Optimism over lower oil-driven inflation also boosted sovereign bonds, with yields on 10yr gilts (-5.2bps), OAT (-4.0bps), and bunds (-2.9bps) all heading lower. Outperformance of French assets was helped by an improved consumer confidence reading for July (86 vs 84 prev., 85 exp.) but this is still below the level that prevailed before the Iran war.
Ahead of the Fed decision, we also had some data releases out in the US. US July consumer confidence saw an unexpected decline to 90.8 (vs 92.4 expected), as the present situation component fell to its lowest level since early 2021. More positively, US house prices increased in May in both the FHFA (+0.3% m/m vs +0.1% m/m exp.) and S&P Case-Shiller (+0.15% vs 0.00% expected) indices, though this improvement comes after house price growth fell to effectively zero during the Feb-Apr period. As I discuss in my latest note on money and credit yesterday, housing looks more vulnerable to the recent move higher in yields. The report (see here) also dives into what the credit cycle suggests for policy direction of the G4 central banks as well as in China, where the Politburo meeting will be in focus later this week.
In data out this morning, Australia’s consumer price index (CPI) rose +0.6% qoq in Q2 (vs. +0.7% expected and +1.4% in Q1), supported by easing fuel prices. Annual inflation moderated from +4.0% to +3.8% yoy. Annual core inflation edged up from +3.5% to +3.6%, but remained below the consensus estimate of +3.7%, reducing the urgency for additional interest rate hikes after the RBA already raised rates three times this year. Following the release, yields on 2yr Aussie government bonds are down -8.3bps to 4.49%, with markets paring back the chance of a rate hike next month to just 2%, from 18% previously. The Australian dollar is down -0.40% against the US dollar.
To the day ahead now, the main event will be the Fed’s policy decision. The attention will then shift to the earnings from Microsoft and Meta after the US close. Before that, we also have Lam Research, ARM, L’Oreal, Hermes and Airbus. Data releases include UK June net consumer credit, M4, Germany June import price index, Italy May industrial sales, Australia June CPI, Sweden Q2 GDP indicator.
1b European opening report
US equities resilient to higher energy prices into live FOMC and big tech earnings – Newsquawk US Market Open
Wednesday, Jul 29, 2026 – 05:37 AM
- Crude futures are firmer after gapping higher overnight on escalating geopolitics, with Iran striking a US base in Jordan and subsequent US-Saudi strikes on Iranian-backed militia.
- European Bourses began the session on a softer footing but remain relatively resilient to the firmer oil prices and prior APAC weakness, with earnings also providing somewhat of a cushion/impetus in the absence of macro updates.
- US equity futures are modestly firmer (ES +0.2%, NQ +0.2%), supported by the KOSPI rebound, with focus firmly on the Fed decision.
- DXY is relatively uneventful, USTs are modestly softer, and precious metals are firmer but to varying degrees ahead of the FOMC.
- Looking ahead, highlights include the Fed Policy Announcement (Jul), BoC Minutes (Jul). Speakers include Fed Chair Warsh & RBA’s Hunter. Earnings from SoFi, Microsoft, Meta, Arm, Qualcomm.
SNAPSHOT
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EUROPEAN TRADE
EQUITIES
- European Bourses began the session on a softer footing but remain relatively resilient to the firmer oil prices and prior APAC weakness, with earnings also providing somewhat of a cushion/impetus in the absence of macro updates. The IBEX 35 (-1.6%) underperforms following CaixaBank results, while the FTSE 100 (+0.1%) outperforms on earnings, including Rio Tinto, and a strong Glencore production update, whilst heavyweights BP and Shell cheer the higher oil prices.
- Sectors are mixed, with resilience across the board despite energy strength and prior APAC weakness, while sentiment remains capped by ongoing memory concerns and China competition following KOSPI volatility.
- Movers: SK Hynix (-9%) weighs on sentiment after earnings miss lofty expectations. In Europe, Kering (+12%), Gerresheimer (+5%), Eni (+4%), Deutsche Bank (+4%), BASF (+4%), Rio Tinto (+4%), UBS (+3%), Glencore (+3%) and Standard Chartered (+3%) gain after earnings. To the downside, ASM International (-8%), Hermes (-8%), CaixaBank (-6%), Aberdeen (-5%), Remy Cointreau (-4%) and EssilorLuxottica (-2%).
- US equity futures are modestly firmer (ES +0.2%, NQ +0.2%), supported by the KOSPI rebound, with focus firmly on the Fed decision. Markets price a c.36% probability of a hike, with 36bps of tightening implied by year-end, while attention also turns to upcoming tech earnings including Microsoft, Meta, Arm, Qualcomm and Lam Research.
- Click for the sessions European pre-market equity newsflow
- Click for the additional news
FX
- DXY is relatively uneventful within a narrow band ahead of the FOMC, despite the overnight geopolitical escalation which saw crude gap higher. The index trades within a 101.23-101.49 range, holding broadly flat as markets priced around a 36% probability of a hike, with focus on the Fed decision and Chair Warsh’s presser.
- JPY modestly firmer overnight on potential haven demand following geopolitical tensions and APAC equity weakness, though USD/JPY came off best levels and now trades around the middle of a 163.28-163.88 range, below the prior session’s trough of 163.64.
- EUR holds a mild upward bias amid a subdued Dollar, with EUR/USD just below 1.1400 and trading within a 1.1382-1.1404 range. Newsflow is light from the bloc, with a smaller-than-expected softening in German import prices and a modest increase in the ECB Wage Tracker failing to move the needle.
- GBP trades with a modest upside bias in rangebound conditions, oscillating around the 1.3300 mark within a 1.3277-1.3307 range. Focus turns to the BoE on Thursday, where a hold is expected, with attention on the vote split and guidance and then the press conference.
- Antipodeans are mixed, with AUD under pressure after softer-than-expected inflation data prompted Westpac to shift its RBA view to a prolonged hold (vs prev. view of an August hike). AUD/USD trades at the bottom of a 0.6943-0.6979 range. NZD is relatively cushioned by AUD/NZD downside but remains soft overall, with NZD/USD in a 0.5775-0.5794 range.
FIXED INCOME
- USTs are modestly softer, down by a handful of ticks, as geopolitical escalation and firmer energy prices weigh on the space. The contract remains comfortably above recent lows at 108-15+ and 108-12+, with focus turning to the FOMC where a hold is expected, though risks are tilted hawkish amid the recent rise in energy, and with markets implying a 30-35% chance of a hike.
- Bund are under pressure, down around 15 ticks, with only a fleeting lift seen on softer German import prices (6.1% Y/Y vs prev. 6.8%). The benchmark trades just above a 124.95 low, holding above Tuesday’s 124.93 base. No move was seen to the 2036 Bund auction, which was moderately weak but showed slightly better underlying demand compared to the prior.
- Gilts are lower, opening down 16 ticks before extending losses to an 87.08 base, taking out Tuesday’s trough but remaining above Monday’s 86.83 low. Price action is largely driven by the broader energy-led move, with limited UK-specific catalysts.
- Germany sold EUR 4.5bln (exp. 6bln) 3.00% 2036 Bund: b/c 1.1x (prev. 1.03x), average yield 3.13% (prev. 3.09%) & retention 25.05% (prev. 35%).
COMMODITIES
- Crude futures are firmer after gapping higher overnight on escalating geopolitics, with Iran striking a US base in Jordan and subsequent US-Saudi strikes on Iranian-backed militia. WTI Sept’26 and Brent Oct’26 hit highs of USD 83.30/bbl and USD 85.63/bbl respectively, before waning as the US had not yet officially retaliated to the Jordan strike. Dutch TTF found resistance at EUR 59.50/MWh, then support at EUR 58/MWh, stabilising around EUR 58.50/MWh. Prices rose further after sources said Yemen’s Houthis are considering imposing fees on commercial ships transiting the southern Red Sea.
- Precious metals are firmer but to varying degrees, supported by geopolitically driven haven demand amid a flat/subdued Dollar, though upside is capped ahead of the FOMC. Spot gold trades within a USD 4,010-4,047/oz range, while spot silver posts larger gains but remains off the USD 58.53/oz peak, within a USD 56.85-58.23/oz range.
- Base metals are mixed to subdued as geopolitical tensions weigh on the growth outlook. 3M LME copper trades within a narrow USD 13,584.00-13,690.90/t range, while iron ore prices waned overnight amid weak steel demand concerns.
- Egypt aims to drill 160 new oil and gas wells with investments of USD 7.2bln, according to Al Arabiya.
- US invests USD 1bln to combat New World Screwworm outbreak,a ccording to Agricultural Secretary Rollins.
- US Private Inventory Data (bbls): Crude +3.3mln (exp. -1.4mln), Distillates +0.4mln (exp. +0.6mln), Gasoline +0.9mln (exp. -1.2mln), Cushing -0.3mln.
TRADE/TARIFFS
- US tariffs are sending some firms back to China, NYT writes.
- UK Foreign Secretary Miliband will play a “greater role” in the UK’s Brexit reset talks than previous foreign secretaries, the FCDO told POLITICO.
- China Commerce Minister held a call with the UK Trade Secretary and said China is willing to strengthen cooperation in service trade, green transition and renewable energy. said:. Highly concerned about nationalisation of British steel and urged the UK to abide by relevant international rules. Urged favourable business environment for Chinese enterprises in the UK.
- China’s MOFCOM said regarding US putting Chinese research institutions on sanctions list, that it is aware of the situation and strongly dissatisfied and firmly opposes this. said:. China urges the US to stop smearing Chinese research institutions, correct its approach, and provide fair, impartial, non‑discriminatory treatment. China will take necessary measures to safeguard the legitimate rights of its research institutions and to protect normal scientific exchanges and cooperation.
- Trump administration bans foreign made robots and power inverters amid fears of Chinese influence, according to POLITICO.
US EARNINGS
- Bunge Global SA (BG) Q2 2026 (USD): Adj. EPS 2.0 (exp. 1.97), Revenue 24bln (exp. 22.81bln). Current FY adj. EPS 9.25-9.75 (exp. 9.42).
- Humana (HUM) Q2 2026 (USD): adj. EPS 7.61 (exp. 7.26); affirms FY 2026 adjusted guidance.
- Biogen (BIIB) Q2 2026 (USD): EPS (exp. 3.02), Revenue 2.7bln (exp. 2.46bln).
- V.F. Corp (VFC) Q1 2026 (USD): adj. operating income -95mln (exp. -95mln), Revenue 1.67bln (exp. 1.64bln).
- Vertiv (VRT) Q2 2026 (USD): adj. EPS 1.52 (exp. 1.42), Revenue 3.27bln (exp. 3.38bln); raises guidance. GUIDANCE:. Sees Q3 EPS between 1.77-1.83 (exp. 1.79). Sees Q3 sales between 3.65-3.85bln (exp. 3.7bln).
NOTABLE EUROPEAN DATA RECAP
- UK Net Lending to Individuals MoM (Jun) M/M 9.5B vs. Exp. 5.5B (Prev. 4.6B).
- UK Mortgage Lending (Jun) 7.73B vs. Exp. 3.95B (Prev. 2.89B).
- UK Mortgage Approvals (Jun) 58.20K vs. Exp. 56K (Prev. 56.21K).
- UK M4 Money Supply MoM (Jun) M/M 0.8% vs. Exp. 0.2% (Prev. 0.1%).
- UK BoE Consumer Credit (Jun) 1.807B vs. Exp. 1.7B (Prev. 1.662B).
- Italian Industrial Sales YoY (May) Y/Y 5.3% (Prev. 3.2%).
- Italian Industrial Sales MoM (May) M/M 0.60% (Prev. 0.3%).
- German Import Prices YoY (Jun) Y/Y 6.1% vs. Exp. 6.0% (Prev. 6.8%).
- German Import Prices MoM (Jun) M/M -0.7% vs. Exp. -0.8% (Prev. 0.7%).
- Norwegian Retail Sales MoM (Jun) M/M 1.8% (Prev. -2.1%).
- Swedish GDP Growth Rate YoY Flash (Q2) Y/Y 2.8% (Prev. 2%).
- Swedish GDP MoM (Jun) M/M -0.2% (Prev. 0.9%).
- Swedish GDP Growth Rate QoQ Flash (Q2) Q/Q 1.4% vs. Exp. 0.7% (Prev. -0.2%).
CENTRAL BANKS
- ECB’s Patsalides said as inflation risks rise, the balance shifts towards pre-emptive action, EconoStream reported. No evidence favoured July hike; second-round effects are not evident and expectations are anchored. If higher oil prices persist, inflation risks will rise. Hikes in projections do not obligate us, policy can not depend on today’s yield curve. Scenarios could be changed or updated after September data. Higher prices may be filtering into parts of the economy which are not easily observed.
- ECB Wage Tracker – Annual, 2026: 2.301% (prev. 2.281%). Quarterly, Q1-2027: 2.664% (1st estimate). Quarterly. Q1 2026: 1.833% (prev. 1.834%). Q2 2026: 2.140% (prev. 2.129%). Q3 2026: 2.590% (prev. 2.558%). Q4 2026: 2.641% (prev. 2.604%). Q1 2027: 2.664% 1st estimate.
- BoE is reportedly examining the rapid increase in Asian equity exposure among investment banks in London amid concerns over concentrated positions tied to a small number of AI-related stocks, according to FT.
- New Zealand Finance Minister Willis announces that Byron Pepper has been appointed as RBNZ Deputy.
- New Zealand First leader Peters called for a return to RBNZ dual mandate.
- PBoC’s overnight reverse repo rate was steady at 1.25%.
- PBoC injected CNY 600bln via overnight reverse repos.
- PBoC injected CNY 206.5bln via 7-day reverse repos with rate maintained at 1.40%.
- PBoC set USD/CNY mid-point at 6.7899 vs exp. 6.7635 (prev. 6.7911).
- BoK Governor Shin said most rational to maintain a tightening stance to control core inflation, adds timing and degree of policy response will depend on upcoming data and economic conditions.
- BoK said necessary to be more cautious about risks related to house prices and household debt, adds inflation will exceed target in H2, adds will continue making market stabilising efforts and necessary to maintain a tightening policy stance.
- Chile Central Bank maintains benchmark rate at 4.5%, as expected, with the decision unanimous, while it stated that the macroeconomic scenario remains subject to a higher than usual degree of uncertainty. said:. Board reaffirms it will make every decision necessary to meet its objective of ensuring the projected inflation stands at 3% over a two-year horizon. Future path of interest rates will be assessed on a meeting-by-meeting basis.
NOTABLE US HEADLINES
- US President Trump posted “Senator Johnson is working hard with Senate Republican leadership to adopt a budget resolution before the August recess. This is the first step towards getting as much of the Save America Act as possible in the budget bill..”. Full post: “Senator Ron Johnson is working hard with Senate Republican Leadership to adopt a Budget Resolution before the August recess. This is the first step towards getting as much of THE SAVE AMERICA ACT as possible in a Budget Bill, funding our Troops, and helping our Farmers. I am calling on the Senate to get this critical first step done before the August recess. This Resolution can be adopted at a simple Majority threshold. GET IT DONE! Thank you for your attention to this matter. President DONALD J. TRUMP”.
- Majority of US Senate votes to confirm Trump nominee Jay Clayton to be the Director of National Intelligence.
GEOPOLITICS
MIDDLE EAST
- US CENTCOM said US and Saudi forces strike Iran-backed terrorist sites in Iraq.
- Iranian state TV cites an unnamed military source stating that Iran denies any link to projectiles fired from other countries at targets in Saudi Arabia.
- Chinese Foreign Ministry denies reported that Iran will received Chinese-made man-portable air defence systems in the coming weeks.
- Iran official said Oman proposal for Hormuz Strait joint regional management is to fail.
- Iran will get Chinese shoulder launched missile systems in weeks, according to Reuters.
- US President Trump said in a tele-rally that Iran wants to make a deal so badly, adds we’ll get Iran to sign on the dotted line and we’ll get the war over with.
- US CENTCOM said at 17.45EDT, IRGC forces launch multiple ballistic missiles from Iran and all Iranian missiles were effectively intercepted.
- US official said Iran launched missiles at a US base in Jordan, but noted missiles were intercepted, according to Axios.
- Iran considered retaliatory strike on Ukrainian seaport, although a flurry of diplomacy has eased tensions, according to NYT citing officials.
- US official said Iran is over reaching with demands that Oman, US and the international community are rightly rejecting on Strait of Hormuz. Deal being discussed is a coordination deal, there are no tolls and no fees.
- Iraq PM’s planned visit to Saudi Arabia tomorrow has been cancelled, Iraqi government source tells Al-Araby.
- A senior Iranian official said Tehran has rejected Oman’s proposal for regional joint management of the Strait of Hormuz as unworkable, reported suggest.
- Iraqi sources said US and Saudi Arabia targeted a mosque and water purification plant in Baghdad.
- IRGC noted that 3 tankers were hit and seized in the Hormuz Strait, adds US interference in the region will not go unanswered.
- Explosions were heard in south Baghdad, while reported noted US and Saudi strike in Kirkuk and Salah Al-Din.
- Israeli PM Netanyahu said meeting with Trump is one of the best we’ve had.
- IRGC confirmed that they fired ballistic missiles at the US Air Base and US Military Central Command Center in Jordan.
- US President Trump posted that he had a very good meeting with Israeli PM Netanyahu and many important subjects were discussed.
- Explosions reported in Al-Suwayrah, Wasit province South of Baghdad.
- Source circulates ‘footage of a direct hit on Muwaffaq Al Salti Air Base in Jordan’.
- IRIB reported explosions in Jordanian airspace and that US base in Jordan was possibly targeted.
- Iranian media sources report explosions in US base in Jordan due to Iranian missile attack.
- Three Japanese-linked vessels have exited the Strait of Hormuz via Iran’s designated route, Kyodo reported.
- An Israeli military source said Defence Minister Katz disclosed operational details about the takeoff of US fighter jets from Israel to carry out strikes on Iran, Al Hadath reported.
- Several loud explosions are being reported in Jordan, according to Nour News.
- Sources said Yemen’s Houthis are considering imposing fees on commercial ships transiting the southern Red Sea.
RUSSIA-UKRAINE
- Ukrainian President Zelensky said forces struck Russian oil refinery in the Perm region, export terminal and military plant in Rostov region.
- Russian forces hit two vessels carrying weapons to Ukrainian ports near Odesa, according to Russia’s defence ministry.
- Ukrainian President Zelensky said had a very good meeting with US President Trump and that Trump accepted that he’ll give Ukraine licenses for Patriot missiles.
- US President Trump posted that it was a great honour to meet with Ukrainian President Zelensky and that the meeting went well with many things discussed.
- Large majority of US Senate voted to advance Russian energy sanctions, with the bill targeting Russian officials and oil-dependent nations.
CRYPTO
- Bitcoin posts mild gains in a continuation of yesterday’s rebound, with Bitcoin topping USD 64,500 in recent trade.
APAC TRADE
- APAC stocks were choppy with mixed, two-way trade seen as bourses initially began on the front foot as an initial tech rebound helped the region shrug off the geopolitical risks following the Iran attack on a US base in Jordan, although the tech-related gains were eventually wiped out.
- ASX 200 bucked the trend amid outperformance in defensives and as participants reflected on Rio Tinto’s earnings and softer-than-expected inflation data, which saw an unwinding of RBA rate hike bets.
- Nikkei 225 initially rallied amid early tech momentum and reports the government will finalise a food sales tax cut next month, but then slipped into the red as tech stocks reversed course.
- KOSPI suffered at the whim of tech fluctuations, with stocks initially buoyed following mixed results from SK Hynix, which beat on Q2 net, but missed on oper. profit and revenue, stoking concerns of lofty expectations, despite oper. profit jumping 557%. However, the index then slumped and eventually triggered circuit breakers
- Hang Seng and Shanghai Comp were mixed, with the Hang Seng driven by Chinese automakers/EV names, while the mainland is subdued amid ongoing trade-related frictions.
NOTABLE ASIA-PAC HEADLINES
- South Korean Lawmaker said Finance Minister, BoK Governor and Financial regulatory Chiefs to meet on Thursday afternoon.
- Japan’s Chief Cabinet Secretary said Govt. will not pre-determine whether to use reserve funds for earthquake relief.
- Japanese PM Takaichi plans to cut food sales tax to 1% for two years starting April 2027, while government will finalise plan in August.
NOTABLE APAC DATA RECAP
- Australian RBA Trimmed Mean CPI YoY (Jun) Y/Y 3.6% vs. Exp. 3.7% (Prev. 3.6%).
- Australian RBA Weighted Median CPI YoY (Jun) Y/Y 3.7% (Prev. 3.6%).
- Australian RBA Weighted Median CPI MoM (Jun) M/M 0.3% (Prev. 0.4%).
- Australian Quarterly Inflation Rate YoY (Q2) Y/Y 3.9% vs. Exp. 4.1% (Prev. 4.1%).
- Australian Quarterly Inflation Rate QoQ (Q2) Q/Q 0.6% vs. Exp. 0.7% (Prev. 1.4%).
- Australian Quarterly RBA Trimmed Mean CPI YoY (Q2) Y/Y 3.6% vs. Exp. 3.7% (Prev. 3.5%).
- Australian Quarterly RBA Trimmed Mean CPI QoQ (Q2) Q/Q 0.8% vs. Exp. 0.9% (Prev. 0.8%).
NOTABLE APAC EQUITY HEADLINES
- SK Hynix (000660 KS) Q2 (KRW) net 93.8tln (exp. 54.5tln), oper. profit 60.5tln (exp. 64.2tln), rev. 79.0tln (exp. 84.0tln). said:. Q2 NAND average selling price up mid-50% vs Q1. Q2 DRAM average selling price up about 30% vs Q1. Market demand for DRAM to rise mid-20% Y/Y and NAND to rise high-teen % Y/Y in 2026.
1c Asian opening report
Europe set for lacklustre open despite Brent +3% and KOSPI -7% – Newsquawk EU Market Open
Wednesday, Jul 29, 2026 – 02:20 AM
- US CENTCOM said IRGC forces launched multiple ballistic missiles from Iran towards US forces based in Jordan.
- Saudi Arabia’s Defence Ministry said air defences intercepted and destroyed several drones, which had attempted to target petroleum facilities in the Eastern Region.
- US CENTCOM later announced that US and Saudi forces conducted strikes on Iran-backed terrorist sites in Iraq.
- Crude futures climbed as geopolitical tensions escalated (Brent Oct +2.8%); APAC was choppy, and sentiment deteriorated; Europe looks ahead to a subdued open.
- US equity futures, DXY, T-Note futures, and spot gold trade sideways ahead of FOMC.
- Looking ahead, highlights include Swedish GDP Flash (Q2), ECB Wage Tracker, US Atlanta Fed GDP, Fed Policy Announcement (Jul), BoC Minutes (Jul), Speakers including Fed Chair Warsh & RBA’s Hunter, Supply from Germany, Earnings from SoFi, Microsoft, Meta, Arm, Qualcomm, L’Oreal, Hermes, Airbus, Porsche AG, BASF, UBS & Standard Chartered.
SNAPSHOT
Newsquawk in 3 steps:
1. Subscribe to the free premarket movers reports
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IRAN CONFLICT
- US CENTCOM said IRGC forces launched multiple ballistic missiles from Iran towards US forces based in Jordan and that all Iranian missiles were effectively intercepted, while CENTCOM later announced that US and Saudi forces conducted strikes on Iran-backed terrorist sites in Iraq.
- US President Trump said in a tele-rally that Iran wants to make a deal so badly, while he added that they will get Iran to sign on the dotted line and that they will get the war over with.
- US President Trump posted that he had a very good meeting with Israeli PM Netanyahu and many important subjects were discussed, while Israeli PM Netanyahu said the meeting with Trump was one of the best they’ve had. It was also reported that Netanyahu confirmed to Trump that further strikes against rehabilitated Iranian nuclear facilities are inevitable.
- US official said Iran is overreaching with demands that Oman, the US and the international community are rightly rejecting on the Strait of Hormuz, while the official stated that the deal being discussed is a coordination deal, with no tolls and no fees.
- Saudi Arabia’s Defence Ministry said air defences intercepted and destroyed several drones, which had attempted to target petroleum facilities in the Eastern Region. It added that the attempts were once launched from Iraqi territory by Iran-affiliated terrorist militias, affirming the Kingdom’s legitimate right to defend itself and its capabilities, while reserving the right to respond at the appropriate time and place.
- IRGC confirmed that they fired ballistic missiles at the US Air Base and US Military Central Command Centre in Jordan, while IRGC also noted that 3 tankers were hit and seized in the Strait of Hormuz, as well as stated that US interference in the region will not go unanswered.
- Iran will get Chinese shoulder-launched missile systems in weeks, according to Reuters.
- Iran attempted to transfer advanced weapons to Hezbollah via the land axis of Iraq and Syria, while it also recently attempted to rehabilitate and strengthen Hezbollah’s capabilities in Lebanon.
- UKMTO received a report of suspicious activity, in which the master of a tanker reported hearing an explosion whilst transiting in the southern Red Sea.
- Houthi military spokesperson said Yemeni armed forces carried out a military operation targeting the Saudi oil tanker NCC GHAZAL for violating the maritime navigation ban imposed on the Saudi enemy and for refusing warning calls. The spokesperson added the armed forces affirmed their continuation in implementing the maritime blockade against the Saudi enemy under the equation of “siege by siege and comprehensive escalation by comprehensive escalation.”
- China held direct negotiations with Yemen’s Houthi movement to ensure safe passage for its oil tankers through the southern Red Sea, according to Reuters citing sources. The report added Beijing was coordinating with the Houthis to maintain oil flows from Saudi terminals such as Yanbu.
- Iranian Foreign Minister Araghchi said he was assured by the Ukrainian Foreign Minister that the attack on an Iranian ship was unintentional and Ukraine seeks no escalation, while he added that Iran does not seek escalation either. Furthermore, he stated, “Iran also does not want to escalate tensions, but I clearly emphasized that any attack on our citizens or interests is unacceptable. The damages and losses incurred must also be fully compensated.”
- Iranian Deputy Foreign Minister said Tehran had proposed to Muscat that Iran manage one-way shipping transit on one side of the Strait of Hormuz, while Oman would manage part of the opposite direction. He said the Omanis proposed a route that would be 50% controlled by Iran and 50% by Oman, but Tehran said this would not address its concerns. He added Iran had proposed the entry route be completely under its control and part of the exit route also remain under its control, and if accepted, negotiations would move to the next stage. Furthermore, he warned that if Oman did not agree to Iran’s proposal on the shipping lane, the Strait of Hormuz would remain closed, according to Al Jazeera.
- Iranian Deputy Foreign Minister said any European ship that wanted to come near the Strait of Hormuz was a legitimate target, according to Fars. He added that if the southern route to the Strait of Hormuz was opened, Iran would no longer be able to exercise sovereignty over the Strait, while Iran was not afraid of taking any action to establish its sovereignty over the Strait, including resuming war, and the Strait of Hormuz would no longer return to its pre-war arrangements.
- EU’s Kallas said she spoke to Iran’s Foreign Minister Araghchi in a phone call about the situation in the Gulf as well as Russia’s war against Ukraine, while she made it clear that aggression against French diplomats in Tehran is unacceptable.
US TRADE
EQUITIES
- US stocks closed mixed, with the S&P 500 eking out gains and the Dow Jones outperforming, which was driven by gains in UnitedHealth (UNH), Amgen (AMGN) and Sherwin-Williams (SHW), while the Nasdaq 100 was the clear laggard and slipped into correction territory during the session, with the index weighed on by semiconductor names, which saw the Semiconductor ETF (SOXX) and Memory ETF (DRAM) both post notable losses, tracking an extraordinary 10% decline in South Korea’s KOSPI overnight as the global AI trade remained under heavy pressure. Despite the headline weakness, the equal-weight S&P 500 (RSP) advanced, highlighting positive underlying market breadth. On a sector basis, all but three sectors closed in positive territory, with Health Care, Consumer Staples and Materials outperforming, while Technology and Industrials—both heavily exposed to the AI theme—lagged alongside Energy, which was pressured by the sharp decline in crude prices.
- SPX +0.22% at 7,429, NDX -0.98% at 27,763, DJI +1.03% at 52,752, RUT +0.20% at 2,954.
- Click here for a detailed summary.
TARIFFS/TRADE
- US President Trump’s administration announced a ban on new foreign-made humanoid robot and power inverter imports to the US, over “unacceptable risks” to the country’s national security.
- China’s MOFCOM said it is strongly dissatisfied with and firmly opposes the US decision to place Chinese research institutions on a sanctions list, urging Washington to stop smearing them and ensure fair, impartial and non-discriminatory treatment. It added that China will take necessary measures to protect the institutions’ legitimate rights and normal scientific exchanges and cooperation.
- China’s Commerce Minister Wang held a call with the UK Trade Secretary and said China is willing to strengthen cooperation in service trade, green transition and renewable energy. Wang said they are highly concerned about the nationalisation of British steel and urged the UK to abide by relevant international rules, as well as urged a favourable business environment for Chinese enterprises in the UK.
NOTABLE HEADLINES
- US President Trump posted “Senator Johnson is working hard with Senate Republican leadership to adopt a budget resolution before the August recess. This is the first step towards getting as much of THE SAVE AMERICA ACT as possible in a Budget Bill, funding our Troops, and helping our Farmers”, while he called on the Senate to get this critical first step done before the August recess.
- US President Trump’s administration plans to end a subsidy program that helped hold down premiums for Medicare drug plans, a move that could leave many seniors facing higher rates for their prescription coverage next year, according to WSJ.
- US Senate voted to confirm Trump nominee Jay Clayton to be the Director of National Intelligence.
APAC TRADE
EQUITIES
- APAC stocks were choppy with mixed, two-way trade seen as bourses initially began on the front foot as an initial tech rebound helped the region shrug off the geopolitical risks following the Iran attack on a US base in Jordan, although the tech-related gains were eventually wiped out.
- ASX 200 bucked the trend amid outperformance in defensives and as participants reflected on Rio Tinto’s earnings and softer-than-expected inflation data, which saw an unwinding of RBA rate hike bets.
- Nikkei 225 initially rallied amid early tech momentum and reports the government will finalise a food sales tax cut next month, but then slipped into the red as tech stocks reversed course.
- KOSPI suffered at the whim of tech fluctuations, with stocks initially buoyed following mixed results from SK Hynix, which beat on Q2 net, but missed on oper. profit and revenue, stoking concerns of lofty expectations, despite oper. profit jumping 557%. However, the index then slumped and eventually triggered circuit breakers.
- Hang Seng and Shanghai Comp were mixed, with the Hang Seng driven by Chinese automakers/EV names, while the mainland is subdued amid ongoing trade-related frictions.
- US equity futures failed to sustain early momentum, with price action tentative as the FOMC and mega-cap earnings loom.
- European equity futures indicate a lower cash market open with Euro Stoxx 50 futures down 0.3% after the cash market closed with gains of 0.1% on Tuesday.
FX
- DXY marginally softened despite the higher oil prices and mostly risk-off sentiment, but with price action kept to within narrow parameters as attention turns to the looming FOMC meeting, where there is some uncertainty with the Fed expected to keep rates unchanged, although money markets are pricing around a 36% chance of a surprise hike.
- EUR/USD eked modest gains and eyed a retest of the 1.1400 level, but with upside in the absence of any fresh catalysts from the bloc.
- GBP/USD slightly rebounded in rangebound trade after recent oscillations through the 1.3300 level and as participants also look ahead to the BoE meeting on Thursday.
- USD/JPY continued its pullback from near 164.00 territory as risk sentiment deteriorated.
- Antipodeans were mixed with AUD/USD pressured following softer-than-expected Australian quarterly and monthly inflation metrics.
- PBoC sets USD/CNY mid-point at 6.7899 vs exp. 6.7635 (prev. 6.7911).
- Chile Central Bank maintained benchmark rate at 4.5%, as expected, with the decision unanimous, while it stated that the macroeconomic scenario remains subject to a higher than usual degree of uncertainty.
FIXED INCOME
- 10yr UST futures traded rangebound despite the upside in oil prices, with T-note futures contained ahead of the FOMC, with money markets pricing in about a 36% chance of a surprise rate hike.
- Bund futures slightly declined to near the 125.00 focal point amid higher oil prices and looming supply.
- 10yr JGB futures gained as risk sentiment soured in Japan and following the recent deadly earthquake in Japan, which added to the case for the BoJ to keep rates unchanged later this week.
COMMODITIES
- Crude futures climbed as geopolitical tensions escalated after Iran launched missiles at a US base in Jordan, although CENTCOM announced that all missiles were effectively intercepted. It was later reported that the US and Saudi Arabia conducted joint strikes on Iranian-backed militia targets in Iraq, while the IRGC announced it seized three tankers in the Strait of Hormuz.
- US Private Inventory Data (bbls): Crude +3.3mln (exp. -1.4mln), Distillates +0.4mln (exp. +0.6mln), Gasoline +0.9mln (exp. -1.2mln), Cushing -0.3mln.
- Ships transiting via the Bab al-Mandeb Strait were at a one-week high on Tuesday, according to data.
- Spot gold lacked direction with the precious metal contained above the USD 4,000/oz level pre-FOMC.
- Copper futures declined as risk sentiment deteriorated overnight amid tech selling.
CRYPTO
- Bitcoin was choppy and heads into the European session relatively flat beneath the USD 64,000 level.
NOTABLE ASIA-PAC HEADLINES
- Japanese PM Takaichi plans to cut food sales tax to 1% for two years starting April 2027, while the government will finalise the plan in August.
- New Zealand Finance Minister Willis announced Byron Pepper has been appointed as RBNZ Deputy.
DATA RECAP
- Australian CPI QQ (Q2) 0.6% vs. Exp. 0.7% (Prev. 1.4%)
- Australian CPI YY (Q2) 3.9% vs. Exp. 4.1% (Prev. 4.1%)
- Australian RBA Trimmed Mean CPI QQ (Q2) 0.8% vs. Exp. 0.9% (Prev. 0.8%)
- Australian RBA Trimmed Mean CPI YY (Q2) 3.6% vs. Exp. 3.7% (Prev. 3.5%)
- Australian CPI YY (Jun) 3.8% vs. Exp. 4.1% (Prev. 4.0%)
- Australian RBA Trimmed Mean CPI YY (Jun) 3.6% vs. Exp. 3.7% (Prev. 3.6%)
GEOPOLITICS
RUSSIA-UKRAINE
- US President Trump posted that it was a great honour to meet with Ukrainian President Zelensky and that the meeting went well with many things discussed, while Zelensky also said they had a very good meeting and that Trump accepted that he’ll give Ukraine licenses for Patriot missiles.
- US envoys Witkoff and Kushner agreed to visit Kyiv for the first time in an effort to revive diplomatic efforts to end Russia’s war in Ukraine, according to the FT citing sources. Timing had not yet been set and remained subject to change, although the Trump and Zelensky teams envisioned the visit taking place within the next two weeks.
- US Senate voted to advance the Russian energy sanctions bill, which targets Russian officials and oil-dependent nations.
EU/UK
NOTABLE HEADLINES
- BoE is examining the rapid increase in Asian equity exposure among investment banks in London, amid concerns over concentrated positions tied to a small number of AI-related stocks, according to FT.
NORTH AND SOUTH KOREA AND JAPAN
SOUTH KOREA
‘Pray For Kospi’: SK Hynix Earnings Miss, Sending Stock Reeling
Tuesday, Jul 28, 2026 – 07:10 PM
Things are not going to be fun in South Korea tonight…
Good news first…
SK Hynix’s net income surged a bigger-than-expected 1,242% (though admittedly on one-time investment gains) with the ginat chipmaker bragging that it won multiyear contracts with around 10 customers.
Ok, now the bad news…
SK Hynix’s quarterly profit rose a smaller-than expected 557%.
The key supplier of Nvidia reported operating profit of 60.5 trillion won ($42 billion) in the June quarter, well below analysts’ average projection for 64.2 trillion won.
Revenue came to 79.3 trillion won, significantly below the consensus 83.9 trillion won.
All further raising fears that the hyperbolic nature of the AI-driven boom that has suspended reality from the cyclical chipmakers, may be starting to decelerate…
“When you’re the dominant supplier of the high-bandwidth memory that powers Nvidia’s chips, the AI boom lands directly on your bottom line,” said Josh Gilbert, Etoro’s lead analyst for APAC and the Middle East.
“That means the market is unlikely to focus on the headline numbers alone. The bigger question is whether margins and guidance can justify its recent performance.”
Add to that the recent fears of rising competition from China and it is no surprise that SKHY (the US ADRs) is trading down 16% in the after-hours (before Korean trading has begun)…
Following yesterday’s major drop in Kospi, we have three simple words..
…and as goes SK Hynix, so goes the global AI demand narrative…
END
SOUTH KOREA/THIS MORNING
From Momentum To Mayhem: Korean ‘Plunge Protectors’ Meet As Leverage Unwind Sparks Chaos
Wednesday, Jul 29, 2026 – 08:15 AM
‘Leverage goes both ways…’
That is a lesson that many are learning in a painful manner as the army that enjoyed the momentum escalator ride up are now decrying the elevator plunge lower… and the poster-child for this pain is Korea.
Following anxiety over new Chinese competition, and disappointing earnings from SK Hynix overnight, Korea’s stock market has plunged 44% from its record highs in June (but remains up 27% YTD still)…
Triggering yet another circuit-breaker…
And prompting panic among Korean regulators:
As Bloomberg reports, South Korea will hold an emergency meeting Wednesday evening to discuss the market situation after a stocks rout that has wiped billions of dollars off investors’ holdings. The meeting, hosted by Finance Minister Koo Yun Cheol, will involve all of the country’s top financial authorities, starting from 6 p.m. local time, according to lawmaker Yoo Dong-soo.
Top administration officials faced multiple rounds of questioning by lawmakers at the country’s parliament Wednesday.
Lawmakers have linked the rout in part to South Korea’s rollout of leveraged single-stock products in May.
As CNBC reports, South Korea’s finance minister apologized on Wednesday after retail investors racked up heavy losses from leveraged bets on stocks, following rule changes earlier this year.
The May 27 introduction of single-stock leveraged Exchange Traded Funds has seen Korean retail investors pile in with net purchases of 14 trillion won ($9.7 billion), compared with roughly 2 trillion won by foreign investors, according to KB Financial Group.
But the speculative trading boom that helped fuel one of the world’s hottest equity markets has resulted in those investors nursing heavy losses as Korea’s Kospi index has experienced a sharp correction, led by a downturn in chip stocks.
“We’ve already put in place a package of measures, but if it’s needed we’ll introduce additional steps to help normalize the market,” Koo told lawmakers Wednesday.
Cue – the plunge protectors.
Rubbing salt into into the wounds, The FT reports that The Bank of England is probing the rapid growth of exposure to Asian equities among investment banks operating in London, as officials seek to avoid a build-up of highly concentrated bets on a few AI-linked companies.
The BoE’s Prudential Regulation Authority, which supervises UK banks, has launched a review of lenders’ prime brokerage operations in London to check whether they are taking on excessively concentrated exposures to Asian equities, according to people briefed on the move.
When the BoE believes prime brokers are taking on excessive risks, its supervisors can increase the amount of liquid assets they are required to hold to help them survive a potential market sell-off or the collapse of a large client.
…which would be yet another forced deleveraging event for those Korean/Asian equity market investors.
On the potentially bright side, Goldman Sachs’ Alvin So – who has been tracking the Korean leveraged ETF market like a hawk – notes that a great deal of the exposure to levered Korean ETFs has already been unwound…
Incorporating today’s price action, Korea-focused leveraged ETF AUM has declined to US$15–16bn (~70% domestically listed), equivalent to roughly 1.5% of Korean free float on a leveraged-exposure basis.
This is down 70%+ from the peak of US$53bn (3.2% of free float) on June 22.
Over the same period, Korean equities have declined by 40%.
We have also started to see net outflows from these products over the past two weeks (-US$2bn, as of yesterday), despite +US$8-9bn of buy-the-dip inflows between June 22 and July 15.
“The deleveraging and selloff in Korea have increasingly taken on a life of their own,” said Rajeev De Mello, global macro portfolio manager at Gama Asset Management.
“Concerns about excessive optimism around AI initially triggered the correction in semiconductor stocks, but the latest acceleration lower looks less driven by fundamentals and more by positioning, forced selling and investor psychology.”
Circling back to the carnage, unless the market stages a meaningful bounce over the next two trading days, the KOSPI is set for its worst month ever.
Korean opposition lawmakers questioned why the levered products were introduced at an unusual speed despite concerns from much of the asset-management industry, arguing officials prioritized efforts to boost stock prices over market stability.
“The country has turned into a casino,” People Power Party lawmaker Lee Jongwook told Koo during the hearing.
“These are products that should never have been allowed onto the market. I consider this a policy failure.”
Funny, we didn’t hear you complaining on the way up??
We give the last word to Goldman Sachs Korean traders who noted that despite foreign flows switching to net sellers, they did not sense any material change in flow snapshot throughout the day, as it continued to be two-way but better sell skewed in memory. The Goldman desk also notably caught some dip buyers in memory intraday, so would not necessarily distinguish flow today as ‘capitulation’.
This is far from over as the degenerate gamblers keep catching that falling knife…
JAPAN
3 CHINA/
4. EUROPEAN AND SCANDINAVIAN COMMENTARIES PLUS NATO
NORWAY
‘Free Stuff’ In Norway Still Costs Half Of Average Pay
Wednesday, Jul 29, 2026 – 03:30 AM
Authored by Joakim Book via TheDailyEconomy.org,
Every few years, Americans rediscover Scandinavia.
Someone visits Norway or Denmark, returns dazzled and envious of parental leave and universal childcare, and asks why America refuses to copy what obviously works. On the day dedicated to celebrating America, Nicholas Kristof, a Pulitzer Prize-winning journalist, wrote for The New York Times that America is so great that, in fact, it should be more like Norway. If American companies can pay high wages and generous benefits to workers there, Kristof observed, they could do so in New York, too.
If only America were willing to embrace a little more social democracy and bigger government, this popular and recurring story goes, perhaps it could enjoy the same prosperity and flourishing that Norway does — and have its population also routinely rank among the happiest on the planet.
I was born and raised in one Nordic country, have worked in another, and for the last six years have lived in a third, so I’m fairly familiar with our way of life. I’ve also spent much time in America, stunned and enamored of the way things are in the vast, diverse, and unruly union of states. Europeans are simultaneously fascinated and bewildered by America.
Plenty of things are amazing about these United States, and quite a few things awful about the Nordics; I suspect American intellectuals, dreaming about Norway without understanding its nature and tradeoffs, overlook both.
“You Want Security, Health Care and the American Dream? Look to Scandinavia”
Norwegian workers certainly have higher wages than those in many European countries, including those of its fellow Scandinavians. Hotel cleaners, retail clerks, and construction workers often earn salaries that surprise visiting Americans. Thanks to Baumol’s cost disease, decades of well-managed petroleum wealth have pushed up industrial and service wages.
The first thing an American professional moving to Norway would notice isn’t the generous parental leave, but the great loss of disposable income and material well-being. Norwegians households average 30 percent less disposable income than those the US, and the cost of everyday items is much higher.
The Scandinavian bargain might look like free services, but it as tradeoff: more public goods, fewer private goods.
When American politicians or intellectuals promise Nordic welfare states, most people imagine this happening automatically or by taxing the rich, and everybody benefits. That’s not the case. The real Nordic model taxes earners more (45 percent in Denmark, 40 in Norway, 41 in Sweden, compared to 25 percent in the United States) and charging flat value added tax (VAT). Broad welfare states require broad tax bases; Nordic welfare states are financed not by billionaires but by ordinary workers. The “free” benefits are bought with invasive and regressive consumption taxes (up to 25 percent), payroll taxes, and income taxes that reach well that begin after just $10,000 (the first $16,000 is tax free in the US).
An American professional, pocketing the median earnings of about $65,000, would pay over $17,000 in Norwegian income taxes (compared to about $5,000 per the IRS calculator, naturally subject to state taxes and various deductions), with the employer forced to chip in another $9,200 for the privilege of merely hiring her. From what’s left over, she faces a high cost of living and sales taxes between 11 percent and 25 percent.
Were she in Sweden, a much poorer country with wages well below Norway’s, our middle-of-the-road American professional would land herself in the top 20 percent of earners — though not yet triggering the top 53 percent (or 64 percent) marginal tax rates.
For the Tax Foundation, Cristina Enach summarized, “In 2024, Denmark’s tax-to-GDP ratio was 45.2 percent, Norway’s was 40.2 percent, and Sweden’s was 41.4 percent. This compares to a ratio of 25.6 percent in the United States.”
Some of that difference is accounted for by healthcare spending (private, not government) and pension contributions (401(k) or other retirement accounts) and other personalized options. The Nordics give you one option: the state.
In return, yes, our hypothetical expat would receive subsidized childcare, education, paid time off, and health care. Those services would be of dubious quality, with waiting times stretching into months even for life-threatening conditions. For some, that’s a trade worth making, but it’s not obviously superior, as economist Noah Smith concluded in his comparison a few months ago.
Inequality is indeed lower in Norway, where a person in the top 10 percent earns just three times as much as a person in the bottom 10 percent. That means there’s less reason to strive, less room to grow. Looking to the future, investments in growth, employment, and AI-fueled opportunities are far more attractive stateside than in stagnating Scandinavia. Suppressing growth at the top has suppressed everyone’s potential.
The Norwegian Story Isn’t the Nordic Story
The gap between the average person’s wellbeing in America and that of almost all European countries has widened dramatically over the past three decades. In income per capita, the United States has steadily pulled away from Europe over the last thirty years. The United States’ average income now exceeds every EU member except Luxembourg and Ireland. Citizens of fourteen EU nations earn less on average than residents of even the poorest state: Mississippi, and the EU as a whole ranks between Oklahoma and Maine.
Joseph Sternberg’s opinion piece in the Wall Street Journal earlier this year is illustrative: both Americans and Europeans are shocked when they learn how much materially better off America is. “Politically, bliss is ignorance,” concluded Sternberg. “European welfare states, by creating relatively comfortable lives for voters, conceal the full extent of Europe’s prosperity gap.”
Norway is an affluent country by European standards, but only average compared to America as a whole. Rough figures indicate that Americans, on average, enjoy material economic abundance on par with Iceland and Norway, but are 20 percent to 60 percent better off than the other Nordics. (The difference between the economic outliers and the other Nordics is the difference between New York State and Michigan.) While there are nuances in life, politics, and economics between the five Nordic countries, it’s not like the tax rates, labor economics, public schooling, the overall welfare state, or the generosity of parental leave are that different.
It’s no accident that Kristof reported from Norway; had he run this comparison with Sweden or Finland, the economic outcome would have been so unacceptably low that few Americans would be persuaded by the promise. People in the Norwegian and Icelandic success stories are significantly richer than the other Nordics. Even adjusting for purchasing-power-parity numbers via the University of Groningen-Penn World Table data for 2023, Americans are still a comfortable 15-20 percent richer than most Scandinavians.
It’s Impossible Anyway, So Why Are We Dreaming?
The most immediate sticking point to inflated dreams about the Nordics is that nobody has figured out a way to effectively translate and recreate social and economic institutions elsewhere. To say nothing about a population’s values, behaviors, and traditions.
Institutions emerge from particular and path-dependent histories. They’re not IKEA furniture to merely ship across an ocean and assemble at home. Academic or political observers often make the mistake of thinking you can just isolate a few desirable behaviors or economic institutions, retrofit them onto America, and effortlessly create better lives here.
Plus, America has long tolerated — indeed celebrated — a remarkable degree of eccentricity and ambition. Americans start improbable companies in garages, and they love their “weirdos.” When they do things, they (over)do them properly — SpaceX. College football. Time Square. Las Vegas. Whatever you’re interested in or passionate about, some all-American oddball has built a community for that. It’s a nation of inventors and obsessive animal lovers. They build Burning Man in the desert and whole cities at sea. Their wide-open spaces connect a web of places-as peoples-as-philosophies: Hollywood, elite universities, Silicon Valley and Broadway, Nashville and Detroit, Amish meeting houses and evangelical megachurches, Hindu temples and Highland games from coast to coast. Our great hybrid culture thrives on liberty, not just lower taxes. Our cultural inheritance is the result of having astonishingly many different attempts thrown at the American wall to see what sticks.
The Nordics don’t have that. With the recent exception of fintech and startup wonders (riding on an early, high-tech boom from the ‘90s), trying new, eccentric things in those cold lands isn’t exactly welcome. The Scandinavian idea of Jantelagen, the expectation that nobody should think themselves special, results in a lack of opportunities and a disregard for novelty that most Americans see as both rude and discouraging.
The political equilibrium keeping Scandinavia afloat was, until recently, a mostly homogenous population on sparsely populated lands eerily willing to subjugate individual preferences and quirks to common, collective rules. America stands out in the exact opposite way: letting 15 times as many people pursue radically different lifestyles and individual ambitions with cheerful respect, but little regard for whether the neighbors approve.
Even if it were possible to transplant Norwegian economic and political institutions onto America, how can we be confident we won’t have a Swedish-level economic debacle instead of the wealthy, comfortable Norway a social reformer might dream of?
We can admire and learn from Scandinavian countries using the “Nordic Model,” which have achieved robust social programs without sacrificing too much in the way of economic prosperity. That balance is fragile, and might not work forever: immigration troubles, stagnating growth, and an overbearing regulatory state are exposing the cracks.
Scandinavia has built wildly successful societies for a few million very similar-minded people. But the United States has built something more impressive: a vast, messy republic of economic and social flourishing where hundreds of millions of people peacefully pursue wildly different visions of a good life.
Becoming more like Norway means becoming less American, with less of the opportunity, ingenuity, and the entrepreneurship that made America great.
END
UK/UKRAINE/RUSSIA
Britain Backs Ukraine With New Electronic Warfare Cooperation
Wednesday, Jul 29, 2026 – 06:30 AM
Via RFE/RL,
- Zelensky met newly appointed British Prime Minister Andy Burnham, who reaffirmed the U.K.’s military support and announced technology sharing for the Stone Cloak electronic warfare system.
- Ukraine and Russia carried out long-range attacks that caused civilian casualties and damage to energy infrastructure on both sides.
- Zelensky is continuing a major diplomatic push with a planned visit to Washington as Ukraine seeks additional military and political support.
President Volodymyr Zelensky met British Prime Minister Andy Burnham on July 27 as he kicked off a key week of talks with officials around the world to bolster Ukraine’s defenses amid a rising civilian death toll from Russian air strikes back home.
Zelensky became the first foreign leader hosted by Burnham since he took office one week ago following the resignation of fellow Labour Party member Keir Starmer.
The two leaders met at the Portsmouth Naval Base on England’s southern coast as Burnham pledged his country’s “unwavering” support for Kyiv as the war with Russia runs well into its fifth year.
Zelensky said being the first foreign leader to meet Burnham was “an important signal of support.”
“We discussed our defense – for Ukraine, it is important to have sufficient capabilities to protect lives both in the sky and at sea,” Zelensky wrote on social media after the meeting, adding the development of joint defense production was also touched upon.
Burnham and Zelensky were later scheduled to meet some of the 200 Ukrainian military personnel who have been in Britain the past three weeks participating in a maritime security and counter-mine exercise in preparation for potential future Black Sea missions.
‘Stone Cloak’ System
Burnham announced the sharing of the intellectual property behind Britain’s new Stone Cloak electronic warfare system, enabling Ukraine to produce the technology itself.
The jammers, the size of a tablet computer, can be used to prevent Russian air defenses from tracking and targeting drones when attached to the projectiles, officials said.
Downing Street pointed out that the United Kingdom’s support for Ukraine has reached 25 billion pounds ($33 billion) since Russia’s full-scale invasion of February 2022, including 16 billion pounds ($21 billion) in direct military assistance.
Following the London visit, Zelensky is scheduled to travel to Washington on July 28 for talks with US President Donald Trump.
Zelensky is also expected to attend the funeral of US Senator Lindsey Graham, who died earlier this month. The Republican lawmaker was a vocal Ukraine supporter and had traveled to Kyiv for meetings with Zelensky days before his death.
Russia, Ukraine Exchange Deadly Strikes
Five people, including a child, were killed and eight injured in a Ukrainian drone attack on Russia’s Rostov region, local officials reported on July 27.
Rostov Region Governor Yuri Slyusar said rescuers recovered bodies, two adults and one child, from the rubble of an apartment building hit by a drone, while emergency crews continue recovery operations and provide assistance to victims.
Zelensky, in a post on X, said that Ukraine’s long-range strikes hit an export terminal in the Rostov region and oil facilities in the Yaroslavl and Udmurtia regions to reduce Russia’s ability to finance the war.
“Last night, our long-range sanctions were effective in the Rostov region. An export terminal approximately 250 kilometers from the front line was hit. Deep strikes also targeted oil facilities in the Yaroslavl region and the Udmurt Republic, which is 1,300 kilometers from Ukraine’s state border,” Zelenskyy wrote.
Meanwhile, the death toll continued to rise in Ukraine, with the capital, Kyiv, coming under a Russian ballistic missile attack on July 26, authorities said, while other regions suffered air strikes during the day that led to at least six deaths.
In the northern Ukrainian city of Chernihiv, a Russian drone struck a supermarket, killing two people and wounding 25, Ukraine’s emergency services said.
“This is deliberate Russian terror that has no military justification,” Zelensky wrote on Telegram.
Regional Governor Ivan Fedorov said a glide bomb attack killed one person and wounded six in the southern Ukrainian city of Zaporizhzhya, which has been a frequent target of Russian bombardment.
In the frontline city of Slovyansk in Ukraine’s Donetsk region, the Naftogaz oil and gas company said two of its employees were killed in a Russian attack while trying to help residents affected by an earlier air strike.
One person was killed, and eight others were injured in a Russian strike on the town of Balakliya in Ukraine’s Kharkiv region on July 27, regional authorities reported.
Russia denies targeting civilian areas despite widespread evidence of such attacks that have killed thousands of people since the start of Russia’s full-scale invasion.
END
HERMES (BIRKIN BAGS)//LUXURY GOODS/ FRANCE ET ALL//CHINA
Birkin Bag Maker Plunges Most Since 2010 As Soft China Demand Weighs On Leather Sales
Wednesday, Jul 29, 2026 – 07:20 AM
Hermès shares in Paris suffered their steepest intraday decline in nearly 16 years after second-quarter leather goods sales missed estimates among analysts tracked by Bloomberg, reigniting concerns over the luxury group’s large exposure to the Chinese market.
Second-quarter sales in the leather goods division rose 10.2% at constant exchange rates, missing the Bloomberg Consensus estimate of 10.7%. Overall revenue increased 6.7% to about 4.1 billion euros, slightly ahead of estimates, driven by 13.7% growth in the Americas.
Here’s a snapshot of 2Q Earnings:
Sales at constant exchange rates +6.7%, estimate +6.51% (Bloomberg Consensus)
- Leather goods sales at constant exchange rates +10.2%, estimate +10.7%
- Watches revenue at constant exchange rates +4.4%, estimate +0.17%
- Perfumes revenue at constant exchange rates -9.5%, estimate -1.47%
- Silk and Textiles revenue at constant exchange rates +12.2%, estimate +7.5%
- Ready-to-Wear and Fashion revenue at constant exchange rates +3.6%, estimate +3.53%
- France revenue at constant exchange rates +6.2%, estimate +3.78%
- Total Europe revenue at constant exchange rates +7.4%, estimate +6.89%
- Japan revenue at constant exchange rates +12.3%, estimate +10.7%
- Asia Pacific revenue at constant exchange rates +2.5%, estimate +3.2%
- Asia revenue at constant exchange rates +4.4%, estimate +4.51% (2 estimates)
- Americas revenue at constant exchange rates +13.7%, estimate +13.9%
UBS analyst Zuzanna Pusz wrote in a note to clients that her initial takeaway from the earnings call was “softer messaging on leather,” suggesting management had adopted a more cautious tone toward the key division.
Pusz continued:
Subtle shift in messaging may raise questions on medium-term targets
At the Group level, results were broadly in line with expectations, however one of the key concerns was softness in the Leather Goods division (OSG of +10% vs. cons. & UBSe of +11%). In our view, management’s commentary is unlikely to provide much shortterm reassurance. When asked about the MT growth algorithm and prior guidance for FY26 (6-7% volumes + 6% pricing), management stressed that the framework cannot be reduced to a simple combination of volume growth and price/mix, arguing that such an approach would be overly simplistic ignoring the regional pricing and productivity. Although the company reiterated robust demand for its handbags and reaffirmed its ambition to continue expanding volumes, the shift in messaging may be interpreted as a subtle softening of its commitment to previously assumed MT growth targets.
Tourism drag becomes harder to ignore in France
Management reiterated that France remains more exposed to tourism than the rest of Europe, helping explain the weaker performance relative to Europe ex-France. French stores are said to have been affected by lower tourist flows, particularly from the Middle East, which continued to weigh on Parisian locations, with the impact estimated at c.- 1.5ppt to Q2 growth, unchanged from Q1. By contrast, Europe ex-France remained strong, supported by Italy, Northern Europe, Germany, Greece and the UK following its recent space expansion. While local demand in the Middle East remained resilient, trends in concession markets were more mixed. Overall, management’s comments suggest tourism, particularly Middle Eastern spending, remains an important swing factor, while growth is increasingly supported by strong local demand in markets such as the US, Japan, Korea and parts of Europe.
There are multiple factors underpinning the strength in margins
One of the key positives from the release was the strength of the EBIT margin, which came in at 41.0% (vs. consensus of 40.4%). While management unsurprisingly refrained from providing near-term guidance, it highlighted healthy product sellthrough rates without any build-up in inventories. The company also pointed to a favourable contribution from FX hedges in H1, while noting that the H2 impact will depend on where exchange rates ultimately settle. In addition, Hermès reiterated its intention to step up investments in communication and marketing initiatives to support customer recruitment, alongside continued expansion of its sales teams in key markets such as the US, Japan and South Korea. On raw material costs and pricing, management indicated that price increases in 2027 are likely to be somewhat lower than those implemented in 2026.
Jefferies analysts led by James Grzinic told clients that “the ongoing lack of growth in China” remains a major concern for the stock. The luxury industry has been under pressure for several years as Chinese consumers dial back on spending, inflation weighs on discretionary demand and conflict in the Gulf region disrupts regional shopping hubs and tourism flows.
China, once a key growth driver for the sector, remains under pressure. Hermès Executive Chairman Axel Dumas said the market is showing signs of stabilizing but has yet to stage a meaningful recovery.
“I see a stabilization of the Chinese market, but I don’t see a fundamental rebound yet,” Dumas said during the earnings call, adding that Hermès continues to grow in the country, but at a slower pace than in recent years.
The disappointing earnings report sent Hermès shares tumbling as much as 11% in Paris, the steepest intraday decline since Oct. 10, 2010. The stock has fallen to levels last seen in 2023 and has nearly halved since peaking in early 2025.
Here’s what other desks on Wall Street are saying (courtesy of Bloomberg):
Citi (neutral)
- Thomas Chauvet says misses in the leather and perfumes divisions offset strong performance in silk & textiles, watches, France and Middle East
- Expects limited changes to FY26 consensus sales and Ebit
Deutsche Bank (buy)
- Adam Cochrane says firm delivered “solid” 2Q performance, which was modestly ahead of expectations
- Adds that “quality of growth was mixed,” with Americas particularly strong as well as Japan accelerating, while Europe was softer than expected
- Highlights rising gross margin helped offset higher operating expenses
Jefferies (buy)
- James Grzinic says “more critical to the debate will be the extent to which the ongoing lack of growth in China may also reflect the group restricting the supply of some products in that market”
RBC (outperform)
- Piral Dadhania notes that, by region, there are “no major surprises with Other less bad than feared”
Sector-wide, the Goldman Sachs European Luxury Index has largely stalled over the past three to four years.
UBS remains “Neutral” on Hermès, with a 1,795-euro 12-month price target.
Professional subscribers can read more on luxury here at our new Marketdesk.ai portal
END
Why, Oh Why Do They Do This?
Wednesday, Jul 29, 2026 – 05:00 AM
Authored by Steve Watson via Modernity News,
Viral footage circulating online shows a British man methodically working his way along the streets of his own city with a wheeled bin and litter picker, clearing the rubbish left by others. He is not being paid and not making a political point. He is simply trying to prevent the area from descending into a tip.
Remarkably, as he works, foreign shopkeepers and residents repeatedly emerge from their premises to instruct him to clear the mess outside their own doors, standing by as he does so.
One older local, taking in the state of the streets, observes that if President Trump were to see them he would declare the place a “shithole.”
This pattern is expanding everywhere.
In Page Hall, Sheffield, the same individual was filmed over and over dumping household waste on the corner of Bolsover Road. Residents record from behind windows and ask Sheffield City Council how long they are expected to accept it.
In Marseille, a resident filmed the streets after North African arrivals moved in. Garbage was thrown from windows. The neighbourhood was reduced to literal shit. “We never asked for this,” he says.
In a quiet Birmingham street an asylum seeker was caught emptying bags of rubbish into the road, perhaps to make the area feel more familiar.
The countryside has not been spared. Hundreds of tonnes of plastic, foam, wood and household waste appeared overnight along the River Cherwell near Kidlington in Oxfordshire. The pile reached 20 feet deep and stretched 500 feet, metres from the A34. Locals called it a catastrophe in a first-world country.
UK’s Countryside Trash Horror: Oxfordshire River Turns Into Third-World Dump
Unimaginable pollution
On Bwlch Mountain in the Rhondda a farming family that has worked the land for ninety years found a stream of rubbish cascading down the slope from a lay-by, visible for miles. Household goods, plastic, cardboard. The farmer said it keeps her awake at night.
This Is What Mountains In Wales Look Like Now… A Stream Of Rubbish VISIBLE FOR MILES
Illegal dumpers turn beauty spot into toxic eyesore
In Dorset’s Holt Heath nature reserve, a Site of Special Scientific Interest, tipper vans dumped at least 20 tonnes of waste earth and debris across National Trust and Forestry England land. Police called the act despicable.
UK’s Rubbish Dumping Epidemic Continues As 20 TONNES Tipped In Nature Reserve
Havens being turned into hazardous wastelands
In the Peak District a furious motorist confronted two men caught dumping a sofa in a national park.
The same national park and nearby hills have been left covered in litter, human faeces and abandoned rubbish by day-trippers who treat protected landscapes as free dumps.
Across the Atlantic a Canadian man caught a group of Indians dumping a couch in the forest. He forced them to pick it up and take it to the dump himself.
In Small Heath, Birmingham, another fly-tipper was filmed in the act.
In civilised societies, the bin truck comes once a week. Council tips and recycling centres operate. Yet the same people continue throwing rubbish into the streets and rivers.
This is not a lack of facilities. It is a refusal to use them.
Footage from the countries many of these individuals left behind shows the cultural baseline. In India, tonnes of waste are dumped straight into rivers.
When a tourist in India suggested to a local to pick up dropped litter and put it in a bin, the reply was a flat refusal. The litter stayed exactly where it was.
In Bangladesh a river no longer holds water or fish, only human and animal faecal matter, trash and floating mounds of waste that wash away in floods.
In Algeria a holiday beach at Oran is filmed as an open-air dump.
In Pakistan entire loads of rubbish are emptied straight into public waterways while the West frets over paper straws.
These people arrive in Britain steadfastly refusing to deviate from the practices of the places they left. They are offered free collection, legal disposal sites and public bins. Many choose instead to tip waste into streets, rivers, mountains and nature reserves.
They show no respect for the environment they now occupy and no regard for the people who have to live with the mess.
That behaviour might be routine in the third-world dumps they came from. It is not routine here. The services exist. The choice is deliberate. The result is Western towns, rivers and countryside being turned into the same wastelands the individuals left behind.
Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.
END
5. RUSSIAN AND MIDDLE EASTERN AFFAIRS//
LATE TUESDAY NIGHT/WEDNESDAY MORNING
that did not last long!!!
Fragile Iran ‘Pause’ Shattered As US Base In Jordan Comes Under Attack, Oil Soars
Tuesday, Jul 28, 2026 – 06:25 PM
Summary
- Oil soars on reports of Iran targeting US Jordan base; Iraqi militants attack KSA for 2nd day.
- Hormuz indirect talks continue amid reports of a possible resurrected MoU deal.
- Shipping remains stalled with virtually no tanker traffic through Hormuz.
- Iran insists Hormuz stays closed unless its terms are accepted.
- Houthis escalate attacks, prompting more ships to avoid the Red Sea.
* * *
Fresh Unilateral Strikes on Jordan Base; Iraqi Militants Again Target KSA
Iranian state media in the overnight hours (local) are reporting fresh apparent Iranian missile attacks in Jordan. A “US base in Jordan was possibly targeted” after reports of explosions there, Fars and IRIB report. Tehran officials have insisted they have not requested US talks following the prior nearly two straight weeks of fighting, though a ‘pause’ took effect last Friday when President Trump ordered a halt to US airstrikes. The day was filled with headline hype of a potential ‘resurrected’ MoU deal. Once again these ‘deal is close’ headlines prove misleading and premature. CENTCOM is confirming on the heels of the Iranian media reporting:
- Senior American official: Iran launched missiles toward an American base in Jordan (Axios)
- CENTCOM: IRGC forces launch multiple ballistic missiles from Iran and all Iranian missiles were effectively intercepted
Adding to the uncertainty and jitters of already sensitive global oil, Iraqi militants on Tuesday fired projectiles on Saudi Arabia for a second day, also amid the ongoing missile threat from Yemeni Houthis. According to the Associated Press:
Saudi Arabia said Tuesday that it shot down drones fired by Iran-backed militias in Iraq for a second day, while Iran-backed Houthi rebels in Yemen claimed to have forced a Saudi oil tanker to turn around as part of their self-styled blockade of the kingdom.
The attacks underscored lingering tensions despite a period of calm between the United States and Iran, neither of which has announced attacks for days following weeks of escalation over the Strait of Hormuz.
The Saudi Defense Ministry said in a statement that air defenses intercepted and destroyed several drones that had attempted to target petroleum facilities in the nation’s eastern region. It said the attacks were “once again launched from Iraqi territory and carried out by Iran-affiliated terrorist militias.”
Oil climbing on the headlines of the rare pro-Tehran aggression during a ‘pause’:
WTI OIL JUMPS 5% AS US INTERCEPTS IRANIAN ATTACK ON ITS TROOPS
Below: unconfirmed initial image circulating…
Shipping Latest: Bab El Mandeb & Hormuz
Iran has reaffirmed that if Oman does not agree to its terms for the Strait of Hormuz, the the vital oil transit waterway will remain closed, per Iran’s Deputy Foreign Minister. This also as things are again heating up in the Red Sea region, with the Houthis late Tuesday announcing they’ve once again targeted a Saudi oil tanker for violating the blockade. Reuters reports:
Yemen’s Houthis claim to have fired ballistic missiles at a Saudi oil tanker, accusing the vessel of violating what they describe as their maritime blockade on Saudi Arabia in the Red Sea and ignoring warning calls.
The Iran-aligned group’s military spokesperson, Yahya Saree, claims the vessel was forced to turn back.
According to separate reporting, China is holding direct negotiations with Yemen’s Houthis to ensure safe passage for its ships through the southern Red Sea.
Iran says it hasn’t sought US talks in past 16-17 days, reports Irib News
And a US CENTCOM update on its latest figures: it says that as of Tuesday the US military has redirected 18 commercial vessels, disabled two, and boarded another two to “ensure full compliance of the US blockade against Iran.” The latest from Netanyahu’s meeting with Trump at the White House:
Channel 12 on a senior Israeli official: Netanyahu confirmed to Trump that additional strikes on rehabilitated Iranian nuclear facilities are unavoidable
More vessels reportedly turning away from planned routes after Houthi threats:
Fox Reports Mediators ‘Close’ to Resurrecting MoU
Here we go again… despite no evident change in war posturing on either side, and despite shipping traffic still largely at a complete standstill in the Strait of Hormuz, Fox News is out with claims that the failed Memorandum of Understanding (MoU) could be ‘resurrected’… bringing us back to the ‘deal is close’ constant headlines of earlier this summer (though of course the sides were never in reality close – and simply returned to a wider bombing campaign)…
“Mediators of the ongoing conflict in the Middle East believe the U.S. and Iran are close to a deal that would resurrect the failed memorandum of understanding, according to The Times of Israel,” Fox writes, based on the earlier Israeli media article. Negotiators from Pakistan, Egypt and Qatar have been haggling over an Oman-proposed Strait of Hormuz management plan. It will involve fee-collection and is backed by the Gulf states, supposedly. The timing of all of this interesting given Trump is currently hosting Netanyahu at the White House. More from Fox:
Iran and Oman — both of which are situated on the Strait of Hormuz — have reportedly signed off on the proposal advanced by the mediators.
The two sources said the White House was waiting to make a decision until after President Donald Trump meets with Israeli Prime Minister Benjamin Netanyahu on Tuesday.
Meanwhile…
JMIC: DATA INDICATES ZERO TANKERS IN EITHER DIRECTION OF HORMUZ
Still, the return to deal ‘optimism’ has pushed oil prices down further – which is perhaps the entire point of US officials anonymously hyping that a deal is ‘close’ once again.
And S&P futures briefly reached High of Day on the headline…
Oman’s Hormuz Management Proposal
US-Iran attacks have remained paused, and oil prices have extended their declines, as President Trump has claimed Tehran and Washington are now having “very friendly talks” while at the same time suggesting negotiations might not be prolonged.
“We are in very deep talks with Iran. If they don’t work out, we will go back to very strong military action,” Trump told Axios, as we highlighted previously. But possibly the most promising development in terms of an off-ramp is that Oman has presented Iran with a plan backed by Gulf states to manage the Strait of Hormuz.
This would reportedly include including collecting voluntary fees for using it, according to sources who spoke to Reuters Tuesday. The report notes that “The plan could serve as a basis to end the disruption to trade through the strait caused by the U.S.-Israeli war on Iran.”
However, this also to some degree represents the stalemated situation going back to square one, given the United States has consistently and vehemently opposed any fees being collected that would go to Iran. An immediate response from Tehran on the proposal has not been forthcoming, and talks could drag on for days related to the Oman plan. Already Tehran is adding some strict conditions regarding frozen or seized Iranian assets abroad, per Bloomberg citing state media:
“Any company or country that receives funds from Iranian assets will not be allowed to pass through the strait,” semi-official Tasnim news agency cites a spokesman for Iran’s central military command as saying in response to recent US proposal.
Reuters provides more detail in the following: “The system would be analogous to one in place on Asia’s Strait of Malacca, where Indonesia, Malaysia and Singapore ask ships to pay voluntary contributions to fund navigation, environmental protection and search-and-rescue operations.”
“The Western diplomat compared it to a voluntary carbon tax for flights, where anyone buying a plane ticket can choose to tick a box if they want to pay to offset their emissions,” the report adds.
‘Glimmer of Hope’ Amid Indirect Hormuz Talks
The Wall Street Journal has said this represents a “glimmer of hope” as fighting has halted since last Friday:
A U.S. official and mediators said Iran and Oman were still far apart on some issues, including whether to charge fees for transit. But both sides said there was progress, marking the first glimmer of hope for diplomacy since President Trump ordered a new round of military strikes on Iran more than two weeks ago in response to Tehran firing on commercial vessels in the strait.
…The goal of the Iran-Oman talks is to agree on which route vessels can take through the 22-mile-wide strait. Conflict erupted earlier this month after the U.S. began guiding ships through the strait by hugging the Omani coast, while Iran wants vessels to cross through its territory.
In the meantime President Trump had laid out Monday while speaking to reporters aboard Air Force One his view that there’s “plenty of time” to deal with Iran and that “we are talking right now..” He laid out that while “there’s a good chance that something could happen,” it remains that If not, “we go back to doing what we were doing two days ago.”
Trump has on Tuesday reiterated to Fox News that Iran understands it will never have a nuclear, and reaffirmed that the two sides are talking.
Jazan Oil Refinery Shut Down for Repairs After Strikes
Over in Saudi Arabia, where missile and drone attacks out of Yemen (and possibly Iraq) over past days have damaged Aramco facilities, one regional media source says that “Saudi Aramco has shut down its Jazan oil refinery after a Houthi missile and drone attack damaged key facilities at the site, according to reports.”
“The refinery, which processes 400,000 barrels of crude per day, suffered damage to its Integrated Gasification Combined Cycle (IGCC) complex and tank farm area. Repairs are expected to be completed and operations to resume by Aug. 15, according to a note from consultancy IIR,” Turkiye Today adds.
Satellite imagery also shows alleged damage to gas storage tanks at Saudi Arabia’s Abqaiq facility, most recently to be hit targeted likely by the Houthis:
However, there still no official Saudi confirmation of Abqaiq being struck, but only that it was targeted:
As for the possibility of where things go from here, amid potential escalation which could see the Houthis further target Saudi oil complexes, President Trump had also warned in the aforementioned Fox interview that the US will “take out” Pickaxe Mountain if it doesn’t reach a deal with Iran.
He noted that Israeli Prime Minister Benjamin Netanyahu wants the US to stay involved in the fight
end
ISRAEL/USA/IRAN// WEDNESDAY MID MORNING
Trump Vows To Hit Iran ‘Hard’ As Rare Joint US-Saudi Strikes Pound Iraq, Killing 20 Militants
Wednesday, Jul 29, 2026 – 08:45 AM
The few days of calm that persisted over last weekend since Friday are already a thing of the past, as tit-for-tat serious attacks between the US and Iran return, and now involving the Saudis and proxy militants in Iraq.
The fresh flare-up started as we reported when in the overnight and early hours of Wednesday (local) Iran launched several missiles on a US base in Jordan, with the Jordanian armed forces saying they intercepted five projectiles. Iran is framing this as new action due to US military activities enforcing the blockade of Iranian ports in the Strait of Hormuz.
For many hours prior to that new Iranian assault, which was accompanied by launches out of Iraq on Saudi energy sites, international headlines claimed that mediators were getting close to restoring the defunct Memorandum of Understanding (MoU).
As if to confirm that those headlines were nowhere close to reality, Iran’s Deputy Foreign Minister Kazem Gharibabadi has recalled President Trump’s words claiming that Tehran was “dying for a negotiation”; but, said Gharibabadi, “We have sent no request for negotiation with the US during the past 16–17 days.”
The Iranians have continued to insist that its own terms for strait management will be the end result of this war. “If the Strait of Hormuz returns to its previous state, our success in this war is not complete,” the Iranian diplomat said. He said this will include Iran’s right to charge fees to allow ships safe passage.
As for the renewed battle, President Trump has newly warned in a statement to Fox News that “we’ll be hitting Iran hard” in response to the new attacks on American targets in Jordan.
The new expanded nature and scope of the war has seen Saudi Arabia jump directly in against Iran-backed Shia paramilitary groups in Iraq, as well as the Shia Houthis of Yemen.
Oil continues to climb on the escalation headlines…
Rare and major joint US-Saudi strikes on Iraq have killed at least 20 militants, and wounded 32 more, according to Iraq’s Popular Mobilization Forces (PMF), as cited in Al Jazeera:
In an earlier statement, the PMF – which is an umbrella group for Iraqi militias backed, trained and loyal to Iran, said the attacks represent a “highly dangerous escalation” and a violation of Iraq’s sovereignty and official security institutions.
The Islamic Resistance in Iraq, a self-proclaimed resistance armed group backed by Iran, denied any role in the attacks on Saudi Arabia. It said Saudi claims were “fabrications” and that “any foolish Saudi action will be met with a harsh response”.
CENTCOM acknowledged that operation as a response to this weeks attacks on Saudi infrastructure, marking the first major US military action in the Middle East since last Friday when Trump first declared a pause after the 13 prior straight days of fighting. Trump had noted in the Fox comments that the Saudi and US attacks were coordinated with Iraq.
Ironically this comes at a time the Iraqi government has sought to appease Washington by overseeing a voluntary disarming program of its Shia factions. It has remained an open question to what degree this will actually be carried out.
Saudi Arabia’s Defense Ministry issued a statement saying the offensive was “in response to recent drone attacks” on the kingdom. During those attacks, the Saudi military “intercepted and destroyed several drones that attempted to target petroleum facilities in the Eastern Province and Riyadh regions…. launched from Iraqi territory and carried out by Iran-aligned terrorist militias.” It added that “The Kingdom emphasizes that it does not seek escalation but will respond to any aggression it faces.”
Meanwhile Trump continues to talk about taking out Iran’s highly fortified Pickaxe Mountain nuclear facility:
Tehran has has responded by condemning the “clear aggression against the national sovereignty and territorial integrity of Iraq.” Iran said the new US-Saudi joint action was “in line with the aspirations of the United States and the Zionist regime to expand the scope of war,” according to the Foreign Ministry.
Iran has pledged its support to its allies in Iraq: “While expressing condolences for the martyrdom of a group of honorable Iraqi people during these aggressive attacks, the Ministry of Foreign Affairs emphasizes the full support and solidarity of the Islamic Republic of Iran with the government and people of Iraq, and holds the warmongering US regime and its accomplices in the region responsible for the dangerous consequences of these criminal, inhumane, and provocative actions,” it added.
Overnight developments
via Newsquawk…
- US CENTCOM said US and Saudi forces strike Iran-backed terrorist sites in Iraq.
- Iranian state TV cites an unnamed military source stating that Iran denies any link to projectiles fired from other countries at targets in Saudi Arabia.
- Chinese Foreign Ministry denies reported that Iran will received Chinese-made man-portable air defence systems in the coming weeks.
- Iran official said Oman proposal for Hormuz Strait joint regional management is to fail.
- Iran will get Chinese shoulder launched missile systems in weeks, according to Reuters.
- US President Trump said in a tele-rally that Iran wants to make a deal so badly, adds we’ll get Iran to sign on the dotted line and we’ll get the war over with.
- US CENTCOM said at 17.45EDT, IRGC forces launch multiple ballistic missiles from Iran and all Iranian missiles were effectively intercepted.
- US official said Iran launched missiles at a US base in Jordan, but noted missiles were intercepted, according to Axios.
- Iran considered retaliatory strike on Ukrainian seaport, although a flurry of diplomacy has eased tensions, according to NYT citing officials.
- US official said Iran is over reaching with demands that Oman, US and the international community are rightly rejecting on Strait of Hormuz. Deal being discussed is a coordination deal, there are no tolls and no fees.
- Iraq PM’s planned visit to Saudi Arabia tomorrow has been cancelled, Iraqi government source tells Al-Araby.
- A senior Iranian official said Tehran has rejected Oman’s proposal for regional joint management of the Strait of Hormuz as unworkable, reported suggest.
- Iraqi sources said US and Saudi Arabia targeted a mosque and water purification plant in Baghdad.
- IRGC noted that 3 tankers were hit and seized in the Hormuz Strait, adds US interference in the region will not go unanswered.
- Explosions were heard in south Baghdad, while reported noted US and Saudi strike in Kirkuk and Salah Al-Din.
- Israeli PM Netanyahu said meeting with Trump is one of the best we’ve had.
- IRGC confirmed that they fired ballistic missiles at the US Air Base and US Military Central Command Center in Jordan.
- US President Trump posted that he had a very good meeting with Israeli PM Netanyahu and many important subjects were discussed.
- Explosions reported in Al-Suwayrah, Wasit province South of Baghdad.
- Source circulates ‘footage of a direct hit on Muwaffaq Al Salti Air Base in Jordan’.
- IRIB reported explosions in Jordanian airspace and that US base in Jordan was possibly targeted.
- Iranian media sources report explosions in US base in Jordan due to Iranian missile attack.
- Three Japanese-linked vessels have exited the Strait of Hormuz via Iran’s designated route, Kyodo reported.
- An Israeli military source said Defence Minister Katz disclosed operational details about the takeoff of US fighter jets from Israel to carry out strikes on Iran, Al Hadath reported.
- Several loud explosions are being reported in Jordan, according to Nour News.
- Sources said Yemen’s Houthis are considering imposing fees on commercial ships transiting the southern Red Sea.
END
War Path Or Deal? Trump Threatens To Hit Iran ‘Hard’ As Netanyahu Meeting Details Emerge
Wednesday, Jul 29, 2026 – 11:35 AM
Summary
- Trump weighs deal, sanctions, or strikes on Iran as Saudis-US hit Iraqi militants.
- Tehran denies seeking talks, insists on Hormuz terms.
- Oil climbs as attacks on Saudi energy sites continue.
- Conflict widens with joint US-Saudi strikes in Iraq which killed at least 20.
* * *
Details of Trump-Netanyahu Meeting at Oval Finally Emerging
After on Tuesday President Trump hosted both Zelensky and Netanyahu in the Oval Office there were no big press conferences or readouts given. But on Wednesday some key statements have begun to emerge concerning what was discussed, but at this point only offered via the Israeli side…
To be expected, Iran and the nuclear question dominated the discussions, according to i24’s Ariel Oseran, with Israeli officials describing a White House focused on three possible paths forward. “Trump is weighing three options: a nuclear deal, maintaining and intensifying the economic blockade, or renewed military strikes,” one official said, adding, “We didn’t tell Trump Israel’s preference is a strike. Our preference is the outcome. The decision is ultimately his.”
…talk about stating the obvious. But Israeli still maintains that the situation is at tipping point inside Iran, which according to more independent ‘realist’ analysts seems highly dubious.
Israeli officials argued that Tehran is under mounting internal strain. “Iran is under severe economic pressure” due to fuel and diesel shortages, roughly 90% inflation, and “the beginning of public protests.” They added, “We discussed increasing pressure on Iran, both economically and kinetically.”
On Iran’s leadership, officials said, “We know for certain Mujtaba is alive, but since Operation Rising Lion no one has seen him.”
Regarding Iran’s military capabilities, they claimed, “Iran now has only 1,500–1,600 missiles left after we destroyed much of its production capability.”
Addressing the nuclear program, Israeli officials (somewhat surprisingly) assessed, “We currently do not assess that uranium enrichment is taking place at Pickaxe Mountain, and we have good intelligence on Iran’s nuclear material.” They also asserted, “Eliminating 29 nuclear scientists was our insistence. It removed a critical mass of knowledge from Iran’s nuclear program.” This comes just after Trump vowed to wipeout the highly fortified facility, which would be a tall order given that it’s essentially under a mountain.
Looking ahead, they warned, “If Iran tries to rebuild its nuclear program, we will strike the ‘metastases’ as well.” Israeli officials also said they remain skeptical of diplomacy, telling reporters, “We told President Trump we have serious doubts about reaching a nuclear deal with Iran.”
As of yet, the White House has not offered a detailed readout of the Netanyahu discussion from the US point of view, however. Regional reports say some IRGC advisors were killed in the fresh US-Saudi operation in Iraq.
Iran Again Denies Trump Claims it is Urging US Talks
The few days of calm that persisted over last weekend since Friday are already a thing of the past, as tit-for-tat serious attacks between the US and Iran return, and now involving the Saudis and proxy militants in Iraq.
The fresh flare-up started as we reported when in the overnight and early hours of Wednesday (local) Iran launched several missiles on a US base in Jordan, with the Jordanian armed forces saying they intercepted five projectiles. Iran is framing this as new action due to US military activities enforcing the blockade of Iranian ports in the Strait of Hormuz.
For many hours prior to that new Iranian assault, which was accompanied by launches out of Iraq on Saudi energy sites, international headlines claimed that mediators were getting close to restoring the defunct Memorandum of Understanding (MoU).
As if to confirm that those headlines were nowhere close to reality, Iran’s Deputy Foreign Minister Kazem Gharibabadi has recalled President Trump’s words claiming that Tehran was “dying for a negotiation”; but, said Gharibabadi, “We have sent no request for negotiation with the US during the past 16–17 days.”
The Iranians have continued to insist that its own terms for strait management will be the end result of this war. “If the Strait of Hormuz returns to its previous state, our success in this war is not complete,” the Iranian diplomat said. He said this will include Iran’s right to charge fees to allow ships safe passage.
Trump: “We’ll Be Hitting Iran Hard” (Fox)
As for the renewed battle, President Trump has newly warned in a statement to Fox News that “we’ll be hitting Iran hard” in response to the new attacks on American targets in Jordan.
The new expanded nature and scope of the war has seen Saudi Arabia jump directly in against Iran-backed Shia paramilitary groups in Iraq, as well as the Shia Houthis of Yemen.
Oil continues to climb on the escalation headlines…
Rare Major Saudi-US Joint Strikes on Iraqi Militias
Rare and major joint US-Saudi strikes on Iraq have killed at least 20 militants, and wounded 32 more, according to Iraq’s Popular Mobilization Forces (PMF), as cited in Al Jazeera:
In an earlier statement, the PMF – which is an umbrella group for Iraqi militias backed, trained and loyal to Iran, said the attacks represent a “highly dangerous escalation” and a violation of Iraq’s sovereignty and official security institutions.
The Islamic Resistance in Iraq, a self-proclaimed resistance armed group backed by Iran, denied any role in the attacks on Saudi Arabia. It said Saudi claims were “fabrications” and that “any foolish Saudi action will be met with a harsh response”.
CENTCOM acknowledged that operation as a response to this weeks attacks on Saudi infrastructure, marking the first major US military action in the Middle East since last Friday when Trump first declared a pause after the 13 prior straight days of fighting. Trump had noted in the Fox comments that the Saudi and US attacks were coordinated with Iraq.
Ironically this comes at a time the Iraqi government has sought to appease Washington by overseeing a voluntary disarming program of its Shia factions. It has remained an open question to what degree this will actually be carried out.
Saudi Arabia’s Defense Ministry issued a statement saying the offensive was “in response to recent drone attacks” on the kingdom. During those attacks, the Saudi military “intercepted and destroyed several drones that attempted to target petroleum facilities in the Eastern Province and Riyadh regions…. launched from Iraqi territory and carried out by Iran-aligned terrorist militias.” It added that “The Kingdom emphasizes that it does not seek escalation but will respond to any aggression it faces.”
Meanwhile Trump continues to talk about taking out Iran’s highly fortified Pickaxe Mountain nuclear facility:
ISRAEL TBN
END
SAUDI ARABIA//IRAQ (IRANIAN MILITIA)JORDAN/USA
US, Saudi militaries attack Iranian-backed militias in Iraq following Iranian strikes on US bases
A US official told The Jerusalem Post that Iran had launched at least four ballistic missiles towards a US military base in Jordan, adding that “This was a major attack.”
Smoke seen following reported missile launch from Iran toward Jordan, July 22, 2026.(photo credit: SECTION 27A COPYRIGHT ACT)ByESTHER DAVISJULY 29, 2026 02:11Updated: JULY 29, 2026 05:25
US Central Command (CENTCOM) together with the Saudi Arabian Armed Forces struck Iraq on Wednesday, targeting “Iran-aligned terrorists that the Islamic Revolutionary Guard Corps (IRGC) directed to attack US forces and Saudi energy infrastructure,” CENTCOM said in a post on X/Twitter.
“US and Saudi fighter aircraft struck multiple terrorist logistics and weapons sites across eastern Iraq in a strong response to over 30 IRGC-directed aerial drone attacks in the last 72 hours.”
CENTCOM’s announcement came shortly after reports from Arabic media of “unexplained explosions at a Popular Mobilization Front (PMF) base,” in Iraq. The PMF is composed of about 67 Iranian-backed armed militias.
The Saudi Defense Ministry added that the strikes “reaffirm the Kingdom’s legitimate right to defend itself,” adding that it “does not seek escalation but will respond to any aggression it faces,” in a post on X on Wednesday.
Iranian strikes on US bases in the Middle East
Hours earlier, Iran launched multiple ballistic missiles towards US military bases across the Middle East, CENTCOM confirmed in a post on X.
“IRGC forces launched multiple ballistic missiles from Iran in an attempted surprise attack on US forces based in the Middle East,” the post explained.
The IRGC “fired ballistic missiles at US air bases and US military Central Command center in Jordan,” Iran’s Revolutionary Guards told Iranian state media.
A US official told The Jerusalem Post that Iran had launched at least four ballistic missiles towards a US military base in Jordan, adding that “This was a major attack.”
Shortly before CENTCOM confirmed that the IRGC had launched a number of ground-to-ground missiles at US bases across the region, Iranian negotiator Seyed Mohammad Marandi announced that Iran was “fully prepared for all out war,” in a post on X.
Missiles, drones launched at Saudi Arabia
Saudi air defenses intercepted and destroyed several drones that attempted to strike oil facilities in the kingdom’s Eastern Province on Tuesday night, Saudi Defense Ministry spokesperson Turki al-Maliki said.
Al-Maliki said the drones had been launched from Iraqi territory by Iranian-backed militias.
Saudi Arabia reserves the legitimate right to defend itself and its national capabilities and retains the right to respond “at the appropriate time and place,” al-Maliki added.
The Houthis also claimed they had fired ballistic missiles at a Saudi oil tanker in the Red Sea on Wednesday morning. A Houthi military spokesperson said the vessel had violated the group’s newly declared maritime blockade of Saudi Arabia.
Shortly before the Houthi announcement, the United Kingdom Maritime Trade Operations (UKMTO) center said that a tanker had reported hearing an explosion in the Red Sea.
Additionally, the IRGC told Iranian state media that three oil tankers were “struck and stopped” in the Strait of Hormuz on Wednesday morning after they “ignored warnings.”
Reuters contributed to this report.
END
HOUTHIS
Houthis Signal Red Sea Shipping Tolls In Mirror Image Of Iran’s Hormuz Plan
Wednesday, Jul 29, 2026 – 03:15 PM
Houthis have entered the chat…
Already multiple Saudi vessels have been targeted in the Red Sea region, forcing a number of tankers to U-turn, and now Yemen’s Houthis are seeking to introduce their own ‘toll system’ for the Bab el-Mandeb Strait.
“Yemen’s information minister said intelligence confirmed IRGC advisers were directly involved in designing a Houthi-enforced toll system for the Bab el-Mandeb, mirroring Iran’s contested claim to charge fees in the Strait of Hormuz,” European media reports Wednesday.
“The Houthi armed group is working with Iran to charge ships to transit the Bab el-Mandeb in the Red Sea, threatening another waterway after Tehran’s blockade of the Strait of Hormuz, a minister in Yemen’s internationally recognised government said on Wednesday.”
The scheme is to be a mirror image of that Tehran is seeking to enforce in the Strait of Hormuz, where it continues to insist that it will settle for nothing less than its own vision of management, including fee collection for “navigation” “environmental” and safety assurance. According to more via Reuters:
Yemen’s Houthi group is considering imposing fees on commercial ships sailing through the southern Red Sea, a week after declaring a naval blockade on Saudi Arabia, regional sources with knowledge of the matter told Reuters.
The Iran-aligned Houthis on July 20 declared a maritime embargo against Saudi Arabia, opening a new front against the U.S. and its allies in the Iran war and expanding attacks on tankers carrying global energy and other supplies to waters beyond the Gulf.
The US and Saudi backed government in Yemen, which has for over a decade been at civil war with the Houthi rebels, has described the move as “a dangerous escalation aimed at transforming one of the world’s most strategic maritime corridors into a permanent source of funding for the militia’s military and terrorist activities,” according to Yemen’s Information Minister Moammar al-Eryani.
The pro-Saudi axis has said it recently obtained “confirmed intelligence” indicating that Iran’s IRGC were helping to manage the toll initiative.
“The intelligence indicates that IRGC experts and advisers are directly involved in designing the technical and administrative framework of the project,” Eryani added.
Eryani stated this would include “the establishment of a dedicated entity responsible for collecting payments from shipping companies and commercial vessels”.
Iran has been pledging to support its ground proxies in Iraq and Yemen, as both since last weekend appeared to begin launching attacks on Saudi Aramco facilities.
Overnight saw a rare joint US-Saudi response with attacks on Iraqi militias. In the case of Yemen, there’s not much the coalition can do given the Houthis have remained entrenched even after years of massive bombing campaigns, including strikes conducted solely by the Israeli Air Force at times.
China is said to be in direct talks with the Houthis to allow for passage of Chinese vessels, also based on prior precedent wherein the Houthis allowed Russian and Chinese ships to pass without incident, connected to the prior Gaza war.
END
IRAN CHINA
Iran to receive hundreds of Chinese shoulder-launched missiles systems in weeks
The contract covers the purchase of between 300 and 400 man-portable air defense systems (MANPADS), including Chinese-made QW-12 and FN-16 missiles.
A member of the Bolivarian National Militia holds a Russian-made 9K338 “Igla-S” (SA-18) man-portable air-defense (MANPAD) surface-to-air missile launcher as he takes part in a rally against US military activity in the Caribbean(photo credit: FEDERICO PARRA/AFP via Getty Images)ByREUTERSJULY 29, 2026 07:54Updated: JULY 29, 2026 13:32
Iran is expected to receive within weeks a first shipment out of up to 400 Chinese-made shoulder-fired air-defense missile launchers, three sources familiar with the deal told Reuters, as it rebuilds its defenses amid war with the United States.
The purchase, valued at $60-70 million, is one of Tehran’s largest-known efforts to strengthen its short-range air defenses since the outbreak of its war with the US and Israel, which exposed gaps in Iran’s ability to protect military sites and strategic infrastructure.
The contract covers the purchase of between 300 and 400 man-portable air defense systems (MANPADS), including Chinese-made QW-12 and FN-16 missiles, the sources said.
The deal was signed with Zhongqing Baoshang International Investment, a Hong Kong-based company that the sources said was acting as an intermediary between the Iranian side and the Chinese supplier.What shocking denial did China just issue?›What secret defense deal did Iran just sign?›How much is Iran spending on Chinese missiles?›Which third country is allegedly transporting the weapons?›
The sources spoke on condition of anonymity because of the sensitivity of the matter. Iran’s foreign ministry did not immediately reply to a request for comment.
Iran needs to rearm after months of war
China’s Foreign Ministry said: “The relevant reports are completely groundless. China has consistently played a role in promoting peace and ending the conflict.”
Beijing-based Zhong Qing Bao Shang Group, the parent company of Zhongqing Baoshang International Investment, did not immediately respond to an email request for comment on Tuesday.
Iran needs to rearm after months of fighting in which the US and Israel have struck facilities linked to its missile, drone and air-defense programs, and Tehran responded with barrages of ballistic missiles and drones.
The conflict has highlighted the challenge of defending fixed military and strategic sites against advanced aircraft and precision-guided weapons.
Washington abruptly suspended two weeks of bombardment on Saturday, but President Donald Trump said strikes would resume if negotiations failed to end the five-month-old conflict, which has in theory been in a state of ceasefire since April.
The delivery of hundreds of MANPADS would significantly expand Iran’s inventory of short-range air-defense weapons and underscore how military ties with China are deepening.
The sources cautioned that, although the agreement had been signed, delivery schedules, quantities and other implementation details could still change.
END
EGYPT// USA
US-Owned LNG Ship Reportedly Struck By Kamikaze Drone At Egyptian Port
Wednesday, Jul 29, 2026 – 01:45 PM
A potentially major escalation emerged late Wednesday after a US-owned gas-processing vessel moored at Egypt’s Mediterranean port of Damietta was reportedly struck by a drone, according to Reuters, citing maritime security firm Ambrey. Details remain scant, and this assessment is preliminary.
Ship-tracking data from Bloomberg shows the gas-processing vessel Energos Winter, which serves as a floating storage and regasification unit, moored off the port of Damietta. The port hosts the Damietta LNG terminal, a critical outlet for processing and exporting Egyptian and regional natural gas to Europe.
Reuters reported:
The drone hit floating storage tanker Energos Winter, causing a fire that then spread to another vessel, Gaslog Salem, three trading sources familiar with the incident said. Two separate security sources said the cause of the blast was a drone strike.
The crew was evacuated, and the fire had been brought under control, Ambrey said, adding that no party had claimed responsibility.
Our partners at Newsquawk issued an alert at around 12:09 p.m. New York time that appeared to contradict Reuters’ reporting on the floating storage and regasification unit:
Reports of a drone attack targeting Damietta port are false, Al Hadath reports, citing a source.
There are also conflicting reports on X: Some say it was a drone strike, while others say it was an industrial accident.
Catch up with the latest US-Iran wrap. Read more here.
END
WAR REPORT: ALASTAIR CROOKE…
The War’s Back Is Broken
Tuesday, Jul 28, 2026 – 11:25 PM
Trump ordered the US military not to carry out new strikes on Iran Friday night, despite approving earlier a “Gates of Hell massive attack” on Iran. The US has now requested a new temporary ceasefire with Iran and is seeking a return to the collapsed and suspended MoU, with discussions to include Yemen, and with Trump seeking to make AnsarAllah a party to the negotiations.
Clearly Trump is angry, and fears that that the war is consuming his Presidency (and his legacy). Iran comprehensively rejected all negotiations throughout this last week and confirmed it will not start negotiations under any circumstances. Put simply, why would Iran consent to give the US time to regroup and rearm before launching another round of strikes on Iran when it has the US “on the run.”
A return to the MoU whose credibility Trump repeatedly has shredded? Unlikely.
Will Schryver notes that rumors are swirling that the Pentagon is pressuring Trump to call off the war with Iran because the US has nearly exhausted its stockpiles of air-defence interceptors and stand-off strike missiles. The President’s top aides are also uneasy about the prospect of a widening war in the Middle East, the alienation of key Gulf allies vulnerable to further Iranian attack, and the coming energy crunch. “Few if any in Mr. Trump’s inner circle believed the plan to escalate was wise, said the two people briefed,” the New York Times reports.
It seems too that jiggery-pokery over the exact fuel supply situation in the US may have played a part in Trump’s backtrack. Larry Johnson reports that –
A brief prepared by Karl Miller investigates how the US military’s covert fuel procurement and export operations are depleting the nation’s diesel and jet fuel reserves, particularly during a period when domestic stocks are already critically low.
In gist, Miller says that –
much of this (covert) fuel export is routed through opaque channels, such as the Rotterdam trans-shipment hub, where the final military or foreign allocation is not publicly reconciled, leaving the American economy exposed to shortage risks – whilst military and foreign operations – ‘notably Israel’ – receive priority access.
This report by Miller seems to connect to the US authorities’ open manipulation of oil benchmarks designed to convince markets that there is no danger of fuel shortages arising from the ongoing emergency release from the SPR (Strategic Petroleum Reserves) of 172 million barrels that was initiated to counter supply shocks from the conflict with Iran.
Whilst the statuary security floor is 250 million barrels (the current level is around 300), nonetheless the narrative is being promoted that the drawdown can go even further (to 70 mbpd). But can it? What is the minimum level the strategic oil reserves can go to? It is more complicated than just one big vat of crude that has a specific level. The SPR is composed of many caverns, and contains different types of crude oil, that are being drawn down at different rates, with some caverns likely to collapse if drained too far. In short, nobody knows how far is too far. It’s all guesswork.
With the back broken to Trump’s military assault the only path back to negotiations would be to offer front-loaded real concessions. But even were Trump to do this, would he be believed? And can Trump’s mental state sustain such implied humiliation?
The main obstacle on the path back to negotiations with Iran is that he and his inner circle understand Iran back-to-front.
They aver to believe that they are dealing with an intransigent and hardline leadership, whilst Iranians as a whole long for an exit.
This is wrong; it is the other way around. It is the leadership that is pragmatic, and it is “the street” that is overall more hard-line and demands vengeance. And demands to know why there should be negotiations at all.
Then again, Team Trump and his Fox News cheerleaders have slipped from the earlier US vision of itself as a redeemer nation into a radical Manichaean “characterization of itself,” Professor Michael Vlahos writes, in which –
American ‘good news’ has been replaced by the ever-present spectre of Evil and the threat of force. The holy words, Freedom and Democracy, while still chanted, have become a hollow mantra. The American ‘gospel”’no longer preaches about bringing redemption and expiation: it is now concerned with enforcement and punishment. The volte-face came in an instant, on 9/11 and with Guantanamo.
The problem then centers on attitude: How is it possible to negotiate or talk to the embodiment of evil (as Trump terms the Iranians)? It isn’t possible, of course. That was the point to casting enemies in such dark terms. It precludes true mediation. It precludes a solution that can be viewed as the elevation to power for “one of the most evil people in history,” leading a “gang of bloodthirsty thugs.” It distils policy to the search for dominance over the “otherness.”
The West exhibits one particular way of thinking that it deems to represent the essence of that which is Human. This mode of thinking (often termed Apollonian) links to Patriarchy, law, and vertical top-to-bottom secular, rational, mechanistic thinking. It offers little room for “betweenness.” Things are either “A” or “non-A.”
However, another sphere (often termed the Dionysian) expresses the energetic duality in both nature and in the human – male and female; order and exuberant transgression; and of rectitude and degeneracy. They form the poles within consciousness that both co-inhere in us, and that co-constitute each other. (Dionysian logos may be viewed perhaps as the shadow, or even of the revolt against Apollo).
And then there is Persephone (the underside to the Dionysian “shadow”) expressing the chthonic, feminine existence. Here there is no male pole, but only a goddess radiating earthiness and the female principle of reproduction, the process of growth and of caring, and of underworld knowledge (called intuition) – symbolizing the cyclical Life of Aphrodite, decay, death and ultimate renewal.
Consciousness however, mostly expresses the human quality from one particular orientation. Nonetheless, all civilizations draw from the full diversity of such components to consciousness that – one way or another – respond to a particular civilization.
To think in one culture is to think in one way; however to belong to a different culture, a different ethnic group, a different religion – means that thinking will differ. Yet we all remain human.
So the imperial hubris of Trump is beginning to face the fact that he will find it hard – possibly impossible – to find a solution to the Middle East, because to see the world from the purely Apollonian perspective is essentially male and exclusivist and fails to understand “otherness”; but rather relies on exceptional privilege. It simply does not – and cannot – recognize a plurality of minds.
The US has lost the war. By adopting such uncompromising Manichaean language, Trump effectively has severed himself from any prospective diplomatic solution. By widening the war (Lebanon, Yemen, Syria and Iraq) he has severely complicated any diplomatic track. All elements are interrelated, yet they also have separate agendas. Thus a solution involves a complex matrix of issues, rather than a binary dispute between the US and Iran alone. The US ultimately will have to capitulate, with the result that Iran becomes a regional power (strengthening Russia and China), whilst the Region slowly will come to terms with this new West Asian reality.
END
GULF STATES
Gulf Bond Boom: Record Borrowing Fuels Race To Future-Proof Against Hormuz Shutdown
Wednesday, Jul 29, 2026 – 07:45 AM
Gulf monarchies are hitting international debt markets at a record-shattering pace, Bloomberg figures show, amid a conflict-driven rush to harden domestic infrastructure and forge alternative supply corridors that bypass the vulnerable and effectively closed Strait of Hormuz. Added to this, just this month, Red Sea passage has become another problematic area, as the Houthis have targeted several Saudi vessels with missiles and drones.
Regional heavyweights led by the UAE and Saudi Arabia are seeking massive funding for new or expanded deep-water ports along the Red Sea and Gulf of Oman, backed by desert networks and crude oil pipeline bypasses. This modernization will take years, but is being hastened by the urgency of war.
As Bloomberg reports Tuesday, “Borrowers from the United Arab Emirates are tapping global bond markets at a record pace as the Middle East conflict rages, with sales up a third so far in 2026 versus year-ago levels.”
The underlying totals underscore the unprecedented size of the paper issuance:
“Sovereigns and companies from the UAE, a federation of seven emirates, have sold a combined $30.3 billion of dollar- or euro-denominated bonds this year through July 28, according to data compiled by Bloomberg. That’s about $3.7 billion above the previous record for this period hit six years ago.”
This is consistent with our analysis from April, just a little two months into Trump’s Iran “excursion” – as he was calling it at the time, which saw the world’s largest bond manager, PIMCO (Pacific Investment Management Co), step in amid the emerging Gulf scramble to find buyers for its bonds.
More broadly among regional Gulf Cooperation Council (GCC) states, bond sales have exploded to a record $112 billion so far this year, according to Bloomberg data, with government debt desks actively probing international banks for additional leverage.
When the US-Israeli war on Iran originally flared and reached a peak in March and April, regional banks froze fundraising and market participants retreated into defensive capital preservation mode to gauge the economic fallout.
But in the wake of the April 8 ceasefire – which was eventually extended before collapsing by mid-summer, UAE lenders drove the charge to tap global capital markets, with UAE-based institutions claiming five of the eight major capital market transactions completed in Q2.
According to UAE’s English-language daily Khaleej Times:
Emirates NBD became the first Gulf lender to tap international capital markets after the outbreak of the conflict, issuing $750 million in additional Tier 1 (AT1) capital on May 1. The offering attracted strong investor demand, with subscriptions reaching three times the amount offered despite ongoing market volatility, according to the bank.
First Abu Dhabi Bank (FAB) emerged as the region’s most active debt issuer during the quarter. In June, the lender completed two senior debt transactions under its $20 billion euro medium-term note programme, including a €750 million ($858.3 million) three-year green bond and a separate $300 million issuance.
The quarter also featured a notable equity transaction from Sharjah Islamic Bank, which raised Dh2.59 billion ($704.8 million) through a rights issue. The bank said the offering was more than 3.2 times oversubscribed, with the Government of Sharjah fully subscribing to its allocation while remaining shares attracted subscriptions exceeding 4.5 times the amount available.
Gulf capitals are looking to ensure in a long-term way that even if regional maritime flashpoints flare up or traditional choke points get closed down, the vital flow of energy exports and trade keeps moving along uninterrupted. This is one of the bigger ‘lessons’ of this ongoing costly Washington adventurism, given it has been largely Gulf infrastructure that’s had to absorb the bulk of Iran’s retaliation pain.
RUSSIA VS UKRAINE
Russia Answers Drone Attacks With War On Ukrainian Ports, Maritime Shipping
Wednesday, Jul 29, 2026 – 02:45 AM
The Russian Defense Ministry (MoD) has an ‘answer’ to Ukraine’s recent long-range drone attacks, which have wreaked havoc on oil production and most recently online retailers and manufacturing. Ukraine has also been attacking Russian ships elsewhere in the Black Sea as well as Sea of Azov.
The MoD has announced a fresh wave of strikes targeting multiple Ukrainian port installations and Black Sea shipping targets, which represents a sharp escalation in Moscow’s ongoing campaign to choke off regional logistics, and in order to further ‘punish’ Ukraine.
While Ukraine’s repeat large drone waves on the Moscow region have driven headlines, much less attention has been paid to the emerging and renewed Black Sea war.
Moscow seeks to sever military supply routes and disrupt arms shipments bound for Ukraine, but this has also obviously resulted in damaged and sunken tankers, auxiliary vessels, and even deaths of civilian bystanders among international shipping crew.
Russia’s military has said that from the weekend through Monday, key logistics hubs of Odessa, Chernomorsk, and Port of Mykolaiv (Nikolayev) have been hit – with the latter site seeing a docked cargo vessel receiving a direct strike.
All of this comes after local authorities in Odessa confirmed Sunday that a foreign-flagged cargo ship, which some reports have identified as the Guinea-Bissau-flagged Golden Leo, capsized and sank near the coast after taking heavy damage from a Russian attack over a week ago.
According to The Maritime Executive:
A small cargo ship that was badly damaged in a Russian strike off Odesa has gone down, according to Ukrainian authorities. The small vessel had absorbed multiple hits, and it sank after six days of progressive flooding.
On July 19, three Russian cruise missiles hit the Turkish-operated, Guinea-Bissau-flagged ship Golden Leo off the coast of Odesa. The vessel was outbound with a load of corn at the time of the strike; Russia has been targeting Ukraine’s grain export sector in retaliation for strikes on Russian logistics and energy infrastructure.
Video of the slowly sinking ship had gone viral over the last several days, and the Russian attack killed ten people – and with eight crew members later having to be rescued.
At least two of the projectiles that hit the vessel were anti-ship missiles, triggering a massive fire before it went under.
Russia has come under international condemnation for these attacks, especially from India given the rising numbers of Indian crew members killed or injured.
Russian vessels with civilian crew have also been coming under attack from Ukraine in the same region…
Sea war has also lately expanded into the Caspian, potentially linking the Ukraine and Iran conflicts…
But the Kremlin has shot back, saying it is Ukraine which is unleashing “indiscriminate terrorist attacks against civilian infrastructure” through its constant drone attacks.
6/.GLOBAL ISSUES, COVID ISSUES, VACCINE INJURIES/HEALTH ISSUES
RFK Jr. Says HHS Found Fauci Diaries Across 11 Different Servers
Tuesday, Jul 28, 2026 – 05:40 PM
Authored by Zachary Stieber via The Epoch Times,
Health officials located the diaries of Dr. Anthony Fauci across nearly a dozen different servers, Health Secretary Robert F. Kennedy Jr. said on July 27.
Health Secretary Robert Kennedy Jr. testifies on Capitol Hill in Washington on April 22, 2026. Madalina Kilroy/The Epoch Times
“It took us about eight months to dig these out of 11 separate servers, where they had been sequestered and secreted,” Kennedy said during an appearance on Fox News.
After obtaining the private entries of Fauci, who was the head of the National Institute of Allergy and Infectious Diseases at the National Institutes of Health (NIH) from 1984 to 2022, officials with the Department of Health and Human Services (HHS) handed over the documents to Sens. Rand Paul (R-Ky.) and Ron Johnson (R-Wis.). The senators have been investigating the origins of COVID-19 and the response to the COVID-19 pandemic.
Paul, the chairman of the Senate Committee on Homeland Security and Governmental Affairs, subsequently released diary entries from December 2019 through December 2022, combined into one document.
“I think the starkest impression that you get from reading these diaries is this massive dichotomy between what he was saying privately and what he was simultaneously saying publicly,” Kennedy, whose HHS oversees NIH, said on Fox.
Fauci’s institute had provided funding to a Wuhan laboratory to run experiments on coronaviruses, at least one of which added a feature to a virus. A 2018 research proposal outlined work that would insert a feature called a furin cleavage site into a coronavirus, which may have been done at the Wuhan lab.
In a diary entry, Fauci recounted how, during a Feb. 1, 2020, call, 9 of the 11 scientists felt that deliberate insertion of the furin cleavage site into the COVID-19 virus was possible, noting past work done at the Wuhan lab.
Fauci, though, repeatedly promoted the theory in public that the virus, known as SARS-CoV-2, came from nature.
“There was a study recently that we can make available to you, where a group of highly qualified evolutionary virologists looked at the sequences there and the sequences in bats as they evolve,” Fauci told a White House briefing in April 2020. “And the mutations that it took to get to the point where it is now is totally consistent with a jump of a species from an animal to a human.”
That paper, “The Proximal Origin of SARS-CoV-2,” said that “SARS-CoV-2 is not a laboratory construct or a purposefully manipulated virus” and that no lab-based scenario was plausible.
Fauci was involved with crafting the paper, emails released by Paul show, and the paper’s authors doubted their conclusions both before and after the study’s publication, according to messages made public by Paul and others.
The following month, in May 2020, Fauci told National Geographic that there was no scientific evidence that COVID-19 was made in any lab in China.
Fauci also said in his diary that he had convinced the mayor of New York City to close schools.
“I had a similar call with Ann O’Leary, the [chief of staff] of Gov. Gavin Newsom of California,” Fauci wrote. “Ann said that based on my TV appearances today and yesterday, the Governor has decided to close the schools in California as well as the bars and restaurants.”
Fauci said in a 2022 interview that he had “nothing to do” with schools being closed.
Fauci declined to testify to Paul’s committee on a voluntary basis, prompting the senator in June to subpoena Fauci. The doctor is scheduled to testify before the committee on Wednesday.
Fauci, who has not responded to requests for comment, is covered against many possible charges by a preemptive pardon provided by former President Joe Biden.
NIAID director Dr. Anthony Fauci listens to President Joe Biden speak during a visit to the National Institutes of Health (NIH) in Bethesda, Md., on Feb. 11, 2021. Saul Loeb/AFP via Getty Images
GLOBAL ISSUES
DR MARK CRISPIN MILLER
In memory of those who “died suddenly” in the United States and worldwide, July 20-27, 2026
Director Chuck Russell (The Mask); screenwriter William H. Wisher Jr. (The Terminator); rockers Rodney Holmes, Lou Koller (59, C); keyboardist Michael Lewis Smith; Jeopardy! champ Courtney Shah; more
| Mark Crispin MillerJul 29 |  |
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 (112)
Chuck Russell, director of ‘The Mask’ and ‘Scorpion King’, dies unexpectedly at 74
July 24, 2026
The Hollywood filmmaking community is in mourning, with the sudden loss of director Chuck Russell, who died on Wednesday at 74. The filmmaker died unexpectedly at his home in the San Diego area, his family told TMZ, which also reported that the local fire department responded to a call at his address. The Wednesday afternoon call involved a medical emergency for an unconscious male, though no details about the cause of death were reported at the time.
Researcher’s note – Russell was working in Hollywood between 2021-2023: Hollywood’s On-Set Vaccine [sic] Mandates to End on May 12, 2023: https://variety.com/2023/biz/news/covid-protocols-end-vaccine-mandate-hollywood-return-to-work-1235569515/
William H. Wisher Jr. Dies: ‘The Terminator’ & ‘Terminator 2: Judgment Day’ Screenwriter Was 71
July 20, 2026
Hollywood, California – William H. Wisher Jr., a producer and screenwriter who co-wrote The Terminator and Terminator 2: Judgment Day, has died. He was 71. The Wisher family confirmed news of the filmmaker’s death, saying he “passed away peacefully at home.”
No cause of death reported.
8-Time Grammy Winner Dies of Cancer: Rodney Holmes Was 59
July 27, 2026
Grammy-winning drummer Rodney Holmes has died after a battle with cancer. He was 59. Holmes, who earned eight Grammy Awards through his work with Santana, built a decades-long career as one of the music industry’s most respected drummers. In addition to performing, he was also a composer and producer known for collaborating with artists across multiple genres. News of his death was shared by friend Martha Redbone in a Facebook post on July 14. According to the statement, Holmes died July 11 while surrounded by family and loved ones. She concluded the message by reflecting on the disease that claimed his life. “Cancer sucks and it is a cruel disease. While our hearts are broken, we find comfort in knowing that Rodney’s music and the love he shared with the world will live on forever.”
Beloved rock frontman dies at 59 after cancer battle: ‘He can finally rest’
July 24, 2026
Lou Koller, the beloved frontman for Sick Of It All, has died after battling a relapse of cancer. He was 59. The band announced Koller’s death Friday evening on social media. The news comes months after Koller’s brother, Pete Koller, revealed the brutal impact the disease was having on him. “He’s staying at my brother Matt’s house,” Pete said on ‘The Brooklyn Blast Furnace’ podcast. “And Matt and his wife Connie are like saints.” Pete said that Matt “retired early so he could live life.” “But now he’s taking care of Lou,” he said. “He’s gotta be there. He’s there 24 hours a day. So, Lou actually has a feeding tube because … so, when the cancer came back, he had two more tumors that were pushing his esophagus folds so the food wouldn’t go in. And these tumors are on the sack of the stomach, so they can’t operate on it. So, everything has to be done by chemo. Also, he has a tumor, and I think it’s on the sack of his stomach just before the intestines. So they can’t operate on that either. It sucks.” Pete said that his brother’s chemo treatments were “absolutely brutal.” He also revealed that his brother went from 190 pounds to 119 pounds during his first fight against the disease. [He was diagnosed with Esophageal Adenocarcinoma in June of 2024.] Lou announced in May 2025 that he was cleared of cancer, but Pete said that when doctors saw how much weight he had lost, they made him get tested again. “They took him right then and there to do all these tests, and that’s when they found the three tumors,” he said. After announcing in May 2025 that he was cancer-free, he shared a video update on Instagram in October in which he announced the disease had returned.
Medora Musical keyboardist Michael Lewis Smith dies suddenly, prompting show cancellations
July 26, 2026
MEDORA, N.D. – Cast and crew of the Medora Musical and Medora Gospel Brunch are mourning the loss of a fellow cast member. Medora, N.D. announced on Facebook that Michael Lewis Smith died Friday, July 24. Smith was a cast member and keyboardist for the Coal Diggers Band in the Medora Musical and Medora Gospel Brunch. The post did not include details about his death. The Medora Musical performance scheduled for Saturday, July 25, was canceled.
No age or cause of death reported.
7-Time Jeopardy! Champion Dr. Courtney Shah Dies at 52 After Brain Cancer Diagnosis: ‘She’s at Peace Now,’ Daughter Says
July 25, 2026
Dr. Courtney Shah, a seven-time Jeopardy! champion, has died. She was 52. Courtney died “in the comfort of her home” on Wednesday, July 22, her daughter, Maya Shaw, announced through a post on the website for the nonprofit CaringBridge. She had been receiving hospice care at home after she learned in March that treatment for her brain cancer, including radiation and chemotherapy, had not been working. Courtney competed on Jeopardy! in 2021, when she earned a total of $118,558 across a seven-game winning streak, as well as an additional $2,000 for her second-place finish during her eighth game, according to J! Archive, a fan-run online database for the popular game show. She also competed in the 2022 Tournament of Champions, where she placed third in her quarterfinal match. She earned a $5,000 consolation prize as a quarterfinalist, per Jeopardy! Courtney served as a professor at Lower Columbia College in Longview, Wash., for just under 20 years, according to KLOG, a radio station in Kelso.
Researcher’s note – Shah started with LCC in 2007 and spent nearly two decades teaching U.S. and World History. During the COVID-19 pandemic, Lower Columbia College (LCC) implemented a staff “vaccine” mandate in accordance with Washington State Governor Jay Inslee’s Proclamation 21-14: https://www.governmentjobs.com/careers/lowercolumbia/jobs/newprint/3182641
Casts and crews on productions will have to show proof of COVID booster [sic] shots under updated guidelines: Link
A journalist “died suddenly”:
Daniele Compatangelo dies of heart attack at 50
July 21, 2026
A sudden, tragic medical emergency has claimed the life of Daniele Compatangelo, a journalist and longtime U.S. correspondent for the network La7; he passed away at his home in Washington at the age of 50 following a heart attack. His mother confirmed the news of the fatal event. His colleagues have expressed deep emotion; among them are network director Andrea Salerno and L’aria che tira host David Parenzo, who told Fanpage.it: “Every live cross with him was an event. I miss him already.”
Nebraska weather forecaster Kent Boughton dies after brief battle with cancer
July 27, 2026
LINCOLN, Neb. – News Channel Nebraska’s chief forecaster, Kent Boughton, died Sunday according to a social media post by his family on his Facebook page. Boughton [69] announced on social media back in March that he had stage 4 cancer. In a social media post he said he initially went to the doctor after losing his voice, that’s when he learned a tumor in his lung grew against his tonsil, paralyzing it. In May, Boughton posted on social media again saying chemotherapy was not working and that his cancer had spread. Boughton was inducted into the Nebraska Broadcasters Association Hall of Fame back in 2024. He would retire in 2023 but still spent time as a part-time forecaster on KLKN TV before joining the News Channel Nebraska team in March 2025 as chief forecaster.
Researcher’s note – Casts and crews on productions will have to show proof of COVID booster [sic] shots under updated guidelines: Link
Portland Radio Legend Bob Miller Passes Away
July 27, 2026
Portland Radio legend Bob Miller has passed away. He died Sunday at his home in Astoria. He was 74. In 2013, Bob moved to Astoria [OR] with his wife. He became a conductor on the Astoria Riverfront Trolley, which gave him another chance to entertain people.
No cause of death reported.
Everything we know about Ashley’s mum Tracy Jo Wilson, who sadly died after The Ultimatum
July 23, 2026
Houston, TX – At the end of The Ultimatum season four there is a tribute to Tracy Jo Wilson, who was Ashley’s mum who sadly died at the end of May, but who was this amazing woman who’s “vibrant spirit touched the lives of many”? According to her obituary, Tracy passed away age 50 on May 26th 2026, in the “comfort of her home”, and was described as a “vibrant spirit touched the lives of many.” She also helped other after her death through a donation, with the obituary saying: “Through the gift of eye donation, she helped improve the eyesight of four people, including two with glaucoma and two with cataracts.”
No cause of death reported.
Lucy Hale Shares Her Father Died: ‘Our Last Conversation Was Beautiful’
July 21, 2026
Lucy Hale is mourning the loss of her father, Preston Hale. Lucy, 37, shared in an Instagram post on Monday, July 20 that her “sweet daddy suddenly passed away” on July 17. He was 68. She did not share his cause of death. She added that her late father was “so proud of his career in farming and of his hometown” in Tennessee, describing him as a “true Southern man with a genuine soul and a love for fishing, hunting, golfing, and farming.”
Legendary Philadelphia hip-hop poet Lamar ‘Black Ice’ Manson dies at 54
July 23, 2026
PHILADELPHIA, PA – A legendary Philadelphia spoken-word artist and hip-hop poet has passed away. Lamar Manson, better known by his stage name Black Ice, died on Wednesday surrounded by loved ones. He is widely recognized as the first poet signed to Def Jam Records and as a star of the Def Poetry Jam TV and Broadway shows. Manson was a Tony-, Peabody-, and Emmy Award-winning artist. He was 54 years old.
No cause of death reported.
Starter on Bryant’s final Alabama team dead at 66 after cancer battle
July 27, 2026
DR PAUL ALEXANDER.
Fwd: ‘Allah commanded me’, the terrorist said in Paris as he stabbed many! unfolding! The horrifying assault unfolded M
‘Allah commanded me’, the terrorist said in Paris as he stabbed many! unfolding! The horrifying assault unfolded Monday in the north of Paris at Porte de Clichy, near the Paris Court. It is these 6th
century medieval banal fecal bottom-dwelling tribal animals that we must put down on the spot, yes, train our women, wives, daughters to kill with NO mercy, to kill the medieval beast with malice once
| Dr. Paul AlexanderJul 28 |  |
your life is in imminent threat of death….then eviscerate him, become the animal he is…and go medieval on him…our daughters, women must arm up, 2nd, legal, proper training, and learn to use knives, any objects about you to cut him into pieces should he strike at you…these 6th century mentally deranged animals. yes, often Middle Eastern so have no mercy. but for any man, any religion, any ethnicity, who does this to a woman or women…there is a time to kill, and those are the times…is there ever a time to kill…I say YES…
GiveSendGo | Dr Paul Alexander Needs Our Help
END
RABOBANK/MICHAEL EVERY/OR OR PICTON/GIFFIN OR RABOBANK EXECUTIVE/COMMENTARY ON WORLDLY AFFAIRS
7. OIL AND NATURAL GAS//ENERGY COMMENTARIES
WTI Holds Spike After Big Crude Draw, SPR Drain Continues As Cushing Stocks Stuck At ‘Tank Bottoms’
Wednesday, Jul 29, 2026 – 10:36 AM
Oil prices are jumping higher after the U.S. military intercepted Iranian ballistic missiles aimed at American forces in Jordan.
Shortly after the surprise attack, the U.S. and Saudi Arabia launched strikes in Iraq against Iran-backed groups that the Islamic Revolutionary Guard Corps previously directed to attack American troops and Saudi energy infrastructure.
As Barron’s Patrick O’Donnell reports, the escalation in hostilities hit market hopes that the vital Strait of Hormuz waterway would reopen. More than a quarter of the world’s crude usually passes through the shipping channel and tanker traffic remains essentially halted.
“These developments throw cold water on the idea of a swift de-escalation in the Persian Gulf,” analysts at ING said.
“Clearly, with Saudi oil infrastructure increasingly targeted, the risk of more prolonged supply disruptions grows.”
President Trump this morning threatened to hit Iran “hard,” while the US and Saudi Arabia retaliated against militia and weapons sites in Iraq linked to Tehran.
Overnight, we saw API report a sizable crude draw but product builds (as the crack spread has eased somewhat)…
API
- Crude -3.3mm
- Cushing -300k
- Gasoline +900k
- Distillates +400k
DOE
- Crude -7.17mm
- Cushing -771k
- Gasoline +7k
- Distillates +1.06mm
The official DoE data shows a much larger crude drawdown than expected, and another drop in the stocks at the crucial Cushing Hub. Products saw small builds…
The Trump administration continues to drain the Strategic Petroleum Reserve
Cushing stocks remain near ‘tank bottoms’…
US crude production remains just off record highs…
WTI is holding back above $84.50…
Finally, as Bloomberg’s Michael Ball notes, the selloff earlier in the week was driven more by liquidation than normalization. Observable Hormuz traffic remains impaired, insurers and shipowners are cautious, not only through the Strait but now in the Red Sea. Trend-following funds cut Brent length sharply, while falling aggregate open interest shows positions were closed into heavy volume earlier in the week before the latest escalation.
The curve and options markets tell a similar story. Brent and WTI backwardation narrowed as longer-dated spreads fell to their weakest since mid-July, reflecting less urgency around prompt supply. Brent implied volatility dropped this week before firming again overnight. However, call skew retained an upside bias, something be justified by oil prices on the rise again.
The tighter market is in products. The European gasoil crack has surged above $70 a barrel as refiners run near capacity, with diesel and jet supplies constrained by outages, shipping risks and reduced Russian exports.
Crude stocks can rebuild quickly; refining capacity cannot. Headline prices remain sensitive to kinetic and diplomatic developments, while product scarcity and impaired shipping mean the bottom of a developing trading range will be higher than the recent lows suggest for now.
END
8. EMERGING MARKETS//AUSTRALIA NEW ZEALAND ISSUES
U.S./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: 1.1397 UP 0.0011
USA/ YEN 163.590 DOWN 0.276 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!! BANK OF JAPAN WILL NO LONGER DO QE. URGES PENSION AND INSUANCE FUNDS TO BUY JAPANESE BONDS
GBP/USA 1.3302 UP 0.0005 OR 5 BASIS PTS
USA/CAN DOLLAR: 1.4091 DOWN 0.0016 //CDN DOLLAR UP 16 BASIS PTS//
Last night Shanghai COMPOSITE CLOSED UP 15.15 PTS OR 0.40%
Hang Seng CLOSED UP 447.15 PTS OR 1.97%
AUSTRALIA CLOSED UP 0.41%
// EUROPEAN BOURSE: ALL GREEN
Trading from Europe and ASIA
I) EUROPEAN BOURSES: ALL GREEN
2/ CHINESE BOURSES / :Hang SENG CLOSED UP 447.15PTS OR 1.77%
/SHANGHAI CLOSED UP 15.15 PTS OR 0.40%
AUSTRALIA BOURSE CLOSED UP 0.41%
(Nikkei (Japan) CLOSED DOWN 640.92 PTS OR 1.03%
INDIA’S SENSEX IN THE GREEN
Gold very early morning trading: $4045.60
silver:$58.21
USA DOLLAR VS TRY (TURKISH LIRA): 47.40 UP 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: 79.11 ROUBLE// DOWN 0 ROUBLE AND 46 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: 4.9750 UP 2 BASIS PTS
UK 30 YR BOND YIELD: 5.675 UP 3 BASIS PTS
CDN 10 YR BOND YIELD: 3.533 DOWN 3 BASIS PTS
CDN 5 YR BOND YIELD; 3.163 DOWN 2 BASIS PTS
USA dollar index early WEDNESDAY MORNING: 101.16 DOWN 11 BASIS POINTS FROM TUESDAY’s CLOSE
WEDNESDAY MORNING NUMBERS ENDS
And now your closing WEDNESDAY NUMBERS 10.00 AM
Portuguese 10 year bond yield: 3.503% UP 4 in basis point(s) yield
JAPANESE BOND 10 yr YIELD: +2.749% DOWN 1 FULL POINTS BASIS POINTS /JAPAN losing control of its yield curve/
JAPAN 30 YR: 3.934 DOWN 5 BASIS PTS//
SPANISH 10 YR BOND YIELD: 3.608 UP 5 in basis points yield
ITALY 10 YR BOND: 3.983 UP 7 points in basis points yield ./
GERMAN 10 YR BOND YIELD: 3.145 UP 2 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 1.1386 UP 0.0001 OR 1 basis points
USA/Japan: 163.73 DOWN 0.136 OR YEN IS DOWN 9 BASIS PTS// HIGHLY INFLATIONARY TO JAPAN
Great Britain 10 YR RATE 5.009 UP 6 BASIS POINTS //
GREAT BRITAIN 30 YR BOND; 5.702 UP 5 BASIS POINTS.
Canadian dollar UP 15 BASIS pts to 1.4092
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The USA/Yuan CNY 6.7663ON SHORE ..UP
THE USA/YUAN OFFSHORE// CNH UP TO 6.7694
TURKISH LIRA: 47.40 PLUS 2 EXTREMELY DANGEROUS LEVEL/DEATH WATCH/HYPERINFLATION TO BEGIN.//
Your closing 10 yr US bond yield UP 2 in basis points from TUESDAY at 4.623% //trading well ABOVE the resistance level of 2.27-2.32%)
USA 30 yr bond yield 5.103 UP 1 basis points /10:00 AM
USA 2 YR BOND YIELD: 4.306 UP 8 BASIS PTS.
GOLD AT 10;00 AM 4018.40
SILVER AT 10;00: 57.26
Your 11:00 AM bourses for Europe and the Dow along with the USA dollar index closing and interest rates WEDNESDAY
DAY CLOSING TIME 10:00 AM///
London: CLOSED UP 37.39 PTS OR 0.37%
GERMAN DAX: CLOSED DOWN 3.58 PTS OR 0.01%
FRANCE: DOWN 50.51 OR 0.60 PTS
Spain IBEX CLOSED DOWN 314.50 PTS OR 1.59 %
Italian MIB: CLOSED DOWN 255.08 PTS OR 0.49%
WTI Oil price 84.47 10.00 EST/
Brent Oil: 89.50 10:00 EST
USA /RUSSIAN ROUBLE /// AT: 79.43 ROUBLE DOWN 0 AND 78 / 100
CDN 10 YEAR RATE: 3.569 UP 4 BASIS PTS.
CDN 5 YEAR RATE: 3.201 UP 0 BASIS PTS
CLOSING NUMBERS: 4 PM//
Euro vs USA 1.1454 UP 0.0068 OR 68 BASIS POINTS//
British Pound: 1.3365 UP 0.0080 OR 80 basis pts/
BRITISH 10 YR GILT BOND YIELD: 5.0386 UP 7 FULL BASIS PTS//
BRITISH 30 YR BOND YIELD: 5.706 UP 3 IN BASIS PTS.
JAPAN 10 YR YIELD: 2.755 DOWN 2 FULL BASIS PTS (DANGEROUS TO THEIR ECONOMY
JAPANESE 30 YR BOND: 3.928 DOWN 7 PTS AND STILL VERY DANGEROUS TO THEIR ECONOMY
USA dollar vs Japanese Yen: 163.42 DOWN 0.453 OR YEN UP 46 BASIS PTS//GETTING FURTHER AWAY FROM 160.00/ EXTREMELY DANGEROUS
USA dollar vs Canadian dollar: 1.4033 DOWN 0.0072 PTS// CDN DOLLAR UP 72 BASIS PTS
West Texas intermediate oil: 84.37
Brent OIL: 90.66
USA 10 yr bond yield UP 6 BASIS pts to 4.659
USA 30 yr bond yield: UP 7 PTS to 5.169%
USA 2 YR BOND 4.217 DOWN 6 PTS
CDN 10 YR RATE 3.585 UP 5 BASIS PTS
CDN 5 YEAR RATE: 3.195 UP 4 BASIS PTS
USA dollar index: 100.73 DOWN 54 BASIS POINTS
USA DOLLAR VS TURKISH LIRA: 47.38 UP 1 BASIS PTS GETTING QUITE CLOSE TO BLOWING UP/IDIOTS SOLD GOLD
USA DOLLAR VS RUSSIA//// ROUBLE: 79.85 DOWN 1 AND 20/100 roubles //
GOLD $4086.40 3:30 PM)
SILVER: 58.40 3;30 PM)
DOW JONES INDUSTRIAL AVERAGE: DOWN 1152.46 POINTS OR 2.18%
NASDAQ 100 DOWN 570.83 PTS OR 2.06%
VOLATILITY INDEX 19.99 UP 1.78 PTS OR 9.27%
GLD: $ 371.08 UP 1.71 PTS OR 0.46%
SLV/ 51.77 PTS UP 0.07 OR 0.15%
TORONTO STOCK INDEX// TSX INDEX: CLOSED DOWN 448.12 PTS OR 1.25%
end
TRADING today ZEROHEDGE 4 PM: HEADLINE NEWS/TRADING
FOMC
No Rate-Change Sparks 3 Dissents As Warsh Fed Delivers Biggest ‘Non-Cut’ Surprise In Decades
Wednesday, Jul 29, 2026 – 02:00 PM
Tl;dr: The Fed held rates unchanged, delivering the biggest surprise “non-cut” to the market in decades. Three dissenters wanted a rate-hike, clearly signaling the direction of travel and confirming this decision as a “hawkish hold” though arguably only marginally.
* * *
Since the last FOMC meeting on June 17th (Kevin Warsh’s first as Fed Chair), a lot has happened, with the Iran war re-erupting driving oil prices and the dollar higher, while stocks (momo/semis meltdown), bonds, gold, and bitcoin are all lower…
Both growth and inflation macro data has surprised to the downside…
But, oil’s resurgence has pushed rate-hike odds significantly higher…
But, this will still be one of the first Fed meetings in years where the market does not have at least 80% confidence in what the committee will do…
One way or another, this will be the largest “non-cut” surprise in decades.
As we detailed earlier, since 2015, traders have foreseen the Fed’s ultimate rate decision with an average error of 2.4 basis points the day before the central bank’s announcement, according to a note from Ian Lyngen, head of US rates strategy at BMO Capital Markets.
“The market is set up for a sharper kneejerk response to the FOMC announcement than is typically the case,” Lyngen said.
Jonathan Pingle, chief US economist at UBS, said he hasn’t felt this uncertain about an imminent Fed rate decision in 20 years, back when Ben Bernanke became Fed chair.
A lack of a track record by Warsh and recent divisions among Fed officials are further clouding the outlook, he said, not ruling out a scenario where Warsh is the one who casts the deciding vote.
“Given the fact that he can push around sort of the median of the committee at the moment, he’s going to decide policy for the next few meetings, and we really have no idea how Kevin Warsh thinks about monetary policy.”
Remember, there are/were 9 members of the committee that saw hikes this year…
Most pundits and sell-side analysts see the central bank leaving rates on hold – especially since last month’s inflation reports came well below expectations, and there are no dots or forecasts to update this month.
So, with the market pricing a one-third chance of a hike today, what did The Fed decide?
- *FED VOTES 9-3 TO HOLD BENCHMARK RATE IN 3.5%-3.75% RANGE
- *FED: HAMMACK, KASHKARI AND LOGAN DISSENT IN FAVOR OF RATE HIKE
- *FED REPEATS ECONOMIC ACTIVITY IS EXPANDING AT A SOLID PACE
- *FED REPEATS COMMITTEE WILL DELIVER PRICE STABILITY
- *FED REPEATS JOB GAINS HAVE KEPT PACE WITH WORKFORCE
The three dissents in favor of a rate hike clearly show the direction of travel.
And that may prove helpful to Warsh if he aims to tamp down inflation pressures.
Read the redline below (not much changed)…
WRAP UP;
USA DATA RELEASES
USA ECONOMIC REPORTS
NYC Councilwoman Sounds Alarm: Mamdani’s Property Database Puts Wealthy Homeowners In Crosshairs Of “Luigi-Worshipping Leftist Thugs”
Tuesday, Jul 28, 2026 – 05:20 PM
NYC Mayor Zohran Mamdani’s administration has been staffed with far-left activists who seek nothing less than the destruction of capitalism and America in its current form. They govern like socialist thugs and are only in the early stages of mounting a war against NYC’s wealthy.
This is particularly worrisome for the Ken Griffins of the world because Mamdani’s friend, an unofficial spokesperson for the Democratic Socialists of America who has taken questionable trips to communist Cuba and may be linked to a foreign subversion network, told his followers, “Let the streets run red with their capitalist blood.”
Mamdani’s Department of Finance published a new list of names and property addresses for residences it classifies as potentially unoccupied, non-primary homes valued above $1 million.
“This is a target list. And it’s clearly designed to intimidate homeowners under the very realistic threat of violence from Luigi-worshipping leftist thugs,” Queens City Council Member Vickie Paladino wrote on X.
Property transaction records for NYC are public, but what the far-left controlling City Hall actually did was create a handy list of wealthy individuals and the addresses of their second homes, which “Luigi-worshipping leftist thugs” could use to target in intimidating tactics – common among the radical left.
Council Minority Leader David Carr called the release “reckless,” warning that thousands of properties may have been incorrectly classified.
What readers need to understand is that the Mamdanis of the world and reform socialists are not actually focused on affordability, transgender issues, or Palestine. Those causes function as mobilization pathways toward a broader strategic objective: disrupting the gears of capitalism and creating the conditions for systemic collapse from within.
The DSA states this objective plainly:
What the internet is saying:
Publishing names and addresses creates a glaring security risk: How long before a radical Marxist group targets one of these homes with a firebomb?
The central point is that reformist socialists are not primarily focused on solving affordability, for which they have produced no credible plan.
Their main objective is to delegitimize and ultimately dismantle capitalism. Mamdani’s list should alarm wealthy New Yorkers because it lowers the barrier for surveillance, harassment, and potential violence by radical activists tied to the radical left. This doesn’t prove an attack is imminent, but it materially expands the threat environment.
via Karlyn Borysenko …
Intimidation and political violence are common tactics among the radical left. The State Department warned about the resurgence of the far left in recent weeks, underscoring that America’s political climate is entering a more volatile and dangerous phase reminiscent of the era when the Weather Underground ran amok.
END
The Mamdani Grocery Grift: NYC Mayor Sells Taxpayers A Bill Of Goods On City-Run Stores
Wednesday, Jul 29, 2026 – 02:40 PM
Last week, Mayor Zohran Mamdani’s short stint as a faux president ended with an embarrassing acknowledgment that he could not, as promised during his campaign, arrest Israeli Prime Minister Benjamin Netanyahu.
So, this week, Mamdani the Grocer made a reappearance, with details on the five city-run grocery stores that he will open.
But rather than deliver discount groceries, Mamdani is selling New Yorkers a bill of goods that will cost them millions.
What Mamdani described was a discount food bank dressed up as a grocery. Standing in front of blackboards saying “REDUCED 30%,” Mamdani sounded like a bodega hawker: “Once a month, our five city-run grocery stores will set prices for this core set of goods at 30% below typical retail prices. No exceptions, no gimmicks”
Here’s the most delicious part: the presser was a gimmick from beginning to end.
The mayor promised that “The savings will last for the entire month. That means no weekly fluctuations or sticker shock at the checkout line — not for our seniors living on fixed incomes, nor for the parents who rely on a regular supply of apple slices to keep toddler tantrums at bay.”
The Mamdani markets are new variations of an old New York grift: selling gold watches for $5.
The dupes want to believe that somehow this street vendor, surreptitiously displaying watches inside his overcoat, actually found a way to sell “solid gold watches” for just a few bucks.
The math simply does not add up for Mamdani.
Most groceries have an average profit margin between 1% and 3%, one of the smallest margins of any industry.
To promise a 30% discount below market rate that cannot be adjusted due to monthly market fluctuations is economically absurd.
It is not a description of a competitive grocery but a public charity. It is a quasi-food bank where taxpayers subsidize the cost.
As usual, Mamdani turns this into a class war, demonizing business owners. He suggests that real grocery stores are simply price gougers hoarding windfall profits from consumers. He ignores that they must pay rent, upkeep and fees — all things the city-run stores may simply write off.
He proclaimed, “May the most affordable grocery store win.”
Of course, the test is not which grocery is the most affordable, but which is the most sustainable. If you are willing to take a bath on sales, you can always offer the most affordable prices for as long as your excess cash holds out.
In Mamdani’s case, he has the credit of New York City to draw on to compete against Mom-and-Pop bodegas.
The subsidy, however, is only part of the costs. The average bodega owner must cover the fixed costs of renting a space, building the store, and complying with inspectors. Those are the fixed costs that must be internalized into the cost of produce to break even.
Real stores are competing in one of the tightest markets in the world and are grappling with a 33% nationwide increase in costs since 2019. Mamdani wants to use the stores to prove that socialism works as part of his effort to introduce New York to the “warmth of socialism.” We may never know the real costs of the Mamdani markets.
According to the New York Post, the city plans to open an East Harlem location as its first store, at a reported cost of $30 million.
However, that is not the full cost. The Post also reported that the city had already appropriated $25 million to improve the first site. The city will lose millions that could have been acquired through a sale of the land or through rents to private companies. Those costs are left on other ledgers and not likely counted in the true costs of the Mamdani markets.
The first store will not even open until 2027 despite the props behind Mamdani. The second Manhattan store will not open until 2029. That is three years and tens of millions of dollars for just the first two stores.
That is how Mamdani is promising New Yorkers savings of “$90 a month, or roughly $1,000 a year.” He is using the city to subsidize food under the guise of selling at low, but still profitable prices. Ironically, those who can take advantage of the subsidy at the first two stores in Manhattan will be anyone, including the privileged, wealthy New Yorkers whom Mamdani denounces for not paying their fair share. After all, everyone wants below-market-priced slices in the Big Apple.
The first city-run grocery, in East Harlem, will cost $30 million to build — and perhaps more. It will never need to pay this money back nor factor it into its prices. The “warmth of socialism” will cover it; that is, you.
In reality, Mamdani will be selling apples at a far greater cost than any competitor, but those true costs will be buried in the city budget and paid for by the taxpayers.
Indeed, the Mamdani markets are likely to prove the most expensive groceries in the city.
Mamdani, however, has never sweated the math or the means. He knows that the focus will be on the cash register price and not the true cost.
Of course, there is a big difference between the gold watch grift and the Mamdani grift: buying a knockoff watch only costs chumps a few bucks. The Mamdani con will cost New Yorkers millions, and most will thank him for it.
Jonathan Turley is a law professor and the New York Times best-selling author of “Rage and the Republic: The Unfinished Story of the American Revolution.”
USA BONDS/GLOBAL BONDS//A MUST VIEW..
“Bonds Are In Charge…Everything Breaks Over 5%”
by quoth the raven
Wednesday, Jul 29, 2026 – 6:23
Submitted by QTR’s Fringe Finance
Today I sat down with my friend Andy Schectman, CEO of Miles Franklin Precious Metals and one of the most recognizable voices in the precious metals industry. I’ve known Andy for years, long before I ever became a customer of his. He’s someone I trust, someone I enjoy talking markets with, and someone who has spent decades watching the intersection of monetary policy, sovereign debt, central banks and the physical gold market.
Whether you agree with every one of Andy’s conclusions or not, he consistently forces people to think beyond the daily headlines. While most investors spend their time obsessing over the next Fed meeting or the next earnings report, Andy spends his time watching sovereign capital flows, physical metal deliveries, Treasury markets and the plumbing of the global financial system. That perspective makes him worth listening to.
Here are my five biggest takeaways from our conversation:
- Andy believes markets have become dangerously leveraged and that private credit is one of the biggest underappreciated risks.
- He argues the bond market has effectively taken control from the Federal Reserve, leaving policymakers trapped by America’s debt burden.
- He sees mounting evidence that governments, central banks and sophisticated investors continue accumulating physical gold while retail investors remain distracted by speculation.
- He believes China and the BRICS nations are quietly building the infrastructure necessary to challenge Western financial dominance over the coming decade.
- His long term thesis remains unchanged: he doesn’t buy gold because he expects to get rich. He buys it because he believes it is wealth.
We started with the obvious question. Is the recent weakness in technology and AI stocks simply another dip to buy, or has the bubble finally started to crack? Andy wasn’t interested in making a dramatic market call, but he laid out a series of warning signs that are becoming increasingly difficult to ignore. He pointed to record retail participation, record margin debt, elevated options speculation, redemption pressure in private credit funds and the resignations of senior credit executives at firms like BlackRock and Blackstone. None of those developments, he argued, happen in isolation.
That discussion naturally evolved into private credit, which both of us see as one of the least appreciated risks in markets today. Commercial real estate, subprime lending and private credit have largely escaped the scrutiny that publicly traded assets receive every day. Andy’s view was simple. When liquidity disappears, investors don’t get to sell what they want. They sell what they can. That’s often how problems spread from one corner of the financial system into another.
From there we shifted to what I thought was probably the most important discussion of the interview: the bond market. Andy argued that investors spend far too much time focusing on the Federal Reserve while ignoring the Treasury market itself. His contention is that the Fed no longer dictates interest rates nearly as much as investors assume. Instead, the market is beginning to demand higher compensation for lending to an increasingly indebted government. As he put it, “the bond market sets the price, not the Fed.”
That naturally led us into America’s debt problem. Andy believes Washington has wandered into what economists often call…
(WATCH THE FULL ONE HOUR INTERVIEW HERE).
END
Watch: US Navy’s New Suicide Drone Boats Help Sink Decommissioned Amphibious Assault Ship
Tuesday, Jul 28, 2026 – 09:20 PM
The US military has effectively taken a page from Ukraine’s drone-boat playbook, using a swarm attack against high-value Iranian maritime assets earlier this month. Separately, a Texas shipyard is preparing to mass-produce these unmanned vessels by the thousands.
The latest evidence that the Navy is rapidly adopting one-way attack vessels emerged during RIMPAC 2026 near Hawaii.
In a live-fire exercise, two Global Autonomous Reconnaissance Craft were deployed against the decommissioned amphibious assault ship USS Peleliu, according to the military blog Army Recognition.
Here’s more from the outlet:
On July 17, 2026, the U.S. Navy used the Global Autonomous Reconnaissance Craft (GARC) in a live-fire attack for the first time, directing two small unmanned surface vessels (USVs) against the decommissioned amphibious assault ship USS Peleliu during the RIMPAC exercise near Hawaii.
The craft were operated by the Unmanned Surface Vessel Division 32 (USVDIV-32) and entered the engagement after larger weapons had already struck the target, as part of a coordinated attack.
The two vessels detonated near the waterline, adding localized blast, structural deformation, and flooding to damage produced by missiles, aircraft, submarines, and land-based firing units.
The engagement demonstrated that a small, container-transportable vessel carrying as much as 454 kilograms of payload could contribute to the destruction of a major warship.
Watch:
Earlier this month, three US Navy-backed Saronic Corsair one-way attack vessels struck Iran’s Bandar Abbas Naval Base.
As we continue expanding our coverage of autonomous warfare, these developments point to the rapid US adoption of low-cost, attritable warbots. The next phase will likely be a massive Pentagon procurement cycle focused on stockpiling thousands of drone boats and millions of aerial one-way attack drones.
END
DETROIT
Detroit Gets Drafted: Ford And GM Head Back To The Battlefield
Tuesday, Jul 28, 2026 – 06:50 PM
One of the defining themes of the Trump administration’s second term has been rebuilding America’s industrial base—not just by bringing manufacturing back to U.S. soil, but by restoring domestic capacity in industries considered critical to national security.
Defense production sits squarely at the center of that effort, with Washington increasingly looking to private industry to expand military manufacturing. The latest example is the Pentagon’s push to enlist Detroit’s automakers in building the Army’s next generation of tactical vehicles.
In that vein, Ford is stepping back into military vehicle manufacturing in a meaningful way, entering the competition to develop the U.S. Army’s next tactical transport vehicle—its largest defense opportunity in decades, according to the Wall Street Journal.
The Army has selected Ford, General Motors, and specialty vehicle builder BC Customs to produce prototype trucks as part of a program expected to field around 600 vehicles. The new platform is designed to do more than move soldiers across difficult terrain: it will also provide onboard electrical power for drones, communications gear, and other battlefield technology.
WSJ writes that Ford’s prototypes will be based on its Super Duty pickup platform, while GM is continuing development of a heavier-duty Silverado-derived vehicle already being evaluated by the military.
The effort reflects the Pentagon’s broader push to tap the manufacturing expertise of U.S. automakers as it rebuilds defense capacity amid rising geopolitical tensions. Ford has signaled it sees opportunities beyond military vehicles, including supplying critical components and strengthening domestic supply chains, while GM has expanded aggressively into defense with programs ranging from tactical vehicles to munitions manufacturing.
END
KING NEWS
| The King Report July 29, 2026 Issue 7793 | Independent View of the News |
| This Is the Chart That Jensen Huang Does Not Want You to See [US Hyperscaler Capex and Nvidia stock price vs NVDA Credit Default Swaps (CDS)] The last week or so has seen questions about hyperscalers’ ability to fund the massive CapEx required to keep the AI dream alive with the explosion in hyperscaler credit risk finally starting to weigh on the stocks of those companies… Credit-market signals are a more relevant short term gauge than EPS valuations for hyperscalers, notes Manish Kabra at Societe Generale…While NVDA’s stock is ‘off the highs’ NVDA’s credit risk is signaling something considerably worse… https://www.zerohedge.com/markets/chart-jensen-huang-does-not-want-you-see @GlobalMktObserv: THIS IS ABSOLUTELY INSANE: The 3x leveraged long US semiconductor ETF, SOXL, has seen +$4.4 billion in inflows so far in July, on track for the largest monthly inflow EVER. These flows are dominated by retail investors. Meanwhile, the fund prices dropped -50% month-to-date, to near the lowest level since late April. SOXL is now down over -60% since its June peak. Retail investors are doubling down as the trade collapses. https://x.com/GlobalMktObserv/status/2082125428576121053 Japan’s Katayama (Fin Min) touts ‘smooth’ government relations with BOJDay-to-day monetary policy operation under BOJ jurisdictionKatayama rules out setting ceiling for debt issuanceGovt will communicate closely with markets on fiscal policyEconomic blueprint not aimed at pressuring BOJhttps://www.reuters.com/world/asia-pacific/japan-finance-minister-says-governments-relationship-with-boj-smooth-2026-07-28/ Japan’s Finance Minister Satsuki Katayama: Market Explanation Is Needed to Avoid Speculative Trading in Japanese Government Bonds https://www.binance.com/en/square/post/349459719697761 The Kospi closed -10.84% as traders and investors, great and small, continue to dump AI-related stocks. The TWSE (Taiwan) Capitalization Weighted Stock Index closed -4.65%. The Nikkei closed -3.95%; the yen/dollar hit 163.946. The Euro Stoxx 50 rallied in late trading (AKA manipulation) to close -2.57%. In early trading on Tuesday, the Nasdaq 100 was -1.56% (-440.00) at 9:50 ET. ESUs were -16.00 but the DJIA was +360ish on BA (+1.94%) and KO (+6.57%). Bonds and notes were modestly higher. Gold was -1.57%; silver was -2.9%. Sept WTI Oil was -1.38%; Sept Gasoline was +0.22%. The divergence between gasoline and oil continues. Whoever is leaning on oil futures isn’t forcing gasoline futures lower or isn’t having the same success as in the oil market. Trades continue to buy Apple for expected great results. APPL hit a record 342.89 (+1.8%) at 9:31 ET. After reports surfaced near noon ET that Trump is reluctant to strike Iran, September WTI Oil fell 5.33% for the day (as of 12:29 ET) and gasoline declined 1.34% for the day. ESUs opened lower on Monday night due to the carnage on the KOSPI and Nikkei. After falling to 7426.00 two minutes before the 1:00 ET Nikkei close, someone juiced ESUs to 7448.25 at 1:18 ET. ESUs the fell and made a triple bottom of 7421.00 at 1:33 ET, 1:58 ET, and 2:04 ET. ESUs then intractably rallied to 7459.00 at 9:17 ET. A pro dump appeared; ESUs cascaded to a daily low of 7417.00 (-31.25) t 9:47 ET. Traders then got jiggy and manically bought ESUs, forcing them to a daily high of 7485.75 (+37.50) at 12:56 ET. In Tuesday’s missive we guessed that traders would play for a Turnaround Tuesday to the upside and the Fed Rally that culminates before the release of the FOMC Minutes on Fed Day. NQUs made a daily low of 27,603.50 (-586.50) at 10:16 ET and then zoomed to a daily high of 28,288.00 (+38.00) at 12:56 ET. Action then dried up as prudent traders went inert ahead of Fed Day. ESUs did and ABC decline to 7460.75 at 16:06 ET. @Mr_Derivatives: TSLA down 9 of the last 10 days; AMZN down 8 of the last 9 days; META down 9 days in a row Netanyahu: I just finished an excellent meeting with President Trump. When I say excellent, I don’t mean it lightly. A conversation with full partnership, with, uh, mutual support, with understanding on the shared goal, to ensure that Iran will not have nuclear weapons and also other goals. https://x.com/AmichaiStein1/status/2082165877508595858 Positive aspects of previous session Bonds rallied moderately, were +15/32 at 16:34 ET. The DJIA jumped 1.03% on good results. Sept WTI Oil declined 4.01%; Sept Gasoline fell 1.15%. Negative aspects of previous session The yen/$ hit 163.98. The Sox Index cratered 4.49%; Nasdaq fell 0.22%; the Naz 100 declined 0.98%. Ambiguous aspects of previous session How long can equity jockeys insouciantly dismiss negative fundamentals, notably higher yields? First Hour/Last Hour NYSE Action [S&P 500 Index]: 1st Hour: Down; Last Hour: Down Pivot Point for S&P 500 Index [above/below indicates daily trend to day traders]: 7421.27 Previous session (S&P 500 Index) High/Low: 7452.09 (13:56 ET); 7382.95 (9:47 ET) @FCNightingale: Q2 Texas Cities Office Vacancy Rate: Austin 26.9%; Dallas 24.9%; El Paso 6.6%; Fort Worth 11.8%; Houston 24.7%; San Antonio 15.2% – Cushman and Wakefield Q2 Metro Denver Office Vacancy Rate at 26.6%. Central Business District (CBD) at 35.4%. Metro Denver had more than 30 million square feet vacant. – Cushman and Wakefield Downtown Seattle has a 37% office vacancy rate with about 20M SF of empty office space… Update: 21 Chicago Office Building Sales: 401 S. State St. ↓94% $4.2M vs $68.1M in 2016 300 W. Adams St. ↓92% $4M vs $51M in 2012, Building split from land after 2012. 55 W. Monroe St. ↓90% $25M vs $243.25M in 2014 216 W. Jackson Blvd. ↓89% $2.5M vs $22M in 2013 100 N. Riverside Plaza ↓87% $22M vs $165M in 2005 19 South LaSalle St. ↓86% $4.2M vs $29.9M in 2006 175 W. Jackson Blvd. ↓87% $41M vs $306M in 2018 311 S. Wacker Drive ↓85% $45M vs $302M in 2014… https://x.com/FCNightingale/status/2081910477110562935 Who is holding insolvent and delinquent CRE debt? When will it register as a ‘problem?’ Trump warms to Zelenskyy, views Putin less favorably: Report US President Donald Trump has grown more favorable toward Ukrainian President Volodymyr Zelenskyy and expressed fresh optimism about Kyiv’s resilience in its war with Moscow, The Wall Street Journal reported Monday, citing US officials. The report said Trump initially believed Russia’s military would overpower Ukraine, but the US president now views Russian President Vladimir Putin “in a less favorable light.”… Trump has come to admire Ukraine’s drone industry… https://www.aa.com.tr/en/eurasia/trump-warms-to-zelenskyy-views-putin-less-favorably-report/4011245 The Myth of Socialism’s Rise The root cause of this problem is that we live in a 10-10-80 nation. Ten percent of the country on the political left is engaged in a bitter war with 10% on the political right. Both sides believe that only their agenda can save the nation from the evil of the other 10 percent. They are so focused on beating the other team that they have lost sight of the 80%…. (As we recently opined, the left’s echo chamber is supreme) The 80 percenters, on the other hand, instinctively recognize that there’s more to life than politics, and they hate the toxic nature of 21st-century politics… The above story ignores the historic fact that a handful of determined rabble rousers (Lenin et al, Hitler, a few US colonists, Castro, Mao, etc.) can foment massive social change/ revolution. “All that is necessary for the triumph of evil is for good men to do nothing.” – Edmund Burke @CENTCOM: At 5:45 p.m. ET today, Islamic Revolutionary Guard Corps forces launched multiple ballistic missiles from Iran in an attempted surprise attack on U.S. forces based in the Middle East (Jordan). All Iranian missiles were successfully intercepted. U.S. forces remain vigilant and at a high state of readiness. @c14english: Multiple USAF refueling aircraft are airborne in the Middle East after unprovoked Iranian ballistic missile strikes. Today is Fed Day. Traders will play for a rally into the FOMC Communique release at 14:00 ET. The market expects no change in rates. So, a hike should induce wailing and gnashing of teeth. If there is no change in policy, the FOMC Communique and Warsh’s 14:30 ET press conference will impact action. The index closed below its 50-DMA (7432.34) for a 4th straight session. The gap from the S&P 500 decline on Thursday has not been filled. This portends trouble. https://tradewiththepros.com/stock-gap-fill-strategies/ Expected Earnings: Microsoft 4.24, Meta 7.22, PG 1.41, QCOM 2.23, GD 3.97, Apple and Amazon report on Thursday. ESUs fell to 7449.25 (-20.00) early on Tuesday night opening due to the Iran missile strike. But traders are conditioned to be long for Fed Day. So, ESUs are +30.75; NQUs are +223.00 (-36.25 at low); USUs are -13/32; WTI Oil is +2.64; Gasoline is +3.34 at 20:10 ET. S&P 500 Index (7428.78 close) – BBG trading model Trender and MACD for key time frames Monthly: Trender and MACD are positive – a close below 6248.85 triggers a sell signal Weekly: Trender and MACD are positive – a close below 6960.05 triggers a sell signal Daily: Trender and MACD are negative – a close above 7528.27 triggers a buy signal Hourly: Trender and MACD are negative – a close above 7470.50 triggers a buy signal S&P Index 50-day MA: 7470; 100-day MA: 7187; 200-day MA: 7012 DJIA 50-day MA: 51,551;100-day MA: 49,754; 200-day MA: 48,959 (Green is positive slope; Red is negative slope) https://www.barchart.com/stocks/quotes/$SPX/technical-analysis @seanmdav: It is inarguable that the war in Iran is a massive drag on Trump’s numbers, as well as those of the Republican party heading into November. This is largely driven by consistently high gas prices… Trump obviously knows this, which is why he’s been searching for an off ramp for months… With the Iran war, the NeverTrump neocons have gotten everything they ever dreamed of—war, and a massive political quagmire for Trump which threatens to consume the rest of his presidency and destroy any future political chances of Vance and the entire MAGA/America First movement. These people, and this includes most GOP senators, believe that Trump/MAGA is just a fever that will eventually break, and all they have to do is wait it out and then take over what’s left of the party after that. They don’t care if Republicans lose in the mid-terms in November. In fact, they’d welcome it. They would much rather rule over the wreckage than continue having to take a back seat to Trump or his successor. This is why they refuse to pass the SAVE America Act… Washington Republicans very much prefer the minority, where they get all the perks of power but none of the obligations or accountability. They can go on their taxpayer-funded junkets and slip provisions into Democrat-written bills for the benefit of their K Street lobbyist donors without having to actually pass anything their voters demand. When you’re in the minority, you don’t have to spend all your time lying to your own voters about why you can’t do anything despite controlling the Congress, the White House, and the Supreme Court. If November goes poorly, they’ll then leave Trump to fend for himself as a new Democratic Congress launches its latest series of hoaxes and investigations and impeachment circuses designed to make sure Trumpism as a movement in 2028 has no gas left in the tank… The neocon war pimps and the RINO establishment would much rather Republicans lose in 2026 and 2028, allowing the establishment to rebuild the party in its own image heading into 2032, than watch the Trump/MAGA agenda succeed and lead to a third or maybe even a fourth term following victory in the presidential election in 2028… https://x.com/seanmdav/status/2082125309374276032 Congressional committee issues subpoenas to organizations tied to China-linked Dem megadonor The latest subpoenas raise the question of whether U.S. tax law — which grants tax exemptions and shields charitable donor identities — can be used to route foreign money into domestic political activity. At the heart of it, questions abound whether the far-left outfits have violated the Foreign Agents Registration Act (FARA). House Ways and Means Committee Chairman Jason Smith, R-Mo., has issued subpoenas to three tax-exempt organizations tied to socialist megadonor Neville Roy Singham, an American multimillionaire living in Shanghai with ties to the Chinese Communist Party… “Public reporting has traced hundreds of millions of dollars from Neville Roy Singham – a tech mogul living in Shanghai – that was funneled through a web of shell companies and donor-advised funds that concealed the true source of the money before it reached these organizations.”… https://justthenews.com/government/congress/congressional-committee-issues-subpoenas-organizations-tied-china-linked-dem @EricLDaugh: Robert F. Kennedy Jr. just OBLITERATED Dr. Fauci for lying about the COVID vaccine, getting a PULMONARY side effect and HIDING IT from us. “He got vaccinated very publicly… then 5 months later, we know from the diary, he had a pulmonary INFARCTION! HE NEVER TOLD ANYBODY.” “He got treated by the best doctors in America while he told everyone that was NOT an adverse event.” “MILLIONS of people injured. He lied about masks. He lied about social distancing. He lied about transmission. He lied about natural immunity. He lied about the capacity of vaccines to prevent infection.” https://x.com/EricLDaugh/status/2081882207208063423 @rawsalerts: Anthony Fauci wrote in a Nov. 17, 2021 diary entry that he was “well aware” many vaccinated people were still getting infected. @paulsperry_: During Covid, Dr. Anthony Fauci enjoyed a “relaxed” dinner at home with CNN Jake Tapper and his wife — one week after suggesting Americans “sacrifice” getting together with family and friends at Thanksgiving, newly released 2020 diary entries reveal. @KanekoaTheGreat Fauci’s private diary. March 2020. March 21 — “deaths 9800″: “Big front page article about me appeared in the Washington Post. Very flattering.” “my national and international fame is explosive and really unimaginable” “It is not hyperbole to say that today I am the most famous and talked about person in the country and one of the most recognizable persons in the world.” March 22 — “Cases continue to soar. 30,000 in USA with 400 deaths”: “Press is going wild with me.” “Front page in Washington Post yesterday and Op Ed by Maureen Dowd in NY Times today about me.” “Profile by Peter Nicholas on me in The Atlantic.” He tracked the body count and his press clippings on the same page. https://x.com/KanekoaTheGreat/status/2081424452039180385 DJT nemesis & GOP @RepThomasMassie: One of the reasons it’s hard for Trump to come to terms with the U.S. government’s role in creating COVID is Trump funded coronavirus research at the Wuhan Institute of Virology in China for the first 3 years of his 1st term. He ended it on April 24, 2020. @jsolomonReports: “Hillary Clinton ran a pay-to-play scheme that delivered favors from her post as Secretary of State, while foreigners and others paid large sums of money to her family foundation, the Clinton Foundation, run by Bill Clinton and their daughter eventually, Chelsea Clinton. Three separate agencies, three separate bureaus, offices of the FBI believed they had predicated evidence to pursue that.” “Four U.S. attorney offices under Barack Obama were asked for help by the agents’ agency: ‘We need a grand jury, we need to get evidence, we want to move the case down the road.’ All three of those four offices told the agents, ‘You’re on your own; we will not assist you in your pursuit of criminal charges against Hillary Clinton.’ And then, perhaps the most extraordinary statement in the document: the Deputy Attorney General for Barack Obama, Sally Yates, explicitly told the FBI to ‘shut the f**king thing down,’ ‘shut it down.’… https://x.com/The17thLegacy/status/2081800913652498679 Biden’s classified docs narrative crumbles amid release of ghostwriter tapes: ‘Be careful’ Recordings between Joe Biden and memoir ghostwriter Mark Zwonitzer reveal halting speech and memory struggles during the 2017 sessions… https://www.foxnews.com/politics/bidens-classified-docs-narrative-crumbles-amid-release-ghostwriter-tapes @EndWokeness: Billboard Top 10: 2020-2023: Rap music: 34%; Country music: 7% 2025-2026: Country music: 27% Rap music: 17% This is a pretty major cultural shift. @libsoftiktok: Connecticut passed a law REQUIRING schools to insert “Islamic and Arab studies” into their curriculum. This is how you prepare a population for a takeover. https://x.com/libsoftiktok/status/2082183218376090051 @AdamSchwarze: Official Minnesota voter records claim I voted in person in the 2012 election while I was 2,000 miles away at BUD/S in California. It was physically impossible for me to have voted in MN in person 2012. The MN Secretary of State’s office doesn’t have answers. Tomorrow we are holding a press conference outside the MN Secretary of State’s Office. | |
SWAMP STORIES FOR YOU TONIGHT
New Biden Tapes Reveal Hur’s “Well-Meaning Elderly Man” Had An $8 Million Motive To Keep Classified Docs
Tuesday, Jul 28, 2026 – 04:40 PM
Joe Biden kept classified material after leaving the vice presidency, knew what it was, and read it aloud to a civilian with no security clearance who was helping him write a book he was paid $8 million for. He said as much on tape, repeatedly, in 2016 and 2017. The Justice Department had those recordings and kept them from the public for two years – the same two years it was prosecuting Donald Trump for mishandling classified documents.
Former President Joe Biden speaks during the National Bar Association’s 100th Annual Awards Gala in Chicago on July 31, 2025. Nam Y. Huh/AP Photo
The recordings came out Monday night, released by the Heritage Foundation’s Oversight Project after a FOIA fight that began in March 2024 and ran first against the Justice Department and then against Biden’s personal attorneys. Roughly three hours of audio and 117 pages of transcripts, drawn from the interviews Special Counsel Robert Hur obtained during his investigation into Biden’s handling of classified material. The Oversight Project says the complete set runs to about 70 hours and that further releases are coming.
Start with what is on them.
In an October 2016 session, recorded while he was still the sitting vice president, Biden tells ghostwriter Mark Lewis Zwonitzer: “I have extensive notes over this period of time… They didn’t even know I had this.“
In February 2017, a month after leaving office and living in a Virginia rental: “So this was – I, early on, in ’09 – I just found all of the classified stuff downstairs.” He then walks Zwonitzer through his 2009 argument against the Afghanistan troop surge.
On April 14, 2017, he stops to warn the man he’s talking to: “Some of this may be classified. So, be careful. I’m not sure. … It’s not marked classified, but -“
Elsewhere in the same period: “The next thing I have here is, um, this is classified.“
Hur’s report found that Biden read from classified notebooks to Zwonitzer “nearly verbatim, sometimes for an hour or more at a time” on at least three occasions, and that the evidence showed convincingly he knew those notebooks held classified information. The FBI later recovered marked classified documents on Afghanistan policy, along with the notebooks, from the garages, offices and basement den of Biden’s Wilmington home.https://www.youtube.com/embed/ZVhRg3jAllY?si=oxHLAl49QZgy109s
The transcripts are shot through with redactions. The Oversight Project’s argument is that the blackouts are themselves the evidence: “The silence of the redactions loudly demonstrates that Biden knowingly and willfully disclosed classified information to his ghostwriter.” Nine years on, the public still isn’t cleared to know what he told a man who wasn’t cleared to hear it.
The Justice Department Had The Tapes The Whole Time
In June 2023, the Department of Justice indicted Donald Trump on dozens of counts for retaining classified documents at Mar-a-Lago. Espionage Act charges, a special counsel, a grand jury, federal agents inside a former president’s home, and a year of argument over whether a man who kept boxes in a bathroom endangered the country.
Through every month of that, the same Department held audio of the sitting president saying he’d found all the classified stuff downstairs. It had obtained the recordings through Hur’s investigation, knew their contents in detail, and declined to release them for the remainder of Biden’s term.
When Biden’s own interview with Hur finally surfaced in May 2025, the Department didn’t relent – Axios obtained the five hours of audio and published it.
The ghostwriter tapes took another fourteen months. Once Biden left office and no longer had a department asserting exemptions on his behalf, his private attorneys sued in May 2026 to keep them sealed, arguing the conversations were personal. A federal judge in Washington ruled against him in June. A three-judge panel of the DC Circuit then rejected his appeal 2-1, finding a substantial public interest in disclosure.
He had two moves left – rehearing before the full circuit, or a petition to the Supreme Court – and took neither. His spokesman announced that Biden “respects the courts and the vital role an independent judiciary plays in a healthy democracy,” in the same week he stopped resisting one.
The Ghostwriter Deleted The Recordings Before The FBI Called
The tapes came close to never existing at all. Chapter Seventeen of Hur’s report deals with what Zwonitzer did after learning a special counsel had been appointed to investigate Biden. Before the FBI made contact, he deleted the audio files of his Biden interviews from his laptop and from an external hard drive. He described it to investigators plainly: “I simply took the audio files subfolder from both the G drive and my laptop and slid them into the trash. I saved all the transcripts.”
Hur’s own assessment of what had been destroyed was that the recordings “had significant evidentiary value.”
Bureau technicians recovered most of the audio from the external drive, and nothing relevant from the laptop. Three of the recovered files were missing portions. A fourth had been partly overwritten by a different recording. Zwonitzer told investigators he’d been worried about being hacked, and declined to say how much of his motivation was the federal investigation he had just learned about. He wasn’t charged – as Hur cited insufficient evidence and found him cooperative and forthright, which he was, after the deletion.
Hur Gave Two Different Answers Five Weeks Apart
In addition to pulling a Comey (‘no reasonable prosecutor’ vibes), Hur was quite the spin doctor.
In February 2024, Hur wrote that a jury would likely see Biden as “a sympathetic, well-meaning, elderly man with a poor memory,” and that convicting a former president in his eighties of a felony requiring willfulness would be difficult. It was the only line most people retained from a 345-page report. Biden’s own lawyers spent the following week attacking it as gratuitous, and it followed him into every press conference until he left the 2024 race.
Five weeks later, on March 12, 2024, Hur sat before the House Judiciary Committee under oath and was asked why Biden had taken the notebooks in the first place. His answer pointed at money. Biden had “strong motivations to ignore proper procedures for safeguarding his classified” material, Hur testified, and the likely reason he wanted the notebooks was the $8 million three-book deal he’d signed with Flatiron Books in April 2017, reported by Publishers Weekly and covering two books by Biden and one by Jill Biden.
Those two accounts describe different men. One is confused and harmless. The other is a former vice president with a financial motivation to hold onto national security material and a ghostwriter waiting to hear it.
The financial record sits in public filings. The Bidens reported adjusted gross income of $396,456 in 2016, his last full year as vice president, and $11,031,309 in 2017. Promise Me, Dad sold more than 300,000 copies, and Biden took in roughly $1.8 million from thirty book-tour appearances. When Hur’s investigators later asked him about the recordings, his written answers maintained that he’d used the word “classified” only loosely around his ghostwriter.
Bottom line: Hur found evidence of disclosure – spoken aloud, to a civilian without clearance, in service of a book contract that Hur himself identified as the motive. Disclosure is what the Espionage Act was written to reach, and the man who did it was never charged, never tried, and never had to sit in a courtroom while a jury listened to the recording.
In February 2025, Trump revoked Biden’s security clearances and daily intelligence briefings, citing the special counsel directly: “The Hur Report revealed that Biden suffers from ‘poor memory’ and, even in his ‘prime,’ could not be trusted with sensitive information.”
Meanwhile, about 67 hours of audio have yet to be released.
Listen to more below:https://www.youtube.com/embed/t7vk2NDsJxA?si=eQrGblQ_63wdJp_4
END
Comey Attorneys Seek Dismissal Of Indictment Over ’86 47′ Instagram Post
Tuesday, Jul 28, 2026 – 05:00 PM
Attorneys for former FBI Director James Comey are asking a federal court to toss out the indictment accusing him of threatening President Donald Trump’s life, arguing his Instagram post of seashells spelling “86 47” was nothing more than protected political speech.
Comey was indicted in April over the post, published in May 2025 and later deleted, which prosecutors say amounted to a threat against the president. In a filing Monday, Comey’s legal team called the case an assault on the First Amendment, insisting the numbers referenced a slogan that has circulated at protests and on merchandise nationwide, rather than any call for violence.
“Mr. Comey, an outspoken critic of President Trump, posted a photograph of seashells spelling out ’86 47,’ a well-known political slogan that expresses opposition to the President,” the filing said, adding that thousands of items bearing the phrase have been sold online and that it was a common sight at demonstrations in the months before his post.
The defense accused the Justice Department of singling out Comey “to prosecute one of the President’s most prominent critics for publishing another person’s statement of political opposition,” calling the effort an unconstitutional attempt to suppress speech.
Prosecutors, however, have pointed to the phrase’s widely understood meaning as coded language for killing the president, a reading that helped drive the grand jury’s decision to indict one of Trump’s most vocal law enforcement critics.
Comey has denied any intent to threaten Trump and is expected to plead not guilty at an arraignment scheduled for next month in North Carolina.
His attorneys argue that even a trial ending in acquittal would amount to unconstitutional punishment and could invite future prosecutions of the president’s perceived political opponents, noting that officials have warned they would pursue anyone who tries to “copycat” Comey’s post.
The filing also disclosed that after deleting the image, Comey reached out to his local police chief to flag the controversy and later agreed to sit for an interview with Secret Service agents, details his lawyers say undercut any claim that he intended a genuine threat. They argue prosecutors have not met the Supreme Court’s demanding standard for proving a “true threat,” which requires evidence Comey himself meant to incite violence.
Comey’s team also sought to draw a contrast with Trump’s own rhetoric, pointing to the president’s earlier description of lawmakers who urged troops to disobey unlawful orders as committing “treason” that was “punishable by death.” The comparison drew immediate skepticism from Trump allies, who note the president was addressing lawmakers accused of encouraging service members to defy the commander in chief, a markedly different scenario than a former top law enforcement official publicly signaling hostility toward a sitting president he has spent years attacking.
The case marks the latest chapter in the long-running feud between Trump and Comey, whom the president fired as FBI director in 2017 and has repeatedly accused of politicizing the bureau’s Russia investigation into his 2016 campaign.
END
SIM FARMS/FRAUDSTERS
ICE Dismantles SIM Farms In Nationwide Operation
Tuesday, Jul 28, 2026 – 09:45 PM
Authored by Naveen Athrappully via The Epoch Times,
Immigration and Customs Enforcement’s (ICE’s) Homeland Security Investigations carried out a nationwide operation between June 22 and July 10 that dismantled “SIM farms” run by transnational criminal organizations.
File photograph of a cell phone sim card at a press conference in Paris, France, on Feb. 25, 2015. Kenzo Tribouillard/AFP via Getty Images
SIM (subscriber identity module) farms are systems containing large numbers of SIM cards from different wireless carriers, often housed in banks of cellphones, modems, or specialized devices known as SIM boxes.
These can be used to send and receive bulk messages or calls and often exploit voice over internet protocol (VoIP) technology to do so. Initially developed for legitimate purposes, the technology has become prominent among organized fraudsters targeting mass audiences through phishing texts, scam calls, and fraudulent online accounts.
The recent nationwide operation, dubbed Operation Signal Break, “dismantled critical command-and-control infrastructure used to perpetrate large-scale telecommunications fraud across the United States,” ICE said in a July 24 statement.
Authorities will now analyze the seized SIM data to identify victims and assess losses caused by such fraud. The illicit proceeds from the fraud, which are suspected to be linked to Chinese transnational criminal organizations and distribution networks, will be traced.
This is expected to support criminal indictments, sanctions targeting national and international infrastructure used in criminal activity, and asset seizures. SIM box operations are estimated to result in losses worth $15 million annually to Americans, according to ICE.
SIM box fraud, “also known as interconnect bypass fraud, is a scheme in which fraudsters reroute international calls to appear as local ones,” a Nov. 8, 2025, post from IT services provider Synaptique said.
For instance, when a foreign national calls someone in the United States, the call is diverted through VOIP to a SIM box in America instead of passing through a legitimate international call gateway. The SIM box then uses one of the local SIM cards to place a new local call to the recipient.
SIM boxes can be used by criminals to communicate in a clandestine manner. Foreign rival states and intelligence agencies can also use SIM boxes in their operations.
In its statement, ICE said that Operation Signal Break mobilized specialized SIM Box Surge Teams composed of criminal analysts, special agents, and computer forensic analysts, surging them to California, Florida, Texas, Massachusetts, New York, and New Jersey to tackle SIM farm operations.
“I commend our special agents for their outstanding dedication and teamwork in dismantling illicit telecommunications infrastructure,” Homeland Security Investigations (HSI) Acting Executive Associate Director John Condon said in the statement.
“Their relentless pursuit of justice and commitment to protecting the integrity of our communications networks have made our communities safer and sends a clear message to those seeking to exploit our systems to defraud Americans.”
Since 2024, the HSI has seized more than 1,900 SIM boxes, more than 500,000 SIM cards, and in excess of $700,000 in illicit proceeds. It has executed more than 116 federal criminal search warrants. In total, 68 SIM farms used to facilitate fraudulent texts and calls have been disrupted across 15 states. The probes have led to one criminal arrest and 11 administrative arrests.
In September 2025, the U.S. Secret Service (USSS) announced the dismantling of an “imminent telecommunications threat” in the New York tristate area that involved the use of thousands of SIM cards.
A network of electronic devices located throughout the region was used to conduct telecommunications-related threats against senior government officials. In total, more than 300 co-located SIM servers and 100,000 SIM cards were found across multiple sites.
In addition to enabling anonymous telephonic threats, the infrastructure could facilitate other crimes, such as enabling encrypted communications between criminal enterprises and threat actors, and disabling cell phone towers, according to the U.S. Secret Service.
“The potential for disruption to our country’s telecommunications posed by this network of devices cannot be overstated,” Secret Service Director Sean Curran said in the statement.
In an international case of SIM box criminal operations, Europol announced in October 2025 that it had taken down a cybercrime-as-a-service criminal network that provided SIM box services to criminals worldwide.
A server farm in New York City on Sept. 23, 2025. US Secret Service via Getty Images
GREG HUNTER….
harveyorganblog.com 
