Goldman Sachs gaming analysts Minami Munakata and Haruki Kubota were spot on in forecasting the explosive popularity of Nintendo's newly released Switch 2, which shattered records with millions of units in sales in just four days.
Nintendo wrote on X late Tuesday night that it sold over 3.5 million Switch 2 consoles in just four days, surpassing the original Switch's first-month sales of 2.7 million back in 2017.
Switch 2 has become "the fastest-selling Nintendo hardware ever globally," the Japanese gaming company said. This strong sales momentum sets a strong pace toward the company's goal of 15 million units sold by March 2026.
#NintendoSwitch2 has sold over 3.5 million units worldwide in its first four days, becoming the fastest-selling Nintendo hardware ever globally. pic.twitter.com/JNrl3Z92pv
— Nintendo of America (@NintendoAmerica) June 11, 2025"We believe sales are tracking above our shipment assumption of 3.9 mn units in the April-June 2025 quarter, and also above the initial sales pace for the PlayStation 4 and PlayStation 5 (Exhibit 1, Exhibit 3)," Munakata wrote in a note to clients earlier.
Exhibit 1
Exhibit 3
The analysts also highlight a robust third-party game pipeline and a premium price of $79.99 for Mario Kart World as key drivers of stronger revenue...
We focus in particular on the strong pipeline of third-party titles for the Nintendo Switch 2 (in terms of both quantity and quality), and the higher selling price for the new Mario Kart World title (US$79.99), which is above prices for previous titles in the series. We expect to see an increase in per-console revenues (from content, services, peripherals, etc.) in the transition from the Nintendo Switch to the Nintendo Switch 2, similar to that seen in the transition from the PS4 to the PS5. Our FY3/26 operating profit estimate is 15% above the Bloomberg consensus. As seen during the PS4/PS5 transition, we believe Nintendo can maintain and expand user engagement, allowing it to secure higher margins from the first year of the successor console launch compared with the previous console launch (see our report here). We make no changes to our earnings estimates or our 12-month target price of ¥14,500, and we maintain our Buy rating.
Here's the third-party game pipeline:
Nintendo shares in Tokyo have hovered near ¥12,000 over the past six weeks, with upward momentum showing signs of exhaustion.
Our reporting so far:
Nintendo Shares Jump After Goldman Sees Switch 2 Unlocking Dormant Users
Nintendo Switch 2 Frenzy: "Selling Out" Across US Retailers As Tariffs Won't Impact Pricing
Goldman Thinks Nintendo's Switch 2 Will Blow Away Estimates, Sees No Supply Constraints
We've previously highlighted the gaming industry's long-running deflationary spiral—development costs have soared while retail prices stagnated. Now, however, an inflection point may be emerging as AAA games begin creeping toward the $100 mark.
By Michael Every of Rabobank
Yesterday’s UK labor market data were a clear story – and an ugly one. Yet the US NFIB survey summarized: “Although optimism recovered slightly in May, uncertainty is still high among small business owners. While the economy will continue to stumble along until the major sources of uncertainty are resolved, owners reported more positive expectations on business conditions and sales growth.” That’s still more ‘uh?’ for now.
In geopolitics, Russia warned it won’t end the Ukraine war until NATO pulls its troops out of the Baltic states. Whatever asset you look at, take a step back and think about that for a moment.
Is that a bluff – how can you know? Does it mean the EU surrendering those states back to Russian influence – and where afterwards? That’s the end of the EU as we know it, let alone the version that breezily states it wants to expand to Moldova, next to a Russian client state, and Georgia, next to Russia itself. Or it implies a permanent state of EU-Russia hostility --the latter not with “an economy the size of Italy”, but a war economy with a purchasing power parity of $7 trillion and a world of physical resources-- with profound implications for both sides socio-politically, economically, and financially.
Now think about what that implies for your asset again.
The US reportedly told Israel to end the Gaza war so it can try to get an Iran deal. Meanwhile, Israel attacked the Houthis by sea for the first time, seen as a warmup for Iran; and the head of US Central Command told the House Armed Services Committee he’d presented Defence Secretary Hegseth and President Trump with a "broad range of options" for military action against Iran if negotiations fail. So, keep an eye on those negotiations!
The US Ambassador to Israel stated the White House doesn’t fully back a Palestinian state under current circumstances: “Unless there are some significant things that happen that change the culture,” which are unlikely to occur “in our lifetime,” then “there’s no room for it.” Moreover, he added a Palestinian state doesn’t need to be in the West Bank/Gaza and could be created by taking territory from another country. This is as EU states such as Spain, Ireland, and France are pushing in the opposite direction, opening another transatlantic rift. It’s also as the UK, Canada, Australia, NZ, and Norway sanctioned two far-right Israeli government ministers, one of whom (the finance minister) responded by paralysing the Palestinian economy by freezing links between its banks and Israel’s.
In Asia, senior staff in the last Taiwanese administration were arrested for spying for China; and Pakistan accused India of manipulating the flow of the Indus River to disrupt its food security, against the backdrop of a potentially wobbly military ceasefire.
In geoeconomics, a federal appellate court ruled Trump’s IEEPA tariffs could continue as a full appeal will be heard at another court on July 31. US-India trade talks are reportedly going well; and the US and China agreed a “framework” to roll back recent export controls, so each side gets the key inputs recently cut off by the other - but that’s a pinkie swear not an FTA.
Summing things up, the Financial Times op-ed from Martin Wolf talks of ‘An ever-riskier world economy’ as “Trump’s tariff war brings with it unpredictability and a consequent loss of confidence.” Fair enough.
Yet, in recent FT fashion, it then argues the US is in the early stages of a “revolution” aimed at changing it into an “arbitrary dictatorship”, following yesterday’s op-ed from Edward Luce that the US is falling into “authoritarianism.” That will be seen as a pinkie paper swear by some. It certainly has far more significant implications than are being priced in by markets if it’s true; and for FT intellectual credibility if it isn’t.
The EU (again) proposed lowering the Russian oil price cap from $60 to $45, banning the use of the Nord Stream pipelines, and cutting another 22 Russian banks from SWIFT, demanding “an end to the war” – which Russia just made clear requires entirely different EU actions.
Europe also placed 62.4% tariffs on Chinese plywood – which is what cynics see its flat-pack plans for strategic autonomy and replacing the US as home to reverse assets and the reserve FX are made of.
As the potential sale of ports at either side of the Panama Canal and a slew of others to a consortium led by ocean carrier MSC sees concerns it may end de facto neutral treatment for all cargo, the Federal Maritime Commission was warned by the Seafarers International Union of the risks of the growing “dark fleet” registering and flagging outside regulatory oversight. In short, the ‘level playing field’ assumption in global trade is seeing larger and larger potholes ahead.
In politics, Poland’s PM is expected to win his no confidence vote but still won’t be able to govern with the new president in place; and as France saw another teacher murdered by a pupil, and Austria a school shooting that killed 10, the government is to ban social media for under-15s.
And as riots continue in LA and a curfew is to be imposed in parts of it, a Wall Street Journal op-ed runs: ‘Tom Cotton: Send in the Troops, for Real’ arguing, “When local police can’t restore order, the federal government has a duty to do so with a show of force.” That echoes his June 2020 op-ed in the New York Times that led to a staff revolt and a political hoo-ha. Today’s call isn’t getting much attention, especially in markets. Which, to be fair, aren’t paying attention to the riots either: as Bloomberg ‘sagely’ noted yesterday, ‘these kinds of things don’t have an impact on stocks (or bonds or FX)’.
Unless, of course, they aren’t noise against the backdrop of a globalized world order predicated on free trade and “because markets” but are a symptom of larger breakdowns and structural changes that shatter that order, and the markets based on it.
However, you’d need to look at far more than a Bloomberg screen in an air-conditioned, first-world city-centre office to know which way those fat tail risks really lie; but that takes up valuable time in which one could be counting beans or shouting “Rate Cuts!”
On which note, Treasury Secretary Bessent was just named by Bloomberg as a likely candidate for Fed Chair.
First, that’s a year before it’s even vacant, which is not how things used to work and suggests the risks of a Shadow Fed Chair emerging, with a remains-to-be-seen effect on markets. Second, it would be a successive switch from Treasury to Fed when we are constantly told these are sacrosanct positions which must co-ordinate but always remain fiercely independent of each other (“because markets”). Can even Bloomberg-screen readers spot a pattern there?
However, the Bessent story has since been shot down by the White House. Yet names like former Fed member Warsh --who’s given some jaw-dropping comments on central banking of late-- and Director of the National Economic Council Hassett -- who’d meet the Trump insider loyalty test-- haven’t been.
But, relax: everything is as it ever was and ever will be, everywhere.
Normal 0 false false false EN-CA X-NONE X-NONE This article was published by Compassionate Community Care on June 11, 2025.
By Kathy Matusiak Costa
Executive Director, Compassionate Community Care
A grieving family from Eastern Canada is speaking out following the unexpected decision of their elderly aunt to proceed with a scheduled Medical Assistance in Dying (MAiD) procedure at a hospital in British Columbia, just days after a fall that led to her admission into rehabilitation care.
According to her niece, the woman had not suffered a serious injury—“she didn’t even break a bone”—and had only recently been told by doctors that she had arthritis. But the family was stunned to learn that she had already scheduled her euthanasia and was resolute in her decision to go through with it.
Canada’s unemployment rate rose to 7% in May — its highest in over eight years, excluding the pandemic — with just 8,800 jobs added, according to the Financial Post..
Full-time employment increased by 58,000, offset by a decline in part-time work. Private sector jobs grew by 61,000, while public sector employment fell by 21,000 due to fewer temporary hires after April’s federal election.
The Financial Post writes that manufacturing lost 12,200 jobs last month, contributing to a four-month decline of 55,000. Transportation and warehousing also shed 15,000 positions. Employment grew in wholesale and retail trade, utilities, finance, and real estate but dropped in manufacturing, public administration, and accommodation and food services.
Economists say the rise in unemployment is partly due to U.S. tariffs dampening hiring, with trade-sensitive regions like Windsor (10.8% jobless rate) and Oshawa (9.1%) hit hardest. Indeed Canada noted job postings have remained steady since February but are lower in trade-impacted areas.
“The impact of tariffs shows up in the industry pattern and regional unemployment pattern,” said Leslie Preston, senior economist at Toronto-Dominion Bank. “The manufacturing sector was down 12,200, as was transportation and warehousing (-15,000).”
Preston said manufacturing has lost a total of 55,000 jobs over the past four months.
Youth unemployment reached 20.1%, reflecting the start of the summer job market. The employment rate held steady at 60.8%, with total hours worked unchanged from April but up 0.9% from a year ago. Average hourly wages rose 3.4% year-over-year.
Bank of Canada policymakers are closely watching these developments, holding rates at 2.75% last week amid inflation concerns. In a note, Andrew Grantham, senior economist with the Canadian Imperial Bank of Commerce, said: “We expect that the gradual rise in joblessness will continue into the second half of the year, with positive developments regarding U.S. tariffs and some further interest rate cuts from the Bank of Canada required to help stabilize conditions before year-end and bring a reduction in the unemployment rate again in 2026.”
Still, economists said the larger trend of the rising unemployment rate could mean further rate cuts by the Bank of Canada during the second half of this year, with the jobless rate expected to peak above seven percent.
The Satanic Temple (TST) in Iowa filed a complaint June 10 with the Iowa Office of Civil Rights, claiming that it is a religious group and that state officials discriminated against it by denying it permission to host a satanic event in the Iowa Capitol.
TST applied to hold a winter celebration in the Capitol in December 2024 in an attempt to educate Iowans about satanism and its beliefs, according to the American Civil Liberties Union of Iowa, which filed the complaint on behalf of TST.
Mortimer Adramelech, a satanic minister of TST Iowa, claimed that he and his group are simply “seeking to exercise our right to freedom of religion.” The event would have included “satanic holiday carols,” DIY satanic ornaments, a Krampus costume contest, and a ritual.
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State officials denied the application, stating that events involving violence, gore, or sexual themes are not permissible. TST claims that the event would not have included such content and would have remained family-friendly.
This is not TST’s first incident at the Iowa Capitol. In December 2023, the group placed a satanic display in the rotunda of the building, prompting Christian Navy veteran Michael Cassidy to destroy the figure, CatholicVote previously reported.
“I saw this blasphemous statue and was outraged. My conscience is held captive to the word of God, not to bureaucratic decree. And so I acted,” Cassidy said at the time. “The world may tell Christians to submissively accept the legitimization of Satan, but none of the founders would have considered government sanction of satanic altars inside Capitol buildings as protected by the First Amendment.”
In response to Cassidy’s actions, CatholicVote Vice President Josh Mercer explained that tearing down the statue was not a violation of TST’s First Amendment rights.
“The state of Iowa has every right to exercise its own government speech on its government property,” Mercer stated in 2023. “You do not have a First Amendment right to have every viewpoint represented.”
LifeNews Note: Hannah Hiester writes for CatholicVote, where this column originally appeared.
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Of late, there have been several attacks on my writings and on me personally, in the vanguard of which has been the ex-satanist, ex-Catholic, now Eastern Orthodox writer Michael Warren Davis. The attacks are based on my occasional use of the term ‘magic’, for which Davis claims I must be embroiled in the dark occult, and that I am attempting to entangle others in its web. When I replied to Davis’s…
In the largest private-sector investment in Pennsylvania history, Amazon is plowing $20 billion into two data center campuses to boost its artificial intelligence (AI) and cloud computing capabilities, as the company looks to help solidify America's technological edge over competitors in China and elsewhere.
A data center owned by Amazon Web Services, front right, is under construction next to the Susquehanna nuclear power plant in Berwick, Pa., on Jan. 14, 2024. Ted Shaffrey/AP Photo
The investment by Amazon Web Services (AWS) will create 1,250 high-skilled jobs spanning engineering, cybersecurity and network operations, the company said in a Monday announcement. It will also lead to thousands of construction jobs, and spur broader economic growth through demand for services and suppliers within the data center industry.
One campus will be located next to the Susquehanna nuclear power plant in Salem Township, Luzerne County, while the other will be located in Falls Township, Bucks County, where a US Steel facility was formerly located.
"Amazon’s multi-billion-dollar investment in Pennsylvania reinforces our dedication to advancing AI innovation while creating lasting economic opportunities in the state," according to the company's chief global affairs and legal officer, David Zapolsky.
As the Epoch Times notes further, to help meet the demand for skilled workers, Pennsylvania will allocate $10 million toward workforce development programs tailored to data center construction and operations, including vocational training and community college partnerships, Shapiro’s office said in an announcement.
Speaking at a press conference in Berwick on Monday, Shapiro said the investment is a generational opportunity to transform Pennsylvania’s economic future, adding that Amazon’s announcement is “just the beginning,” with additional data center projects under consideration in the state.
“From coal and steel, to server farms and fiber optic cables, Pennsylvania is poised to power our future,” Shapiro said. “A future where America dominates the next frontier of AI and doesn’t cede this ground to China or any other nation.”
The announcement comes as the Trump administration intensifies efforts to counter China’s push for global tech supremacy. CIA Deputy Director Michael Ellis recently said that President Donald Trump’s intelligence team is prioritizing the denial of any strategic advantage to China—particularly in advanced technologies AI, semiconductors, and quantum computing.
Calling China an “existential threat,” Ellis said the CIA is focusing increasingly on the tech race. He said that a decisive technological advantage is essential to confronting the Chinese Communist Party’s malign actions against the United States.
The intelligence community’s latest threat assessment underscores these concerns, identifying China as “the most active and persistent cyber threat” to U.S. government systems and critical infrastructure.
In the event of a potential conflict with the United States—most notably over Taiwan—China is likely to carry out cyber offensives designed to paralyze U.S. command infrastructure, stir public confusion, and obstruct the swift deployment of troops, the report warns.
Meanwhile, the Trump administration has ramped up efforts to defend U.S. interests from foreign cyberthreats.
Trump signed an executive order on June 6 aimed at overhauling cybersecurity policy, directing agencies to adopt secure software development practices, improve defenses against hijacking of network interconnections, and accelerate readiness for advanced cryptography.
Authored by Paul Bradford via American Greatness,
President Trump has made it clear that he will not let the United States fall behind in the global race for digital currency and blockchain innovation. After four years of Biden’s war on crypto, during which he weaponized agencies like the SEC to drive American innovators offshore, Trump is restoring order, sanity, and leadership in one of the most important financial frontiers of the 21st century.
The Trump administration’s success or failure here will determine whether the U.S. dollar remains the global standard. The president and the larger MAGA movement know it. So do millions of everyday Americans who want a financial system that works for them, not against them.
But as the Trump administration works to deliver on the president’s campaign promise, a surprising obstacle has emerged—not from Democrats like Elizabeth Warren, who’s made a career out of demonizing crypto, but from within the Republican Party itself.
At stake is the GENIUS Act, a bipartisan bill that would allow the private sector to create stablecoins pegged to the U.S. dollar.
You may not have heard of stablecoins before. They are essentially cryptocurrencies with stable prices as they are pegged to the value of something stable, unlike typical crypto.
As a relatively new financial instrument, creating stablecoins tied to the U.S. dollar represents a massive opportunity to extend the reach of American finance. Millions of people are already using stablecoins, and this number will only grow larger in the coming years. The Trump administration wants to make sure the ones they use are connected to the U.S. dollar, not the yuan or the Russian ruble. More global demand for the dollar will strengthen its value and allow Americans to purchase more for less.
President Trump wants to sign the GENIUS Act into law before the August recess (ensuring it will not go into effect after China’s stablecoin legislation does this summer).
Last week, Vice President JD Vance reaffirmed this by expressing the White House’s desire for the Senate to pass the bill clean. Because even a well-intentioned amendment can slow the process, fracture the coalition, and ultimately kill the bill.
This is where the problem lies. A couple of Republicans are not listening and are proposing amendments that could kill the bill.
One Republican senator wants to link the Sen. Dick Durbin-backed Credit Card Competition Act (CCCA) to the GENIUS Act. It’s no surprise his colleagues hate this bill, with one even saying he will pull his support for the stablecoin bill if this amendment passes—because it is a major government giveaway to big box stores like Walmart and Target.
The CCCA will use the force of government to mandate that card companies offer retailers at least two payment networks. That might not sound like a big deal, but it is because the high costs of this new regulation would force them to either raise prices or cut back on their consumer benefits programs. That is why The Point Guys, a well-known website that tracks reward points for travel, is opposing the bill, warning that it “has the potential to significantly negatively alter, if not completely eliminate, the world of credit card rewards that we know today.”
Another Republican senator, who said he plans on voting against the GENIUS Act anyway, wants to impose an obstructionist amendment that would cap the credit card interest rates at 10%. This similar “money grows on trees” legislative idea, endorsed by Sen. Bernie Sanders (I-Vt.), would just lead to companies having no choice but to approve fewer lower-income Americans for the credit, even if they desperately need it to stay afloat.
Vice President Vance: This bill must be allowed to pass clean without these distractions. It’s the only way we can beat China before the country’s stablecoin bill goes live in August. With a Republican senator already saying he will vote against the GENIUS Act because of one of these amendments, VP Vance is being proven right.
Democrats are the ones who are supposed to obstruct crypto innovation, not Republicans.
Democrats like Elizabeth Warren spent the last several years trying to suffocate digital innovation in the U.S. under the guise of “consumer protection.” Under Biden, regulators waged war on crypto through intimidation, rulemaking by ambush, and selective enforcement.
Trump has been dismantling that regime from day one. He fired Gary Gensler, repealed Biden’s hostile executive orders, and is replacing consumers’ fear and confusion over crypto with clarity and confidence. He even signed an executive order to create a Strategic Bitcoin Reserve (a digital Fort Knox of sorts), affirming the U.S. commitment to leading, not following, on crypto policy. It would be a shame if a couple of Republicans stood in his way.
Republicans should recognize what’s at stake. This isn’t just another bill. It’s our one shot to beat China at its own game. The alternative is letting political infighting and Beltway gamesmanship stall the president’s agenda, giving the People’s Republic the upper hand.
Trump is doing his job. Now it’s time for Congress to do what the people elected them to do—lead.
The American Medical Association (AMA)’s House of Delegates “overwhelmingly rejected” changing the organization’s longstanding position that physician-assisted suicide is incompatible with the healing role of the doctor, Patients’ Rights Action Fund (PRAF) reported June 9.
The AMA’s more than 600 voting delegates — who represent entities such as state medical associations, national medical specialty organizations, and professional interest medical associations — are meeting this week in Chicago, the organization’s website said.
The association has maintained its policy on physician-assisted suicide since 1994, according to PRAF, an organization dedicated to ending assisted suicide. PRAF reports that the House also greenlighted a report from the association’s trustees that keeps the language used to describe physician-assisted suicide clear. Advocates in favor of the practice often use euphemisms such as “aid in dying” or similar language, especially avoiding the word “suicide.”
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In the AMA’s background reports document on its policy on physician-assisted suicide, it states that the House’s Council on Judicial and Ethical Affairs reviewed concerns on proper terminology and concluded that using the term “physician assisted suicide” “describes the practice with the greatest precision” and “clearly distinguishes the practice from euthanasia.” The council also noted that referring to physician assisted suicide as “aid in dying” or using the term “death with dignity” is too ambiguous because that could mean euthanasia or palliative care.
The AMA’s Code of Medical Ethics asserts in chapter 5 that “Physician-assisted suicide is fundamentally incompatible with the physician’s role as healer, would be difficult or impossible to control, and would pose serious societal risks.” The code recommends physicians respect patient autonomy and provide good palliative care, rather than assisted suicide, when a patient is nearing the end of his or her life. The AMA also expresses sympathy for patients experiencing extreme suffering who decide death is better than living.
“However, permitting physicians to engage in assisted suicide would ultimately cause more harm than good,” the AMA’s code adds.
In the same chapter, the AMA also provides “the thoughtful moral basis for those who support assisted suicide.” In this section, the AMA emphasizes the importance of physicians’ conscience rights, although it also notes that their “freedom to act according to conscience is not unlimited.”
“Physicians are expected to provide care in emergencies, honor patients’ informed decisions to refuse life-sustaining treatment, and respect basic civil liberties and not discriminate against individuals in deciding whether to enter into a professional relationship with a new patient,” the AMA states, adding that in other instances physicians may be able to act in a way that both honors their conscience and their professional expectations.
The AMA also has policies for physicians to consider when following their consciences, stating under one bullet point that if they object to a certain treatment, physicians should refer patients to another physician that can provide it; and if the physician objects morally to referring the patient at all, “the physician should offer impartial guidance to patients about how to inform themselves regarding access to desired services.”
Overall, however, the AMA recommends under this section that the physician should either continue providing alternative care for the patient or “formally terminate the patient-physician relationship in keeping with ethics guidance.”
Catholic ethicist Dr. Kristin Collier, an associate professor of medicine at University of Michigan, posted on X June 9 thanking the expressing gratitude to the AMA for the vote to reject changing its policy on physician-assisted suicide. In the same thread, Catholic bioethicist Charlie Camosy also reacted, “This is amazing.”
LifeNews Note: McKenna Snow writes for CatholicVote, where this column originally appeared.
The post American Medical Association Overwhelmingly Rejects Assisted Suicide appeared first on LifeNews.com.
Israeli media has revealed that in a Monday phone call with Israeli Prime Minister Benjamin Netanyahu, President Trump told the Israeli leader that he must permanently end the war in Gaza.
Trump is said to have conveyed that the conflict should end "the sooner the better"; however, there's been no indication that Trump is willing to use the major leverage he has of cutting off US military aid to enforce this.
Via Reuters
The Israeli military is heavily reliant on American weapons for the war's execution, as well as maintaining readiness against other regional threats like the Houthis out of Yemen or Hezbollah in Lebanon.
The phone call reportedly involved Trump conveying that bringing an end to Gaza operations would help him in nuclear negotiations with Iran, as well as achieving Saudi-Israeli normalization based on the Abraham Accords. These negotiations have been growing tougher, specifically over the question of if the Iranians can maintain any uranium enrichment at all.
In reference to reporting in Israel's Kan public broadcaster and Channel 12, "Trump also ruled out an attack on Iran as the White House seeks to rein in Tehran’s nuclear program in exchange for sanctions relief, according to the reports."
While admitting this week that the Iranians have become "much more aggressive" in negotiations which have taken place in Oman and Rome, Trump's latest statements have been a little less directly threatening in terms of the 'bomb Tehran' 'option'.
For example, here's how Trump responded to a NY Post question on the subject:
“Well, if they don’t make a deal, they’re not going to have a nuclear weapon,” Trump answered. “If they do make a deal, they’re not going have a nuclear weapon, too, you know? But they’re not going a have a new nuclear weapon, so it’s not going to matter from that standpoint.
“But it would be nicer to do it without warfare, without people dying, it’s so much nicer to do it. But I don’t think I see the same level of enthusiasm for them to make a deal. I think they would make a mistake, but we’ll see. I guess time will tell.”
Given the phone call with Netanyahu, it seems the president increasingly sees a Gaza truce deal as crucial to achieving broader stabilization in terms of US interests in the region.
There's also this interesting information via The Times of Israel:
Trump reportedly told Netanyahu that the so-called “Witkoff framework,” which would pause the war for some 60 days in exchange for about half of the hostages held by Hamas, will not suffice.
Meanwhile in Gaza the high death toll continues, amid a controversial plan for a US aid group to oversee humanitarian relieve. Al Jazeera is reporting Wednesday that at least 61 Palestinians, including 39 aid seekers, have been killed by Israeli forces across parts of the Gaza Strip since dawn.
Most Israeli captives still in Hamas' hands are feared dead, but there's widespread acknowledgement that possibly a dozen or more are still alive. Victims' family members in Israel have been pressing the government to achieve another prisoner swap.
New York lawmakers on June 9 passed a bill that would legalize physician-assisted suicide for terminally ill adults — legislation that has now reached the office of Democratic Gov. Kathy Hochul.
According to the New York Post, the bill passed 35 to 27, with six Democrats voting against it: Senators April Baskin, Siela Bynoe, Cordell Cleare, Monica Martinez, Roxanne Persaud, and Sam Sutton.
The measure, known as the “Medical Aid in Dying Act,” would allow adults diagnosed with a terminal illness and a life expectancy of six months or less to request life-ending medication.
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Approval would require the sign-off of the attending physician and a consulting physician and a written request witnessed by two adults who attest that the patient is acting voluntarily, according to AP News.
Democratic Sen. Brad Hoylman-Sigal, the bill’s sponsor, framed the legislation as humane.
“It’s not about hastening death, but ending suffering,” he said during a lengthy Senate debate.
But the bill’s passage marks what many faith and pro-life leaders are calling a somber moment.
“This is a dark day for New York State,” said Dennis Poust, executive director of the New York State Catholic Conference, which strongly opposes the bill. “For the first time in its history, New York is on the verge of authorizing doctors to help their patients commit suicide. Make no mistake — this is only the beginning, and the only person standing between New York and the assisted suicide nightmare unfolding in Canada is Governor Hochul.”
According to the AP article, Sen. George Borrello, a Republican, voiced similar concern: “We should not be in the business of state-authorized suicide.”
The legislation, introduced nearly a decade ago, has long faced resistance. As CatholicVote previously reported, the state Assembly passed the bill April 29 amid intense debate. If Hochul signs it, New York would join 11 other states and Washington, DC, in allowing some form of medically assisted suicide.
LifeNews Note: Joshua Mercer writes for CatholicVote, where this column originally appeared.
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China and the US have agreed to “a done deal” that includes rare earth exports from China and Chinese students attending colleges in the US, President Trump said on Wednesday, pointing to a potential breakthrough aimed at cooling trade tensions that had been reignited by mutual accusations of deal violations.
“Our deal with China is done, subject to final approval with President Xi and me,” Trump posted on Truth Social, as the negotiating teams from the two countries concluded talks in London from the past two days.
“Full magnets, and any necessary rare earths, will be supplied, up front, by China. Likewise, we will provide to China what was agreed to, including Chinese students using our colleges and universities (which has always been good with me!).
“We are getting a total of 55 per cent tariffs, China is getting 10 per cent. Relationship is excellent! Thank you for your attention to this matter!”
Trump’s comments on Wednesday come a day after the US and China reached an agreement in London on implementing the terms of their tariff truce.
But, as Bloomberg notes, Trump's remarks included terms negotiators did not lay out, such as the immediate supply of critical minerals by China. He also said the US tariff rate would be a “total” of 55% — though the precise rate was not clear.
That figure includes a 10% baseline duty, a 20% charge tied to fentanyl trafficking and roughly 25% from preexisting levies from Trump’s first term as well as most favored nation rates, according to a White House official.
In a follow up post, Trump added to the readout, saying that "President XI and I are going to work closely together to open up China to American Trade. This would be a great WIN for both countries!"
American and Chinese officials concluded marathon negotiations on Tuesday, agreeing to revive the flow of sensitive goods, such as critical minerals, and implement the terms of last month’s deal in Geneva, which saw both sides lower tariffs. That deal included a 90-day pause on very high tariffs both nations implemented on each others’ imports that amounted to a de facto trade embargo. It’s unclear whether that deadline, which expires in August, remains in effect.
Trump’s latest post followed a rocky stretch in bilateral ties, marked by a fraying trust between the world’s two largest economies. But a phone call between Xi Jinping and Trump last week helped fuel a sense of cautious optimism ahead of the London talks. The two negotiating teams finished their latest round of talks by announcing they had agreed “in principle” to a “framework” that each side would bring home for review by their respective leaders, as the world’s two biggest economies attempt to get their trade-war ceasefire deal signed in Geneva last month back on track.
In an official statement released by Xinhua on Wednesday afternoon, Beijing said the two sides “made new progress in addressing each other’s economic and trade concerns” during the “candid and in-depth” dialogue.
Vice-Premier He Lifeng, who led the Chinese delegation, said that “China does not want a trade war, but it is not afraid of one”, according to the statement.
“The two sides should resolve economic and trade differences through equal dialogue and mutually beneficial cooperation. China is sincere in economic and trade consultations, but it also has its principles,” He was quoted as saying.
In London, China’s delegation was led by Vice-Premier He Lifeng. Lutnick, US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer led the US side in what was described as “the first meeting of the China-US economic and trade consultation mechanism”.
“The two largest economies in the world have reached a handshake for a framework,” said US Commerce Secretary Howard Lutnick, who was with the US delegation.
Unlike the first round of trade talks last month in Geneva, neither side immediately published official statements following the meetings this time.
In mid-May, both sides agreed in Switzerland to roll back the tariffs imposed this year. US tariffs on Chinese goods were reduced to 30 per cent from 145 per cent, while Chinese tariffs on US imports were lowered to 10 per cent, for 90 days. Analysts had earlier estimated that the effective US tariff was about 20 per cent at end of last year, bringing the total effective rate to about 50 per cent, excluding some sectoral tariffs.
Tensions escalated dramatically in the days leading up to last week’s presidential phone call, with both sides accusing each other of violating the 90-day trade truce they had agreed to in Geneva. On the call, just days ahead of the London talks, Xi and Trump agreed to push forward with negotiations aimed at resolving their ongoing economic disputes.
Since last month, the US said it would block and revoke visas for Chinese students, particularly “those with connections to the Chinese Communist Party or studying in critical fields”, according to the US Department of State.
China’s recent export restrictions on crucial rare earth elements through tighter licensing and curbs also rattled sectors across the globe as China dominates the supply chain.
The NY Post has published a new Trump interview focused on apparently stalled Iran nuclear deal efforts which resulted in a surge in oil prices.
The President said in the interview he's getting "less confident" about ongoing nuclear negotiations with Iran, soon after which oil rose as well as benchmark treasury yields and gold, as investors weigh the possibility of US-Iran nuclear talks falling apart.
Trump was asked whether he thinks the Islamic Republic will agree to shut down its nuclear program. "I don’t know. I did think so, and I’m getting more and more — less confident about it," he responded.
"They seem to be delaying, and I think that’s a shame, but I’m less confident now than I would have been a couple of months ago," Trump continued. "Something happened to them, but I am much less confident of a deal being made."
Then the question was raised by the Post, "what happens then?" To which Trump responded:
“Well, if they don’t make a deal, they’re not going to have a nuclear weapon,” Trump answered. “If they do make a deal, they’re not going have a nuclear weapon, too, you know? But they’re not going a have a new nuclear weapon, so it’s not going to matter from that standpoint.
“But it would be nicer to do it without warfare, without people dying, it’s so much nicer to do it. But I don’t think I see the same level of enthusiasm for them to make a deal. I think they would make a mistake, but we’ll see. I guess time will tell.”
On the question of China's influence on Tehran, Trump described, "I just think maybe they don’t want to make a deal. What can I say?” he said. “And maybe they do. So what does that mean? There’s nothing final."
Via AFP
On Tuesday Trump acknowledged in a Fox News interview that Iran is becoming "much more aggressive" in these negotiations. And the day prior he had told reporters that the Iranians are "tough negotiators" and sought to clarify that he would not allow Tehran to enrich uranium on its soil, after some recent contradictory reports suggested the White House had backed off this demand.
Washington is awaiting a formal response from the Islamic Republic, which is expected to submit a counter-proposal in the coming days, just ahead of an expected sixth round of indirect talks with the US in Muscat, Oman, slated for Sunday, June 15.
* * *
More geopolitical headlines via Newsquawk:
June 10, is the anniversary of President John F. Kennedy’s declaration of war against the national-security branch of the U.S. government. To be sure, he didn’t call it that. He simply was delivering a speech at the June 10, 1963, commencement exercises at American University. The speech has gone down in history simply as JFK’s “Peace Speech,” but in essence it was a declaration of war against the Pentagon, the CIA, and the NSA.
JFK delivered his speech at the height of the Cold War, the period of time in which the United States was supposedly gravely threatened by a worldwide communist conspiracy that was supposedly based in Moscow, Russia. The communists were coming to get us, U.S. officials said. There could never be either a negotiated peace or peaceful co-existence with the communist world, they claimed. This had to be a war to the finish.
The Cold War sometimes turned hot. There was the Korean War in the early 1950s, when the U.S. government intervened to protect the right of South Korea to secede from the rest of the nation rather than being forced to be part of a communist nation. By June 1963, thousands of U.S. military advisors were in Vietnam for the same reason.
The irony is that Russia’s communist regime had just recently been America’s ally and partner in World War II. The two nations had worked together to defeat Nazi Germany. But as soon as the war was over, U.S. officials told the American people that they could not rest because they now faced a new official enemy that was arguably more dangerous and threatening than Hitler and the Nazis. That new foe was Soviet Russia, communism, and the Reds.
In fact, that was the justification for converting America’s federal governmental structure from a limited-government republic to a national-security state, one in which a major part of the U.S. government acquired omnipotent, totalitarian-like powers, including the power of state-sponsored assassinations.
When JFK became president, he was pretty much a standard Cold Warrior, one who had bought the official line about how the United States was in grave danger of being taken over by the Reds. That was why he approved the CIA’s plan to use CIA-trained Cuban exiles to invade Cuba and oust the communist regime that had taken over the island. Like other Cold Warriors, Kennedy was convinced that a communist regime 90 miles away from American shores proved that the communist threat was getting ever closer to the United States.
After the U.S. failure at the Bay of Pigs, Kennedy realized that he had been hoodwinked by the CIA, which had assured Kennedy that the invasion could succeed without U.S. support. It was a lie. The CIA figured that Kennedy would have no choice but to provide the support once the operation was in danger of going down to defeat. Kennedy was livid and vowed to dismantle the agency. By the same token, the CIA was equally livid, convinced that Kennedy was a coward, an incompetent, and a traitor.
After the Bay of Pigs disaster, tensions with the Pentagon began increasing. Convinced that a communist regime in Cuba posed a grave risk to the United States, the Pentagon began pressuring Kennedy to initiate a full-scale invasion of the island. At the same time, convinced that the Reds were expanding in Southeast Asia, the Pentagon pressured Kennedy into sending thousands of troops into Vietnam.
Kennedy’s settlement of the Cuban Missile Crisis brought the antipathy of the U.S. military establishment toward Kennedy to the surface, especially since the settlement assured the Russians that there would no longer be any more U.S. invasions of Cuba. That meant that Cuba would now permanently serve as a grave threat to U.S. “national security.” The Joint Chiefs of Staff considered the settlement to be among the worst defeats in U.S. history. They compared the settlement to Neville Chamberlain’s capitulation to Hitler at Nuremberg. Like the CIA, they were convinced that Kennedy’s cowardice, incompetence, and treason posed a grave threat to “national security.”
For his part, it was after the Cuban Missile Crisis, when the world came to the brink of nuclear war, that Kennedy achieved a monumental “breakthrough.” He came to the realization that the Cold War was nothing more than one great big racket. He decided to move America in a totally different direction than the one that the national-security branch was leading America. Kennedy’s vision consisted of ending the Cold War and establishing peaceful and friendly relations with Russia and the rest of the communist world. That vision, needless to say, was anathema to the U.S. national-security establishment.
JFK set forth his vision for America in his Peace Speech at American University. It was essentially a declaration of war against the national-security branch of the federal government and its vision entailing a permanent Cold War, periodic hot wars, and, of course, ever-increasing budgets for the military-industrial complex.
The war between the executive branch and the national-security branch of the federal government was on. Over the fierce objections of the national-security establishment, Kennedy entered into a Nuclear Test Ban Treaty with the Russians. He endorsed the idea of a joint trip to the moon, which, of course, would have meant sharing rocket technology with the Reds. He ordered a withdrawal of troops from Vietnam. On the day he was assassinated, he had a secret emissary having lunch with Fidel Castro.
But Kennedy would discover what Chile’s democratically elected president Salvador Allende would discover ten years later. In a war between the executive branch and the national-security branch of a government, the former is no match for the latter. Both Kennedy and Allende would discover that truth on two fateful days in the histories of their two nations: November 22, 1963, and September 11, 1973, when both presidents ended up dead.
Reprinted with permission from Future of Freedom Foundation.
A 'disappointing' CPI print (cooler than expected) has promoted a surge higher in the market's expectation for rate-cut...
Source: Bloomberg
Prompting a surge higher in EVERYTHING.
Stocks spiked...
Treasuries were aggressively bid with 10Y yields sdown 5bps...
Source: Bloomberg
The dollar fell...
Source: Bloomberg
Helping gold to accelerate...
Source: Bloomberg
Goldman said that this would be a materially dovish print (<0.25% MoM for Core CPI) would prompt the bond market to add back at least 2x 25bp rate cuts (it already has) and for Equities to react positively (up 2-2.5%) to the bull steepening that likely ensues.
What excuse will Powell come up with next to NOT cut?
The House Judiciary Committee voted 13-10 Tuesday to advance legislation that would repeal the controversial Freedom of Access to Clinic Entrances (FACE) Act, a law which has been disproportionately weaponized to jail peaceful pro-life activists.
Rep. Chip Roy, R-TX, who introduced HR 589 in January, urged the committee to put an end to what he called politically motivated prosecutions ahead of Tuesday’s vote.
“The politicized nature of these prosecutions cannot be ignored,” Roy said. “HR 589 eliminates the possibility that everyday Americans can face felony convictions for peaceful acts such as sidewalk counseling or signing hymns. Passage of this bill is a crucial and necessary step.”
“Having a statute such as this in place is begging for it to be politicized,” Roy continued. “It was politicized, and Americans have been put in prison as a result of their beliefs. And it should not remain in place.”
REACH PRO-LIFE PEOPLE WORLDWIDE! Advertise with LifeNews to reach hundreds of thousands of pro-life readers every week. Contact us today.
Originally enacted in 1994, the FACE Act criminalizes interference with access to abortion clinics. But as CatholicVote previously reported, 97% of FACE Act prosecutions have targeted pro-life individuals — many for nonviolent protests, including prayer outside abortion facilities.
CatholicVote Director of Government Affairs Tom McClusky praised the committee’s action Tuesday.
“When the FACE Act was first passed in the ‘90s, both Democratic and Republican administrations avoided using it, questioning its constitutionality,” McClusky said. “It wasn’t until Barack Obama started using it to attack pro-lifers, and then Joe Biden’s Justice Department ultra-weaponized it, that a growing consensus realized that the FACE Act needed to go, as well over 90% of its targets were peaceful pro-lifers.”
“Rep. Chip Roy has been the champion of repeal — and it is past time the whole House votes to rid ourselves of this ugly weapon,” he concluded.
In January, President Donald Trump pardoned nearly two dozen pro-lifers unjustly prosecuted under the FACT Act by the Biden administration Department of Justice (DOJ). Some individuals faced several years in prison for peaceful protesting and sidewalk counseling.
Ahead of Tuesday’s vote, a coalition of major pro-life groups — including CatholicVote — sent a letter to the Judiciary Committee voicing strong support for repeal.
“Repealing the FACE Act in its entirety is an excellent step in ensuring that never again will pro-life activists have the FBI knock on their front door simply for standing up for the most vulnerable in society,” the letter stated.
The bill now heads to the House floor for a full vote.
LifeNews Note: Elise DeGeeter writes for CatholicVote, where this column originally appeared.
The post House Panel Approves Bill to Stop Putting Pro-Life Americans in Prison appeared first on LifeNews.com.
In what is reportedly the first real test of the tariff terror pass-through impact on the average American, today's CPI print was expected to rise modestly following survey after survey suggesting the fecal matter is about to strike the rotating object... just like every mainstream media economist warned.
ISM Manufacturing prices expanded to 69.8, the highest since June 2022.
ISM Services ticked up to 65.1 in April, the highest since January 2023.
S&P Global US Manufacturing firms increased their output prices by the greatest degree since early 2023.
S&P Global US Services prices advanced.
Richmond Fed manufacturing showed prices received rose to 2.65 from 2.34 in March.
New York Fed manufacturing prices received edged up to 28.7 from 22.4 in March.
Philadelphia Fed manufacturing report showed prices received gained to 30.7 compared to 29.8 in March.
Kansas City Fed manufacturing prices received surged to 29, up from 15 in March.
Kansas City Fed non-manufacturing showed selling prices rose in April.
Dallas Fed manufacturing outlook report showed prices received for finished goods advanced to 14.9, up from 6.3 in March.
Dallas Fed services selling prices rose to 8.4 from 5.2 in the prior month.
Chicago PMI showed prices expanded at a faster pace in April.
So what did we get?
A nothingburger... again... as headline and core CPI both printed below expectations.
Headline CPI rose just 0.1% MoM in May (+0.2% MoM exp), inching higher to +2.4% YoY (from +2.3% YoY in April)...
Source: Bloomberg
Energy deflation dominated the headline CPI...
Source: Bloomberg
CPI increased 0.1% MoM after rising 0.2 percent in April; Over the last 12 months, the all items index increased 2.4 percent before seasonal adjustment. The index for all items less food and energy rose 0.1% in May, following a 0.2% increase in April.
The index for shelter rose 0.3% in May and was the primary factor in the all items monthly increase. The food index increased 0.3% as both of its major components, the index for food at home and the index for food away from home also rose 0.3% in May.
In contrast, the energy index declined 1.0% in May as the gasoline index fell over the month.
Indexes that increased over the month include medical care, motor vehicle insurance, household furnishings and operations, personal care, and education.
The indexes for airline fares, used cars and trucks, new vehicles, and apparel were among the major indexes that decreased in May.
CPI rose 2.4% for the 12 months ending May, after rising 2.3% in April. The all items less food and energy index rose 2.8% over the last 12 months. The energy index decreased 3.5% for the 12 months ending May. The food index increased 2.9% over the last year.
Core CPI was even more disappointing for the average PhD pundit as it rose 0.1% MoM (well below the +0.3% MoM expected), flat with April's +2.8% YoY - the lowest since March 2021...
Source: Bloomberg
Goods prices deflated...
Source: Bloomberg
Some more details on core CPI which rose 0.1% in May, following a 0.2% increase in April.
The shelter index increased 0.3% over the month.
The index for owners’ equivalent rent rose 0.3% in May and the index for rent increased 0.2 percent.
The lodging away from home index fell 0.1% in May.
The medical care index increased 0.3% over the month, following a 0.5% increase in April.
The index for hospital services increased 0.4% in May and the index for prescription drugs rose 0.6%.
The physicians’ services index fell 0.3% over the month.
The motor vehicle insurance index rose 0.7% in May, after rising 0.6% in April.
The index for household furnishings and operations increased 0.3% over the month.
The personal care index increased 0.5% in May, and the education index rose 0.3%.
In contrast, the index for airline fares fell 2.7% in May, after declining 2.8% in April.
The used cars and trucks index fell 0.5% over the month, and the new vehicles index (-0.3%) and apparel index (-0.4%) also declined.
Shelter inflation keeps falling...
May Rent inflation 3.81% YoY, down from 3.98% in April, lowest since Jan 2022.
May Shelter inflation 3.86% YoY, down from 3.99% in April, lowest since Nov 2021
On a YoY basis, Services cost price increases continue to slow while Goods prices accelerate very (very) modestly...
Source: Bloomberg
So, we guess we will just have to wait for NEXT MONTH to see the hyperinflationary hellscape that so many TV pundits told us would occur after Trump's terror tariffs were imposed.
Every month https://t.co/pbD9Cc3Wml
— zerohedge (@zerohedge) June 11, 2025Cue the excuse factory... just wait until next month...
US equity futures dropped into today's CPI print after traders weren't moved by the US-China trade talks, which saw the two two sides agree on a framework to implement last month’s Geneva deal with few actual details. There’s also nervousness ahead of inflation data: a hot reading would be a big risk factor for a market near record highs (see full preview here). As of 8:00am ET, S&P and Nasdaq 100 futures traded 0.2% lower but were off session lows; pre-market Mag7 names are mostly higher with TSLA (+2%) the standout after a contrite Elon Muskusk tweeted "I regret some of my posts about President @realDonaldTrump last week. They went too far." Semis and Cyclicals are poised to outperform. In other trade news, US/Mexico were close to a deal on steel tariffs by using import caps, which would be higher than the previous cap, and would remove the 50% tariff on steel below said cap; this looks like a reversion to 2018 levels and may be a template for talks with Canada. The G7 summit will carry additional weight as we are a month away the expiration of the 90-day tariff delay, with only a US/UK framework on the tape. Elsewhere, the EU is said to see talks with the US going beyond a July 9 deadline. The yield curve is twisting steeper with 10Y yields higher, the USD is slightly higher and commodities rise with crude and gold higher after Trump told the NY Post that he’s getting “less confident” about nuclear talks with Iran; natgas and base metals also rallied with Ags are down. The key event today is the CPI report at 8:30am ET where economists expect a relatively tame number, with core inflation up 0.3% in May. Positioning suggests a hotter print will be punished more than a dovish one will be rewarded, according to JPMorgan.
In premarket trading, Tesla rose over 2% in, outperforming Magnificent 7 counterparts after Elon Musk expressed regret over his recent social-media outburst directed at Trump.
I regret some of my posts about President @realDonaldTrump last week. They went too far.
— Elon Musk (@elonmusk) June 11, 2025Other Mag7 moves: Alphabet -0.1%, Microsoft -0.4%, Apple little changed, Nvidia little changed, Amazon -0.4%, Meta Platforms -0.3%. Steel stocks fell as the US and Mexico close in on a deal that would remove 50% tariffs on steel imports up to a certain volume — seen to erode the advantage US steelmakers would have benefited from if imports from Mexico faced higher rates. (Cleveland-Cliffs drops 5%, Nucor -3%, Steel Dynamics -1.6%). Here are some other notable movers:
Tuesday’s thinly detailed outcome of the Trump administration’s trade talks with China in London left traders and investors underwhelmed. Markets were watching whether the world’s top two economies could damp down tensions that economists say have tipped the global economy into a downturn. After some 20 hours of negotiations, US officials said both sides had established a framework to revive the flow of sensitive goods, even though the plan still needs sign-off from Trump and Xi Jinping.
“A preliminary agreement doesn’t fill me with enthusiasm in terms of this being resolved,” Guy Miller, chief market strategist at Zurich Insurance Co., told Bloomberg TV. “This is going to continue to be pushed down the line.”
On Wednesday morning, Trump tweeted that the "deal with China is done" and that "we are getting a total of 55% tariffs, China is getting 10%."
In other trade news, a Federal Court of Appeals extended an earlier, short-term reprieve for the administration as it presses a challenge to a lower court ruling last month that blocked tariffs. Steel stocks are trading lower after Bloomberg reported the US and Mexico are closing in on a deal that would remove 50% tariffs on steel imports up to a certain volume.
Trade (non) deal aside, CPI is top of mind today. Economists expect a relatively tame number, with core inflation up 0.3% in May. Positioning suggests a hotter print will be punished more than a dovish one will be rewarded, according to JPMorgan (full CPI preview here). Economists expect a modest impact from tariff pass-through for goods that are mostly imported. They see inflation rising 0.3% from April after increasing 0.2% the previous month, excluding the volatile food and energy categories. The core CPI, which is regarded as a better indicator of underlying inflation, is seen accelerating for the first time this year — to 2.9% — on an annual basis.
The CPI report, along with producer price data due Thursday, will offer Federal Reserve officials a final look at inflation and the impact of high tariffs before they gather next week Traders are increasingly betting that policymakers will cut rates only once this year.
“It is not expected to be market-moving for now but that could increase the scope for an impact from a big surprise,” said Geoff Yu, FX and macro strategist at Bank of New York Mellon Corp. “We expect a more data-driven session as some repositioning is needed ahead of a key central bank week.”
Investors have been shifting to under-owned, riskier pockets of the market like small caps and high-beta stocks, with Nomura strategist Charlie McElligott citing a “right-tail” risk. Nasdaq has led the recent US equity gains, while technicals are becoming tricky with RSI and MACD indicators showing a bearish divergence.
Global stocks are likely to rally another 3% into the end of the year, while in Europe, there’s scope for corporate earnings to see more upgrades, according to Citigroup.
Concerns about a ballooning US budget deficit and demand for long-end bonds have caused the yield on 30-year Treasuries to spike in recent weeks. A downgrade of US sovereign debt by Moody’s Ratings last month has prompted Hong Kong pension fund managers to form a preliminary plan to sell down their holdings if the US loses its last recognized top credit rating, Bloomberg News reported Wednesday.
In Europe, the Stoxx 600 is flat as banking and basic resources lead stocks, while the retail sector is the biggest laggard, with Inditex SA falling 6.4% after Zara owner’s sales missed estimates. Here are the most notable European movers:
Asian stocks rose, with sentiment lifted by a preliminary deal between the US and China to de-escalate trade tensions. The MSCI Asia Pacific Index rose as much as 0.4%, on track for a third day of gains. Chip stocks provided the biggest boost after TSMC posted a 40% increase in May revenue, in a sign of resilient AI demand. Most regional gauges were in the green. Chinese equities led gains in the region, with the onshore benchmark CSI 300 Index climbing 0.8%, the most in nearly a month. The Hang Seng China Enterprises Index gained as much as 1.4%. South Korea’s Kospi rose 1.2%, capping a sixth-straight daily advance. Risk-on trades got a lift after negotiators from the world’s two largest economies said they had agreed on a framework on how to implement the consensus reached in their prior round of discussions. Officials at the talks in London are expected to take the latest proposal back to their respective leaders in Washington and Beijing.
In FX, the Bloomberg Dollar Spot Index is little changed. The euro and Swiss franc are the best performing G-10 currencies, rising 0.2% each. The kiwi is the laggard with a 0.2% fall.
In rates, treasuries decline ahead of CPI data, following a bigger drop for UK gilts, where focus is on fiscal policy ahead of Chancellor Rachel Reeves’ spending review. US session includes May CPI data and 10-year note auction. US yields are 1bp-4bp cheaper across a steeper curve, with 2s10s and 5s30s spreads unwinding most of Tuesday’s flattening move. 10-year near 4.50% is ~3bp cheaper on the day; German counterpart is comparable; Gilts lead a selloff in European government bonds, pushing UK 10-year yields up ~6 bps to 4.60%. Bunds pare declines after solid demand at a 10-year auction.
In commodities, spot gold climbs $14 to around $3,337/oz. Oil prices swing, with WTI now up 0.9% to around $65.50.
Bitcoin finds itself in the red this morning, specifics for the space light after a handful of equity-related updates for the complex overnight.
To the day ahead now, and as we previewed earlier, look out for the US May CPI release as well as the federal budget balance data. Also worth mentioning that the US 10-yr treasury auction will be held. We’ll also get the Canada April building permits. In terms of central bank speakers, we’ll hear the ECB’s Lane and Cipollone speak. Earnings include Oracle and Inditex
Top Overnight News
Market Snapshot
Trade/Tariffs
A more detailed look at global markets courtesy of Newquawk
APAC stocks were mostly higher amid the recent trade-related optimism stemming from the US-China trade talks in London which have now concluded and where officials reached a framework to implement the Geneva consensus and outcome from the recent Trump-Xi call. ASX 200 advanced to print a fresh record high in early trade before paring some of the gains amid little fresh catalysts. Nikkei 225 marginally benefitted from recent currency weakness and softer-than-expected PPI data. Hang Seng and Shanghai Comp gained following the progress in US-China trade talks, albeit with the upside in the mainland capped given the lack of solid details.
Top Asian News
European bourses are generally marginally firmer, EuroStoxx 50 +0.2%, defying indications for a slightly softer cash open. However, this comes with the exception of the IBEX 35 -0.8%, given marked pressure in Inditex (-3.3%).
Sectors are mixed with Retail -1.0% the laggard given the above Inditex action. Basic Resources, Tech, Consumer Products & Services all benefit from the US-China updates. Stateside, futures are modestly into the red with subdued trade despite the framework agreement between US-China officials as we now await the response from President's Trump & Xi; ES -0.3%. Attention in the meantime firmly on CPI. NVIDIA (NVDA) CEO Huang says there is an inflection point happening in Quantum computing.
Top European News
FX
Fixed Income
Commodities
Geopolitics
Economic Data
DB's Jim Reid concludes the overnight wrap
I have a dark secret I'm holding onto at the moment. It's my birthday tomorrow and over the weekend our family photo stream had pictures of one of my presents. My wife is not as tech savvy as she could be. A voucher for a round with Rory Mcllroy? No sadly, but instead a portrait for my office (I assume) of our dog Brontë swinging a golf club dressed in plus fours. It's very amusing and cute. I will show surprise and gratitude tomorrow. If I do a WFH webinar again no doubt I'll show you all and you can smile or shake your head with horror.
Overnight, US and Chinese negotiators have said they've agreed on a framework of how to implement the agreement reached at talks in Geneva last month. The main details came from Commerce Secretary Lutnick, who said that “We do absolutely expect that the topic of rare earth minerals and magnets” will be resolved and that export controls implemented by the US should come down as China approves relevant export licenses. China’s trade representative Li Chenggang said that the US and Chinese delegations will now take the proposal back to their respective leaders, with Lutnick noting that “once the presidents approve it, we will then seek to implement it”. At the same time, there was no evidence of progress on topics such as the fentanyl-related 20% tariffs on China that the US has implemented since February. So while the mood music has stayed positive, investors may be wary of the pattern that emerged during the previous US-China trade talks in 2018-19, when apparently constructive in person meetings seemed to take a step back as the negotiating teams returned to their capitals. So there's perhaps a little disappointment this morning that we haven't yet got a bigger announcement, even though there's time to hear the full conclusions of the meeting.
In other trade news last night, the US Court of Appeals extended its temporary reprieve for the administration’s tariffs that had been blocked by the US Court of International Trade in late May, as it scheduled arguments in the case for July 31. So that leaves wide-ranging tariffs imposed under the International Emergency Economic Powers Act in place, while confirming that the legal uncertainty over their use will remain unresolved until well after the July 9 deadline for the reciprocal tariff delay. Separately, Bloomberg reported yesterday that the US and Mexico are close to a deal that would remove 50% of steel imports from Mexico up to a certain quota, adding to the sense that sectoral tariffs are up for negotiation in US talks with trading partners.
Turning to yesterday’s market moves, given the focus on export controls that have affected chips and rare earth metals, and the hope the restrictions would be eased, semiconductor and technology stocks benefited, helping to lift US equities more broadly. For instance, the Philadelphia Semiconductor Stock Exchange (+2.06%) continued to rally on the hope for a positive outcome, advancing for the third consecutive day. Similarly, the Mag-7 also advanced +1.29% thanks to Tesla’s (+5.67%) continued recovery as well as decent gains for Alphabet (+1.43%) and Meta (+1.20%). And chipmaker TSMC was up +3.98% after the company reported monthly sales that climbed +39.6% in May.
Another notable story yesterday was a Bloomberg report that Treasury Secretary Bessent was being considered as a potential successor to Powell as Fed Chair. However, the report acknowledged that formal interviews for the role have not yet begun, and later in the day the White House denied that Bessent was a contender for the Fed job. The story follows comments by Trump last Friday that the decision on the next Fed Chair may be “coming out very soon” and yesterday our US economists published a note with initial thoughts on the topic of Powell’s replacement.
Looking forward, the focus will now turn back to inflation, with the May CPI results coming out later. Our US economists have a full preview here, and their view is that weak seasonally adjusted gas prices should continue to keep monthly headline CPI (+0.20% expected) below core inflation (+0.31% expected). A critical thing to look out for will also be the tariff pass-through, so they’ll be focusing on core goods prices, especially in categories like household furnishings and supplies categories, which saw some preliminary impact in the April data. Bear in mind that even with the 90-day tariff extension, the baseline 10% tariffs have still been in place for the entire month, and the reduction in the China tariffs from 145% to 30% wasn’t announced until May 12, so there were plenty of tariffs in place in May.
Speaking of inflation, there were fresh signs of inflationary pressure from the NFIB’s small business optimism index. In particular, a net 31% said they were planning to raise average selling prices, the highest share in over a year. But there was some brighter news, as the headline index showed that for the first time in 2025, small business had grown more optimistic, with the headline gauge up to 98.8 in May (vs. 96.0 expected), and up from 95.8 the previous month. So that points to a rebound in sentiment as the administration have dialled back tariffs in recent weeks.
Ahead of the CPI print, US Treasuries were pretty stable yesterday with an ongoing flattening of the curve. For instance, the 2yr yield (+1.6bps) moved up to 4.02%, whilst the 10yr yield (-0.4bps) fell to 4.47%, marking the flattest level of the 2s10s slope in two months. Those modest moves came amid an uneventful 3yr auction that saw $58bn of notes issued +0.4bps above the pre-sale yield. This will be followed by a 10yr auction today, and then a 30yr auction tomorrow, which will be an important focal point given recent fiscal fears.
Over in Europe, the latest UK labour market data pointed to growing weakness in Q2. In particular, the number of payrolled employees was down -109k in May (vs. -20k expected). Moreover, average weekly earnings growth fell to +5.3% in the three months ending April (vs. +5.5% expected). So that led investors to dial up the likelihood of rate cuts by the Bank of England, with the probability of a rate cut by the August meeting up to 81%. In turn, that meant gilts outperformed their European counterparts, with the 10yr yield falling -9.0bps. By contrast, there were smaller moves elsewhere, including for 10yr bunds (-4.1bps), OATs (-3.7bps) and BTPs (-5.1bps). The latest move also means the 10yr Italian-German spread edged down again to just 91.3bps, the tightest since February 2021.
European equities saw a mixed performance, with the STOXX 600 little changed (-0.02%). Defence stocks saw some pullback after their strong performance so far this year, with Rheinmetall (-5.80%), BAE Systems (-2.63%) and Thales (-3.63%) dragging European markets down. That left Germany’s DAX (-0.77%) and Italy’s FTSE MIB (-0.65%) underperforming for a second day running. On the other hand, France’s CAC (+0.17%) and UK’s FTSE 100 (+0.24%) posted modest gains, with the FTSE having been briefly on track for a record closing high intraday.
In Asia, the Hang Seng (+0.95%), the CSI (+0.82%), and the Shanghai Composite (+0.54%) are all making gains, supported by hopes for improved trade relations with the US even if S&P (-0.32%) and NASDAQ futures (-0.32%) seem a little disappointed we haven't got more information so far. Elsewhere, the KOSPI (+0.91%) is also on the rise, reaching a new 11-month high, while the Nikkei (+0.46%) is being pulled up by tech stocks.
Early morning data showed that producer prices in Japan increased by +3.25% y/y in May, a deceleration from a revised +4.1% rise the previous month and falling short of the market consensus of +3.5%. This marks the 51st month of producer inflation, although it is the lowest annual rate observed since last September.
To the day ahead now, and as we previewed earlier, look out for the US May CPI release as well as the federal budget balance data. Also worth mentioning that the US 10-yr treasury auction will be held. We’ll also get the Canada April building permits. In terms of central bank speakers, we’ll hear the ECB’s Lane and Cipollone speak. Earnings include Oracle and Inditex
Gov. Gavin Newsom was in his element this week. After scenes of burning cars and attacks on ICE personnel, Newsom declared that this was all “an illegal act, an immoral act, an unconstitutional act.” No, he was not speaking of the attacks on law enforcement or property. He was referring to President Donald Trump’s call to deploy the National Guard to protect federal officers.
Newsom is planning to challenge the deployment as cities like Glendale are cancelling contracts to house detainees and reaffirming that local police will not assist the federal government.
Trump has the authority under Section 12406 of Title 10 of the U.S. Code to deploy the National Guard if the president is “unable with the regular forces to execute the laws of the United States.”
The Administration is saying that that is precisely what is unfolding in California, where mobs attack vehicles and trap federal personnel.
Most critics are challenging the deployment on policy grounds, arguing that it is an unnecessary escalation. However, even critics like Berkeley Law Dean Erwin have admitted that “Unfortunately, President Trump likely has the legal authority to do this.”
There is a fair debate over whether this is needed at this time, but the President is allowed to reach a different conclusion. Trump wants the violence to end now as opposed to escalating as it did in the Rodney King riots or the later riots after the George Floyd killings, causing billions in property damage and many deaths.
Courts will be asked to halt the order because it did not technically go through Newsom to formally call out the National Guard.
Section 12406 grants Trump the authority to call out the Guard and employs a mandatory term for governors, who “shall” issue the President’s order. In the memo, Trump also instructed federal officials “to coordinate with the Governors of the States and the National Guard Bureau.”
Newsom is clearly refusing to issue the orders or coordinate the deployment.
Even if such challenges are successful, Trump can clearly flood the zone with federal authority. Indeed, the obstruction could escalate the matter further, prompting Trump to consider using the Insurrection Act, which would allow troops to participate directly in civilian law enforcement.
In 1958, President Eisenhower used the Insurrection Act to deploy troops to Arkansas to enforce the Supreme Court’s orders ending racial segregation in schools.
The Trump Administration has already claimed that these riots “constitute a form of rebellion against the authority of the Government of the United States.” In support of such a claim, the Administration could cite many of the Democratic leaders now denouncing the claim.
After January 6th, liberal politicians and professors insisted that the riot was an “insurrection” and, in claiming that Trump and dozens of Republicans could be removed from ballots under the 14th Amendment.
Liberal professors insisted that Trump’s use of the word “fight” and questioning the results of an election did qualify as an insurrection. They argued that you merely need to show “an assemblage of people” who are “resisting law” and “using force or intimidation” for “a public purpose.” The involvement of inciteful language from politicians only reinforced these claims. Sound familiar?
Democrats are using this order to deflect from their own escalation of the tensions for months. From Minnesota Gov. Tim Walz calling ICE officers “Gestapo” to others calling them “fascists” and “Nazis,” Democratic leaders have been ignoring objections that they are fueling the violent and criminal responses. It did not matter. It was viewed as good politics.
While Newsom and figures like Sen. Cory Booker (D., N.J.) have called these “peaceful” protests, rocks, and Molotov cocktails have been thrown at police as vehicles were torched. Police had to use tear gas, “flash bang” grenades, and rubber bullets to quell these “peaceful” protesters.
There appears little interest in deescalation on either side. For the Trump Administration, images of rioters riding in celebration around burning cars with Mexican flags are only likely to reinforce the support of the majority of Americans for the enforcement of immigration laws.
For Democrats, they have gone “all in” on opposing ICE and these enforcement operations despite support from roughly 30 percent of the public.
Some democrats are now playing directly to the mob. A Los Angeles City Council member, Eunisses Hernandez, reportedly urged anti-law enforcement protesters to “escalate” their tactics against ICE officers: “They know how quickly we mobilize, that’s why they’re changing tactics. Because community defense works and our resistance has slowed them down before… and if they’re escalating their tactics then so are we. When they show up, we gotta show up even stronger.”
So, L.A. officials are maintaining the sanctuary status of the city, barring the cooperation of local police, and calling on citizens to escalate their resistance after a weekend of violent attacks. Others have posted the locations of ICE facilities to allow better tracking of operations while cities like Glendale are closing facilities.
In Washington, Jeffries has pledged to unmask the identities of individual ICE officers who have been covering their faces to protect themselves and their families from growing threats.
While Democrats have not succeeded in making a convincing political case for opposing immigration enforcement, they may be making a stronger case for federal deployment in increasingly hostile blue cities.
* * *
Jonathan Turley is the Shapiro Professor of Public Interest Law at George Washington University and the author of “The Indispensable Right: Free Speech in an Age of Rage.”
Elon Musk publicly expressed regret over his recent X post attacks on President Donald Trump, admitting that his posts on X — particularly the one linking Trump to Jeffrey Epstein — "went too far."
"I regret some of my posts about President @realDonaldTrump last week. They went too far," Musk wrote in an early morning X post.
I regret some of my posts about President @realDonaldTrump last week. They went too far.
— Elon Musk (@elonmusk) June 11, 2025The fallout stemmed from last week's blowout after Musk opposed Trump's "Big Beautiful Bill," prompting Trump to hint at cutting off government contracts. In response, Musk unleashed a series of now-deleted X posts, including a claim that Trump was "in the Epstein files."
Détente? Musk Hints At Path Forward On BBB; Trump Team Schedules Friday Call
'Very Disrespectful': Trump 'Assumes' Musk Relationship Is Over
To recap last week:
Earlier in the week, Musk came out against the 'Big Beautiful Bill' - which raises the debt ceiling by $5 trillion, and either raises the deficit by $2.4 trillion, or lowers it by $1.4 trillion - depending on who you believe, and fails to address any of the waste, fraud and abuse found by DOGE.
Thursday morning, Trump was asked about Musk's opposition to the bill, telling reporters on Thursday that he's 'very disappointed in Elon,' and that Musk only opposes the bill because they eliminated electric vehicle tax credits from it.
Trump then suggested he might pull government funding from Musk's companies such as SpaceX, which owns the only operational US spacecraft capable of transporting astronauts to and from the International Space Station. "The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon's Governmental Subsidies and Contracts. I was always surprised that Biden didn't do it!" -President Donald Trump via Truth Social
Musk went ballistic - announcing he would 'immediately' decommission the Dragon program (which he later walked back Thursday night), proposed a new political party (that's still his pinned post on X), endorsed another Trump impeachment, and said in a now-deleted post Trump is 'in the Epstein files,' which is why they haven't been released.
Now that the dust has settled in the Trump-Musk feud, the president stated there would be consequences for Musk if he supports Democratic candidates opposing the tax and spending bill.
Musk stated in a CBS interview that BBB "undermines" the work of DOGE... The Trump administration has refuted this point.
On Monday, Trump said he had no plans to discontinue Starlink service at the White House but hinted he might have his Tesla Model S removed from the White House grounds.
"I may move the Tesla around a little bit, but I don't think we'll be doing that with Starlink. It's a good service," Trump told reporters.
Trump also said that he would not have a problem if Musk called him: "We had a good relationship, and I just wish him well."
Musk's actions over the past several days suggest his anger has subsided and that he may be seeking to repair his relationship with the president.
As we noted last week...
For better or worse, the BBB will pass. Instead of clashing over what is autopilot spending to satisfy legacy obligations, focus on how to generate the biggest GDP growth https://t.co/bw6DQ4pBVa
— zerohedge (@zerohedge) June 5, 2025Odds are looking great on Polymarket...
Source: Polymarket https://t.co/UtjqsaIWrU
— zerohedge (@zerohedge) June 6, 2025However, we do agree with Musk on codifying DOGE cuts—after all, it's a clear mandate from the American people for the president to rein in a bloated federal government long captured by deep-state swamp creatures.
Authored by Zachary Stieber via The Epoch Times (emphasis ours),
The National Institutes of Health (NIH) will start a new journal that will help change the culture of science, the agency’s director said in a newly released interview.
NIH Director Jay Bhattacharya speaks alongside President Donald Trump during a press conference at the White House on May 12, 2025. Andrew Harnik/Getty Images
“The NIH can stand up and will stand up a journal where these replication results can be published and made searchable in an easy way,” Dr. Jay Bhattacharya said in a four-hour podcast interview with Andrew Huberman, a professor at the Stanford University School of Medicine, released on June 9.
Bhattacharya said he envisions people being able to see summaries of similar papers that looked at the same questions.
“A scientific journal put out by the NIH, a high-profile journal will then make publishing replication work a high-profile scientific, high-prestige scientific activity,” he added later.
Health Secretary Robert F. Kennedy Jr. said in May that federal scientists would likely be told to stop publishing in medical journals and, if that happened, the NIH would launch journals that would publish the scientists’ research.
Kennedy said that the existing journals have problems such as not publishing all of the data that underpins studies, while Bhattacharya said the journals will not publish replication research. Both officials have said they want the government to devote resources to replication, with Kennedy estimating that 20 percent of the NIH budget be designated for that purpose.
Replication is the process of taking a study, repeating it, and seeing if the results are the same.
While some scientists conduct meta-analyses, or studies that sum up existing literature on a topic—which could be considered a form of replication—“it’s really difficult to make a career out of doing replication work as a general matter,” Bhattacharya said in the podcast.
Scientists cannot at present earn large grants from the NIH for such work, which means the scientists cannot receive tenure at a top university, he said. That dissuades young scientists from focusing on replication work.
“We don’t reward it. The NIH doesn’t reward it,” Bhattacharya said. “That will change.”
The new journal will also publish negative results, or when scientists try to replicate a study and fail.
Emphasizing replication will make scientific literature more reliable, according to Bhattacharya, including for drug discovery and individual behavior, and will change the culture of science so that it “rewards truth ... rather than influence,” he added later.
Huberman, a neuroscientist, said that he welcomed the new journal and the focus on replication. “Everything you’re saying is very reassuring, and should be reassuring to people,” he said. “It’s music to my ears, frankly.”
The interview was released the same day some NIH employees signed a declaration that called cuts to NIH grants harmful and urged Bhattacharya to restore them. The NIH has terminated more than 2,000 grants totaling some $9.5 billion, as well as $2.6 billion in contracts, the employees said. The Trump administration is also proposing a smaller budget for the NIH in the next fiscal year.
Huberman noted that some grants that were labeled as diversity, equity, and inclusion (DEI) were cut and questioned Bhattacharya on whether the cuts included grants with the word transgenic. Bhattacharya said that there’s been an appeal process set up and researchers whose grants should not have been cut can file with the government. Some grants that were cut have been restored.
The NIH director said that it’s important to carry out research on vulnerable populations, and there are legitimate scientific questions where race or sex matters, such as breast cancer.
“The NIH absolutely supports that kind of research still despite all of the changes,” he said.
Bhattacharya also said that DEI is centered on the idea that structural racism is primarily responsible for the health outcomes of minorities and that he could not think of a scientific experiment that would in principle falsify that idea. Researchers who want to conduct studies based on the idea will not receive funding, he indicated.
“Let’s focus on the mission,” Bhattacharya said. “The mission is how do we advance, how do we make investments in research that advance the health and longevity of the American people ... I don’t believe there’s any place for this sort of race essentialism in it.”
Does Western Civilization Have Enough Belief to Continue to Exist?
Paul Craig Roberts
Democrats for many long years have imposed race and gender privileges, which violate the 14th Amendment’s requirement of equal protection under law and the 1964 Civil Rights Act’s statutory prohibition of race and gender quotas. In order to give preferences to women, people of color, and sexual perverts at the expense of white heterosexual men, equal protection of law was set aside. Now Democrats are proving to us that they are only concerned with alleged rights of people of color who are immigrant-invaders and assigned by Democrats, such as the Democrat governor of California, the rights of US citizens.
The Democrats are responding to the Federal government’s effort to deport people who are unlawfully in the US by attempting to organize an insurrection, a real one not an alleged one used to imprison Trump supporters. To be clear, Democrat office holders at local, state, and federal levels together with George Soros funded NGOs, foundations, and the whore media are in a treasonous conspiracy against the government of the United States and its President and against American citizens.
The protest that soon became a riot against deporting illegal entrants began in one section of Los Angeles. Organizers spread it to San Francisco and to Texas. I do not know if the effort to spread the riots into every blue jurisdiction and to turn it into a full-scale insurrection will succeed. https://www.cnn.com/us/live-news/la-protests-ice-raids-trump-06-11-25
However, it does seem clear that the Democrats are sufficiently confident that they can create an insurrection, backed by the Democrat judges, that will give them bargaining power over the Trump administration’s deportation policy. California Governor Newsom who stands with illegal entrants against US law has given the federal government the finger and defied federal authorities to arrest him for his lead in an insurrection against the United States.
California Governor Gavin Newsom condemned the deployment of the National Guard as unlawful and filed a lawsuit against the Trump administration, accusing it of violating state sovereignty.
What we will see is whether the federal government is too weak to arrest or even acknowledge an insurrectionist.
If the Democrats succeed in constraining the deportation policy, the likely outcome will be that proven criminals and recent arrivals are subjected to deportation, but illegals who have put down roots have acquired citizenship according to the law of adverse possession will be granted amnesty.
I think it is unrealistic to believe that the Trump administration can deport 30 million illegals who have established their own livelihoods and existence in the US courtesy of the absence of enforcement of US laws. The open border policy of the Democrats is clearly a US invitation to immigrant-invaders to enter America unopposed. Unopposed entry implies acceptance of entry. In effect, deportation is a breach of an unwritten promise extended by the non-enforcement of US immigration laws.
All of this said, let’s turn to the real problem. The United States has a political party–the Democrats–which by its control of the major cities in swing states can steal elections at will. The whore media, together with lawsuits against, and prosecutions of, those who have factual evidence of electoral theft, brought before Democrat judges and juries who have no interest in facts, guarantees the validation of the election theft as the legitimate vote. I do not know if Trump has yet pardoned all those who produced conclusive evidence that his 2020 reelection was stolen. They were prosecuted by the Biden regime’s US Department of Justice (sic) and by Democrat states for doing so. In the Democrat Biden regime anyone in American who told the truth was a target for prosecution and imprisonment. Yet tens of millions of dumbshit Americans supported the corrupt Biden regime.
In the 2024 presidential election the American Ruling Establishment decided that they would allow Trump to be returned to office, where he would be frustrated and defeated at every turn by the Establishment’s power, with the result being Trump’s failure and the demoralization of Americans who attempted to restore accountable government with Trump’s election. Demoralized and defeated, “the Trump Deplorable” go home and accept their impotence.
Possibly if the Democrats succeed in creating an insurrection, Trump will respond, unlike the French President in The Camp of the Saints, with sufficient violence to put it down and follow up with the arrest, prosecution, and execution of the treasonous Democrats responsible.
But this assumes he has the military on his side. Does he after 12 years of Obama/Biden anti-white, anti-normal American appointees to the officer ranks? Does the US military any longer represent majority white America? Do the Hispanic elements in California’s National Guard represent the US or Mexico?
Americans, being dumbshits, don’t realize how far things have gone. They now have Hispanic, Asian, Arab and other Muslim peoples, and African immigrants as judges who are immigrant-invaders presiding over local, state, and federal courts and police forces.
My own opinion is that Americans, like Europeans, having sat sucking their thumbs, entertaining themselves, and being deceived by official narratives and multicultural brainwashing have lost their country.
If you look honestly at the US today and at Britain, France, Germany, Canada, and the rest, what is there to defend? Why would a white heterosexual male die for Washington, or for the UK, France, Germany, Canada, or any of the other countries that have repudiated their ethnic nationality?
The most significant fact of our time is that the entire Western World is a dead man walking bereft of the belief system that upheld Western Civilization, now routinely denounced in all major universities in the Western World.
Do the Democrats Have Insurrection Underway in America ?
PCR with Nima on Dialogue Works
https://x.com/Dialogue_NRA/status/1932460907088826407?s=19
This interview was taken down by YouTube as soon as it was posted, which proves the point that serious issues cannot be acknowledged and discussed. Just as official narratives prevailed over reality in the Biden, Obama, and Bush regimes, official narratives continue to prevail. Print, TV, and social media continue to censor.
Who’s behind LA’s Anti-ICE Riots?
https://sputnikglobe.com/20250609/whos-behind-la-anti-ice-riots-1122221077.html
How to Recover from the Covid vax
If you took the Covid vaccination and have experienced health consequences, here is what you can do:
Dr. William Makis reports daily on his website his successes in curing stage 4 cancer with Ivermectin and Fenbendazole:
Dr Russell Blaylock reports in his monthly Wellness Report (worth taking for $50 annually) that the spike protein introduced into the body by the “Covid vax” is destroyed by a dose of nattokinase, 2,000 FU twice a day taken on an empty stomach. Nano-curcumin detaches the spike protein from the blood vessel wall. Add a dose of zinc 50mg twice a week for 3 weeks, then once a week thereafter.
After a full second day of discussion on the US-China trade deal, we finally have... something.
As Bloomberg reports, just before midnight London time, Commerce Secretary Howard Lutnick and China’s Vice Commerce Minister Li Chenggang both said they have agreed in principle on "a framework for implementing the Geneva consensus" combined with the outcome of the leaders June 5th call.
“Once the presidents approve it, we will then seek to implement it,” Lutnick added.
If it sounds confusing, it is: the parties said they will implement a framework which was already agreed upon weeks ago... so what exactly were the talks for? Shouldn't there have been at least some token progress beyond what was already agreed upon, hence "consensus."
Lutnick adding that “We absolutely expect that the topic of rare earth minerals and magnets… will be resolved in this framework implementation," does not make it any clearer if there is any actual deal on rare earths and/or chips... or just an agreement to continue talks?
Lutnick continued: “Also, there were a number of measures the US put on when those rare earths were not coming… You should expect those to come off — sort of, as President Trump said, in a balanced way. When they approve the licenses, then you should expect that our export implementation will come down as well” which suggests that nothing has been resolved at this stage, and instead we just wait for China to start exporting rare earth minerals?
And yes, for all the pomp and circumstance, it appears that all that took place in the past 48 hours was some meetings over coffee and KFC, because as Lutnick also said, the "framework is a first step, we had to get the negativity out."
Well, the negativity may be out, but no actual deals or agreements are in; instead agreement was reached to implement the implementation of an already agreed upon consensus.
Finally, the Commerce secretary said that the idea behind the framework is to increase trade with China, which is great but wasn't the whole point of the negotiation to rebalance trade, not merely increase it? After all, it's very easy to receive even more Chinese exports and "increase trade."
Meanwhile, US Trade Representative Jamieson Greer said there were no other meetings scheduled, but added that the American and Chinese sides talk frequently and are able to do so whenever they need.
US-China trade talks wrapped up in London just before midnight.
“We have reached a framework to implement the Geneva consensus,” Commerce Secretary Howard Lutnick tells us.
“Once the presidents approve it, we will then seek to implement it.” pic.twitter.com/eMu3xRb4y6
On the news, gold fell through 3320 but promptly rebounded as the market realized that what the announcement effectively boils down to is that the two sides have agreed to speak more.
Spoos were trading at 6,040, before jerking higher, lower, and at last check trading unchanged from where they closed the regular session.
In FX, cross-JPY buying morphed into broad USD selling with cross-JPY not really gaining traction; USDJPY is back under 145 after rising to a high of 145.10.
North American grocery wholesaler United Natural Foods (UNFI), the primary distributor for Whole Foods Market, has been hit by a cyberattack that temporarily paralyzed U.S. operations. The company is working to restore systems by the weekend. The disruption has already led to reports of empty shelves at some Whole Foods locations due to delayed shipments.
Last Thursday, UNFI revealed in a filing with the U.S. Securities and Exchange Commission that it "activated its incident response plan and implemented containment measures, including proactively taking certain systems offline," after uncovering unauthorized network activity on its systems.
"The incident has caused, and is expected to continue to cause, temporary disruptions to the Company's business operations," the Form 8-K continued, adding, "The Company is working actively to assess, mitigate, and remediate the incident with the assistance of third-party cybersecurity professionals and has notified law enforcement."
Fast forward to Monday, UNFI told customers in an email obtained by Bloomberg that it was "working toward the goal of returning to full operational capacity by Sunday or sooner," while apologizing for the disruption.
What's happened so far (via Bloomberg):
Operations Halted: UNFI shut down all business systems, including ordering and shipping, after detecting intruders in its network.
Customer Impact: Forklift operators were sent home, and some resumed work using pen-and-paper systems. Clients like National Co+op Grocers made special requests to keep top-selling products moving.
Response: UNFI is working with cybersecurity firm CrowdStrike and has reported the incident to the FBI. CEO Sandy Douglas said the situation is being handled by "a strong team of experts."
No Payroll Disruptions Expected.
Whole Foods: Confirmed supply disruptions; shelves in some Manhattan stores were visibly empty.
UNFI CEO Sandy Douglas informed investors during a Tuesday earnings call that intruders had compromised its IT systems, and backend systems related to the supply chain were down.
"We believe we are managing the incident capably with a very strong team of inside and outside professionals, including specialized experts," Douglas said, adding, "We will continue to keep our customers, suppliers and associates regularly updated on our progress and next steps."
Bloomberg reported that at least one Whole Foods location in Manhattan had partially empty shelves as a result of the disruption.
X users report disruptions...
At Whole Foods just now. Lotsa shelves empty
I asked what’s going on. One of the largest food distributors in the US got cyberattacked
That’s umm troubling the food supply can be disrupted this way pic.twitter.com/GG9UsftcI4
Tech blog BleepingComputer noted about the increasing cyber threats targeting America's food supply chain:
UNFI is just the latest company in the food industry to have been breached in recent years. For instance, in March, Walmart-owned warehouse supermarket chain Sam's Club disclosed it was investigating claims of a Clop ransomware breach. Food giant JBS Foods, the world's largest beef producer, also paid an $11 million ransom in 2021 after a REvil ransomware attack forced it to shut down production at multiple sites worldwide.
The key takeaway: UNFI's cyberattack underscores the fragility of the U.S. just-in-time supply chain and its heavy reliance on vulnerable IT infrastructure.
Our view—well known to readers—is clear: Take control of your food supply. Whether that means planting a garden, raising chickens, or building direct relationships with local ranchers and farmers, the message is the same: stop relying on globalist multinational corporations.
Authored by Gary Abernathy via The Empowerment Alliance,
The “One Big Beautiful Bill” – designed to put most of President Trump’s campaign promises into action – squeaked through the House of Representatives on May 22 and was immediately greeted by expressions of horror from activists and corporations invested in so-called “alternative” energy.
The big business interests that drive the solar and wind boom have for years operated at a huge advantage. Most startups historically identify a need and create a quality product or service to meet the demand in the hope of becoming profitable within a few years. By contrast, the “renewables” industry has had the backing of the United States government in the form of tax incentives designed to virtually guarantee success. Even with so much government largesse, it’s astounding how many solar companies have been so badly managed that they have gone out of business.
Still, with Uncle Sam cheering them on, solar companies have converted more than a million acres of cropland and pastures to unsightly collections of solar panels. The rapid deployment often stirred controversy, pitted neighbor against neighbor, and sent state lawmakers scurrying to craft new and evolving rules and regulations.
Many people viewed the encroachment of solar as a blight on generational farmland, as ugly glass and metal panels replaced corn, soybean, wheat and other crops. Some landowners, though, eagerly grabbed the lifeline offered by solar companies in the form of per-acre sale or lease prices that were far above average market values, in many cases allowing them to escape mountains of farming debt.
As I wrote in a Washington Post column a few short years ago about a public hearing I attended on the topic of solar developments in southern Ohio, “The testimony was sometimes heart-wrenching. Some members of multigenerational farm families who have made deals with the solar companies spoke with tears in their eyes. Farming is in their blood, and in a perfect world they would continue the family tradition. But for them, it’s been a long time since the world was perfect.”
The kicker, of course, is that solar companies were able to offer such lucrative deals almost entirely because of subsidies and tax incentives offered by the Obama administration, curtailed somewhat by the first Trump administration, but reinvigorated on steroids by the Biden administration’s misleadingly named Inflation Reduction Act.
In a follow-up Post column in 2021, I noted that suspicions about the solar installations were increasing. “Questions are growing about neighboring property values and environmental issues,” I wrote. “What about responsible land practices such as plant maintenance, erosion protection and water runoff? When the solar fields are dismantled someday, will the soil be safe for reuse? Solar companies are providing answers, but trust is not always evident.”
For solar, the return of Trump and GOP congressional control means the gravy train might be rolling to a stop. The budget passed by the House ended many tax credits for companies installing rooftop solar panels, but, more importantly, the bill “also ends the investment and electricity production credits for clean energy facilities that begin construction 60 days after the legislation is enacted or enter service after Dec. 31, 2028. Those credits have played a key role in the rapid expansion of utility-scale solar projects in the U.S.,” as CNBC reported. Solar stocks immediately plunged.
But political considerations are always in play, and it’s telling that the House budget bill “left the manufacturing tax credit relatively unscathed.” That’s almost certainly because of the fact that domestic solar component manufacturing is well underway, including in many red states where members of Congress aren’t anxious to pull the plug on jobs that benefit local communities – even if they are based on the artificial tax subsidies from a government picking winners and losers.
When it comes to energy, the House bill will likely see some revisions in the Senate. Sen. Thom Tillis (R-N.C.) was probably smart, politically, when he said he would push for a slower phase-out of clean energy subsidies.
“For companies that have made major capital deployment decisions, we need to respect that or people are going to start thinking that the United States has massive changes in policy every two years in this space, and that will be devastating to the U.S.’s current position as the innovation leader,” Tillis said.
As Doc Holliday said in the movie “Tombstone,” that’s the damnable misery of it. Subsidies have backed the manufacture of solar initiatives in state after state, so while there are endless unknowns about the future, jobs are here now, at least in the short term. Abruptly shutting them down would give Democrats an election issue that a slow phaseout might help to avoid, or at least alleviate.
An “all-of-the-above” approach to energy is a popular political slogan, and indeed, alternatives will continue to be part of our energy mix. But recent blackouts, brownouts and general grid failures around the world due to an overreliance on solar demonstrate that the various resources that make up “all of the above” are not created equal. They do not generate equal energy, or give consumers the same dollar-for-dollar value.
The success of “alternatives” should be based on merit. Are they affordable? Are they effective? Are they reliable? Are they in demand? Our system of capitalism decides winners and losers. When government bureaucrats try to make those calls, taxpayers end up footing inflated bills for inferior products. That outcome should be an alternative no one supports.
Gary Abernathy is a longtime newspaper editor, reporter and columnist. He was a contributing columnist for the Washington Post from 2017-2023 and a frequent guest analyst across numerous media platforms. He is a contributing columnist for The Empowerment Alliance, which advocates for realistic approaches to energy consumption and environmental conservation. Abernathy’s “TEA Takes” column will be published every Wednesday and delivered to your inbox!
As Pope Leo XIV enters the firing line of the homosexual lobby following his re-statement of Catholic teaching on marriage, it’s the painful duty of Catholics respectfully to resist Bishop Terence Drainey, who continues to advance the LGBT+ agenda in his diocese of Middlesbrough, UK, and all bishops who subvert Catholic teaching. The Diocese of Middlesbrough LGBT+ Ministry was established, ostensibly, […]
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Extract of Christian Fashion in the History of the Church by Virginia Coda-Nunziante (Calx Mariae Publishing, 2022). Letter to those responsible for Catholic associations and education, 12 June 1960 This year, the first signs of our late-arriving spring showed a certain increase in the use of men’s dress by girls and women; even by mothers […]
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From Divine Intimacy Presence of God “I return thanks to You, O God, one and true Trinity, one sovereign divinity, holy and indivisible unity. ” (Roman Brieviary) 1 From Advent until Trinity Sunday, the Church has had us consider the magnificent manifestations of God’s mercy toward men: the Incarnation, the Redemption, Pentecost. Now she directs […]
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Above: Allegory of the Holy Eucharist by Miguel Cabrera (1750). From the Roman Office. ℣. Grant, Lord, a blessing. Benediction. May the Gospel’s holy lection Be our safety and protection. ℟. Amen. Reading 1 Continuation of the Holy Gospel according to John John 6:44-52 At that time, Jesus said unto the multitudes of the Jews: No man can come to Me, except the Father…
On May 20th, Google CEO Sundar Pichai updated the public on the company’s progress on its AI development as follows: We are now processing 480 trillion monthly tokens, a nearly 50X increase in just one. Over 7 million developers are […]
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