It's "Obvious" There Will Be "No Victory For The Poor Ukrainians": Viktor Orban Hungarian Prime Minister Viktor Orban has once again spoken the quiet part out loud, as he continues to be a thorn in the side of NATO and the EU regarding continually escalating arms deliveries to Ukraine, with F-16 fighter jets poised to be delivered to Kiev in the near future. The first day of the annual Qatar Economic Forum (QEF) included a speech and on-stage interview by Orban wherein he bluntly...
Trump's Truth Social Sues Washington Post For Over $3 Billion Authored by Tom Ozimek via The Epoch Times (emphasis ours), Former President Donald Trump’s social media company has sued Jeff Bezos-owned Washington Post for defamation and is seeking $3.78 billion in damages over an article that allegedly harmed Trump’s company’s reputation and caused “enormous loss.” An image of former President Donald Trump next to a phone screen that is displaying the Truth Social app in Washington,...
TikToker Who Filmed Himself Committing Crimes For Clout Says Outrage Is Only Because He’s A "Black Male" Authored by Paul Joseph Watson via Summit News, A TikToker who filmed himself committing crimes for social media clout, leading to his arrest, says people are only outraged because he’s a “black male”. screenshot Yes, really. 18-year-old Bacari Ogarro, known online as ‘Mizzy’, went viral after recording himself committing numerous criminal offenses, including invading...
German Investigators Find Nord Stream Evidence Points To Ukraine Seven months after explosions severed three of Russia's four Nord Stream gas pipelines in the Baltic Sea, German investigators are now pursuing leads that point to Ukraine as the responsible country. At the same time, a multinational consortium of European investigative journalists has also found leads pointing to Kiev. A long-running Western propaganda campaign -- abetted by media that's credulous at best and...
10-Year Yield Seeking Higher Ground On Technical Breakout By Akshay Chinchalkar, Bloomberg Markets Live reporter and strategist The recent breakout in the US 10-year yield may have 4% within its sights. The benchmark rate completed a seven-day rising streak through yesterday against the backdrop of negotiations around the debt ceiling. Although Monday’s talks proved inconclusive, both President Biden and House Speaker Kevin McCarthy expressed optimism about engaging in...
Regional Fed Surveys Signal Slump, Buck PMI Bounce The Philly Fed's Services index was in contractionary territory for the 9th month of the last 10 in May (-16.0), but very slightly higher from April's two-year lows. Source: Bloomberg More problematically, the survey showed increases in prices for inputs and the firms’ own goods and services. The prices paid index increased 5 points to 40.3 in May. Almost 45 percent of the firms reported increases in input prices, while 4...
New Home Sales Unexpectedly Surged In April As Builders Slashed Prices After existing home sales declined in April (and mortgage rates rebounded notably), expectations are for the incentive-driven surge in new home sales to slow (from +9.6% MoM in March to -2.6% MoM in April), but instead new home sales surge 4.1% MoM (thanks in large part to a notable downward revision from +9.6% to +4.0% MoM in March) Source: Bloomberg That jump pushed new home sales up 11.8% year-over-year...
US Services PMI Soars To 13-Mo Highs, Manufacturing Tumbles Back Into Contraction After an ugly wave of manufacturing PMIs across the euro-zone (and UK), preliminary US PMIs for May were expected to decline (tracking the recent serial disappointment in macro data). The flash prints were dramatically different (like in Europe) with Manufacturing plunging to 48.5 (contraction) down from 50.2 (that was the first time back above 50 since Oct). Services, however, surged to 55.1, the...
GOP, White House Remain 'Far Apart' On Debt Deal, Treasury Asks Agencies About Delayed Payments The White House and GOP negotiators plan to meet again on Tuesday at 11 a.m. ET to continue negotiations on a months-long impasse over raising the nation's $31.4 trillion debt ceiling before a default occurs. Republicans say the White House isn't negotiating in good faith, with House Financial Services Chair Patrick McHenry (R-NC) saying on Tuesday that he's not sensing urgency from...
Apple Signs Multibillion Dollar Deal With Broadcom For "Made In USA" 5G Parts Apple has signed a new multiyear, multibillion-dollar deal with Broadcom to develop 5G radio frequency components, Bloomberg reported, sending the stock of the chipmaker higher in premarket trading. In a statement, Apple said that the collaboration will include wireless connectivity components, and added that the components will be designed and built in several US manufacturing hubs including Fort...
Consumer Weakness Confirmed: All Consumer Companies Missed On Comps Today And Spoke To Slowdown In Spending From Goldman Consumer-focused trader Scott Feiler A lot of Maybe’s: Maybe some of the weakness was expected. Maybe it was not much worse than feared. Maybe a lot of it can be blamed on weather. Maybe it’s priced in. Maybe the corporates will talk to trends improving. Definitely: That’s a lot of maybe’s and those all could be true, but what we know for sure is all consumer...
A.I., Narrow Markets, And The New T.I.N.A. Authored by Lance Roberts via RealInvestmentAdvice.com, The A.I. chase is making for a very narrow market. As Bob Farrell once quipped: “Markets are strongest when they are broad and weakest when they narrow to a handful of blue-chip names.” Breadth is important. A rally on narrow breadth indicates limited participation, and the chances of failure are above average. The market cannot continue to rally with just a few large-caps...