Authored by Naveen Athrappully via The Epoch Times,

Amazon will invest $4 billion by 2026 to expand its network in rural America for delivering packages faster in densely populated areas, the company said in an April 30 statement.

“This investment will also grow our rural delivery network’s footprint to over 200 delivery stations, and we estimate it will create over 100,000 new jobs and driving opportunities through a wide range of full-time, part-time, and flexible positions in our buildings and on the roads,” the company said.

“Once this expansion is complete, our network will be able to deliver over a billion more packages each year to customers living in over 13,000 zip codes spanning 1,200,000 square miles—an area the size of Alaska, California, and Texas combined.”

The effort focuses on small towns in the United States. Amazon plans on expanding at a time when many logistics providers “have backed away from investing in rural customers and communities.”

Amazon estimates that by the end of next year, its rural delivery network will triple in size, with average delivery times being cut in half.

For each new facility opened as part of expansion, an estimated 170 new jobs on average shall be created at the delivery station level, Amazon said, adding that other job opportunities would be extra, such as those created via the Delivery Service Partner (DSP) and Amazon Flex programs.

DSP is a program in which small businesses set up delivery services to transport Amazon goods. Flex is aimed at individuals who want to make some extra money delivering Amazon packages using their own vehicles.

The flex program has been caught up in legal conflicts involving driver contracts.

In June last year, lawyers representing thousands of Amazon Flex drivers announced they filed legal claims alleging the company wrongly classified the drivers as independent contractors rather than employees, which led to them being deprived of various financial benefits and worker protections.

“As Amazon exerts considerable control over the Flex drivers in their deliveries and the deliveries are part of Amazon’s usual business, the drivers qualify as Amazon employees, not independent contractors, and should be paid accordingly,” Joseph Sellers, partner at Cohen Milstein Sellers & Toll PLLC and attorney for the drivers, said at the time.

In an emailed statement to The Epoch Times, an Amazon spokesperson said the Flex program enables individuals to make “competitive pay” while setting their own schedules and being their own boss.

“We hear from most of the Amazon Flex delivery partners that they love the flexibility of the program, and we’re proud of the work they do on behalf of customers every day,” the spokesperson said.

In its April 30 statement, Amazon said it is the leading job creator in the United States, having created more than 500,000 jobs over the past five years.

The company cited a study by Amazon economists, the University of Pennsylvania, and The Wharton School, which found that “when Amazon opens a facility, median household incomes in the county increase by $1,225 per year and poverty rates fall by as much as 3.3 percent on average,” the statement said.

UPS Delivery Cut, Tariff Rumor

Amazon’s decision to expand rural delivery comes as the United Parcel Service (UPS) recently said it was aiming to cut half of its Amazon business by the second half of the year.

During a Jan. 30 earnings call, UPS CEO Carol Tome said the company was concerned about the volume and revenue concentration that was tied up with its Amazon delivery operations.

“Our contract with Amazon came up this year, and so we said it’s time to step back for a moment and reassess our relationship because if we take no action, it will likely result in diminishing returns,” she said.

In an April 29 conference call with Wall Street analysts, Tome said she was pleased with the ongoing efforts to reduce the company’s reliance on Amazon’s business.

“This volume is not a healthy fit for our network. The Amazon volume we plan to keep is profitable and is a healthy volume,” she said, adding that Amazon currently makes up 11.7 percent of UPS revenue.

Meanwhile, Amazon recently responded to a report that it was planning to display the cost of U.S. tariffs next to the price of products on its website.

The report had triggered comments from the White House, with press secretary Karoline Leavitt saying on April 29 that such a move would amount to a “hostile and political act.”

“Why didn’t Amazon do this when the Biden administration hiked inflation to the highest level in 40 years?” she said.

Amazon denied that it would be carrying out the plan, saying it never considered displaying tariff information on its website.

“The team that runs our ultra-low cost Amazon Haul store considered the idea of listing import charges on certain products. This was never approved and is not going to happen,” Amazon spokesperson Tim Doyle said in an emailed statement to The Epoch Times.

Now former Kohl's CEO Ashley Buchanan was abruptly fired after an internal investigation revealed he steered the company into a multimillion-dollar deal involving a vendor tied to a former romantic partner, according to the Wall Street Journal, who first broke the story.

Buchanan was hired in November 2024 and became CEO effective January 15, 2025. 

Michael J. Bender, Kohl’s Board Chair, said at the time: “We know he will be a great leader for Kohl's and will bring a new perspective in our next chapter.” That chapter barely lasted 4 months. 

Buchanan

He "had instructed the retailer to enter into a 'highly unusual' business deal involving a woman with whom he has had a romantic relationship," the Journal wrote.

The company's board found Buchanan failed to disclose the relationship and violated the company's code of conduct, according to a regulatory filing.

The vendor, unnamed in filings, was part of a consulting team awarded a lucrative contract. Sources identified her as Chandra Holt, a former Walmart and Bed Bath & Beyond executive whom Buchanan met years earlier while both worked at Walmart. Holt now runs Incredibrew, a vitamin-infused coffee startup.

Holt

The two have a history:

The two retail veterans have known each other for years. Buchanan was the Sam’s Club chief merchandising officer and Holt held several positions at the Walmart chain, including general merchandise manager of grocery and the chief operating officer of its website.

They both further rose through the ranks at Walmart before leaving around the same time for other positions at Texas-based retailers. Buchanan left in early 2020 to become CEO of Michaels. Holt left in 2021 to become CEO of Conn’s HomePlus and later Bed Bath and Beyond.

The Journal wrote that Buchanan, who became Kohl’s CEO in November 2024 after leading Michaels, will forfeit equity awards and repay a prorated portion of a $2.5 million signing bonus.

Neither he nor Holt responded to requests for comment. Kohl’s appointed Chairman Michael Bender as interim CEO—the chain’s fourth chief in three years—as it grapples with a 4% sales drop and a likely quarterly loss.

Update (1340ET):

Earlier, Eli Lilly shares dropped more than 10.5%, surpassing the decline seen on November 23, 2016, and marking the stock's steepest drop since October 9, 2008.

*   *   * 

Eli Lilly & Co. shares fell in premarket trading in New York after the company slashed its full-year profit outlook, citing increased research and development expenses, despite posting first-quarter revenue and earnings that beat analysts' expectations, driven by strong demand for its anti-obesity drug, Mounjaro.

Goldman analysts, including Asad Haider, provided clients with a first take on Lilly's first-quarter earnings, indicating that 1Q25 results "slightly exceeded expectations." 

LLY's 1Q25 earnings slightly exceeded expectations, where, encouragingly, the tirzepatide franchise (Zepbound + Mounjaro) came in at $6.15bn ahead of GS/Visible Alpha Consensus Data ($6bn), reflecting continued strong demand, partially offset by lower realized prices. We note that recent IQVIA data shows Zepbound momentum continuing into April. Performance was a bit uneven amongst other portfolio items, with Jardiance (which included a one time benefit of $370mn) and Ebglyss outperforming, while Jaypirca, Omvoh and Emgality fell short of expectations.

Exhibits 1 and 2 provide more color on earnings results:

Actual vs. GS/Consensus- Income Statement and Margins

Actual vs. GS/Consensus- Income Statement and Margins

Overshadowing the first-quarter print was Lilly's move to slash its full-year earnings guidance due to charges related to a recent cancer treatment deal. 

Lilly noted in an earnings release that the existing tariff and trade environment was factored into updated guidance. However, it said the new guidance does not reflect any policy shifts, including pharmaceutical sector tariffs, that could impact business.

More color on the updated guidance via Goldman's Haider: 

The 2025 EPS guidance cut (from $22.50- $24.00 to $20.78- $22.28) was entirely driven by the 1Q25 IPR&D charge of $1.57bn which translates to $1.72 on EPS

Haider maintained a "Buy" rating on Lilly with a 12-month price target of $888. 

Shares fell 6% in premarket trading as the guidance cut took center stage, overshadowing an otherwise solid first quarter. Despite the decline, the stock remains just below Goldman's 12-month price target and not far off from record highs. 

Adding to the pressure, CVS Health announced a deal to expand access to rival Novo Nordisk's anti-obesity drug, which may have further weighed on Lilly's stock sentiment ahead of the cash market. 

Earlier, Eli Lilly CEO Dave Ricks provided CNBC with an update about tariffs: "I think that actually the threat of tariffs is already bringing back critical supply chains into important industries, chips and pharma," adding, "So do we need to enact [tariffs?] I'm not so sure."

By Michael Every of Rabobank

This is no time for traditional economic and market methods of poring over old data. Q1 US GDP, -0.3% q-o-q annualized, tells us nothing about what will happen given its all-over-the-place components driven by preparations for a trade war now underway. Nowcasts for Q2 GDP are already showing it back to around 2.4%, but that’s again with two months of the quarter to go and US retail inventories sitting at around 5-7 weeks, after which nobody knows what will happen as the upcoming Port of LA cargo totals are set to drop by around a third year on year.

GDP was negative because of only two components:

- Trade/Imports subtracted 4.83% on tariff frontrunning
- Government subtracted 0.25%, first negative govt "contribution" since 2022 pic.twitter.com/6Ng0qyQCZ5

The only way to make any kind of forecast is to try to project what will happen in the bigger scheme of things. Or, to laugh at President Trump posting, ‘This isn’t my stock market’, because it’s going down, three months after claiming, ‘This is my stock market’, because it was going up, and presume there is no pattern to anything that’s going on.  Rather than indulge in the latter, which is easy, let’s try the former, which is hard.

In the trade war, the US Senate narrowly rejected an attempt to overturn Trump’s tariffs: we are stuck with them until he decides we aren’t. On which, Trump said he expects a great relationship with PM Carney, which may not bode well for Canada, as Alberta’s Premier laid down the law to the PM and flirted with the idea of independence. 

Moreover, the USTR says several trade deals are “close”, again: again, it’s Japan, South Korea, and India being name-dropped. If/when a first deal is signed, markets will have a clearer idea of what lies ahead: yet Trump just said he’s in no rush, and as we’ve laid out, what lies ahead likely involves a new bloc vs China that would resolve many uncertainties while creating vast new ones.

Anyone thinking better US-China trade ties are on the cards too, which apparently includes the US President in his latest comments, isn’t paying much attention (including to the headline writers not noting that he said this deal would be “on our terms” and “fair”). Rather, at the very least, escalation to deescalate is underway. 

Congress just reintroduced a bipartisan SHIPS bill to increase US shipbuilding, targeting 250 commercial vessels over the next decade, which includes the dropped USTR port fee for non-Chinese firms ordering China-built ships; subsidies for US shipbuilders; preferential treatment for US cargo; and requiring a rising % of US imports from China be transported on US-built ships. All this will have a disruptive effect on global trade we’ve already spelled out; yet the emergence of such legislation was predictable to those who read maritime history rather than just Bloomberg.

Moreover, China, whose PMI data yesterday showed trade war impact, was also reported to be months away from running out of copper: it’s not just the West that is reliant on key imports: and the US knows what they are and where they get them from.

As such, on the geopolitical front --which is joined at the hip to trade-- things are also moving. 

The US and Ukraine signed the 50/50 minerals investment deal. Treasury Secretary Bessent stated: “This agreement signals clearly to Russia that the Trump Administration is committed to a peace process centred on a free, sovereign, and prosperous Ukraine over the long term.” Kyiv hopes the US may also increase defence aid, which would be useful given Europe and the UK just admitted they can’t find enough troops for the peacekeeping contribution they’ll have to make.

Many decrying Trump trying a statecraft Noxin (reverse Nixon) will cheer a US hard line vs Russia. However, the alternative means economic statecraft against Moscow: Senator Graham is pushing legislation to impose 500% secondary tariffs on anyone who buys Russian energy, which would have a destabilising impact on energy markets. Would those decriers call for actual war but not economic warfare, “because markets”? Would Russia buckle and strike peace and Noxin deals?

The troika of Charlie Kirk, Tucker Carlson, and Donald Trump, Jr. make clear they don’t want war with Iran even if the terms of a deal --no more uranium enrichment-- seem unreachable, and Israel remains implacable in its opposition to a can-kicking exercise that sees it carry the realpolitik can if Iran then builds a nuke. Meanwhile, Saudi Arabia, trying to please the US, said that it will keep pumping oil even as prices decline. 

On two related fronts we have either a sustained bear market in oil or a rapid geopolitical move higher. Interestingly, and relatedly, the US Koch brothers just exited energy trading in what is being described as a “retreat from speculation.” NB that’s exactly what economic statecraft wants to see, as commodities, not “because markets”, are going to be a key focus of it ahead.

Moreover, things are moving in the financial system too, and not just in terms of bond yields grinding lower in DM but moving higher in EM like Argentina and Brazil. Yesterday, the US Treasury released a report on dollar stablecoin usage with huge implications for the structure of markets, and which benefits the US over others. They talk of higher deposit rates, a huge inflow into US T-bills, and much more – and most of it benefitting the US at the expense of others. Does that make it more or less likely to happen ahead? I’m asking for a friend who usually focuses on GDP.

In short, we have sharply binary geopolitical outcomes ahead and either: sustained trade chaos, with one set of implications for the world economy; or a US retreat, with another set of implications (and second, third, nth order effects the people who want to see it happen don’t grasp at all); or a clear global bifurcation between the US and China across still-variable geography and asset classes. 

Please put that all into your GDP model and tell me what it says. 

Authored by Steve Watson via Modernity.news,

What was the undeniable best photo of 2024?

The image of President Trump, fist raised in defiance, still alive after being shot with blood streaming down his face, Secret Service members rushing him to safety as he screamed “FIGHT, FIGHT, FIGHT.”

Yeah, that was objectively the photo of the year. Perhaps photo of the decade, perhaps of the century.

Republican presidential candidate former President Donald Trump raises his fist as he is rushed off stage after an assassination attempt during a campaign rally in Butler, Pa. @apnews pic.twitter.com/VoAYqRC4QV

However, because the legacy media is so riddled with leftist activists suffering from stage 5 Trump Derangement Syndrome, they decided it wasn’t photo of the year.

Instead, the White House Correspondents’ Association picked a black and white photograph of pudding brain Joe Biden dementia shuffling away from a podium, presumably lost as usual.

Left: photo of the year, according to the White House Correspondents’ Association.

Right: photo of the year , according to anyone with a functioning brain cell. pic.twitter.com/jjnp8vLnAi

Yes, really.

It’s not even a good photograph.

It’s taken from too far away and on a smaller device you have to zoom in to see who the subject is. 

It also has no remarkable context. It’s just Biden doing an everyday activity that he did for years.

The description states:

The WHCA award for presidential news coverage by visual journalists, which recognizes a video or photo journalist for uniquely covering the presidency at the White House or in the field went to Doug Mills of The New York Times for an image taken of former President Joe Biden as he wrestled with historic challenges, including international crises, amid calls for him to end his reelection campaign.

“Wrestled”? “Historic”?

Come on.

The Trump photo wasn’t even given an honorable mention. That went to a photo of Elon Musk jumping in the air with a grin on his face at the second Butler Trump rally.

Again, presumably because they also hate him so much.

It is so utterly preposterous that it is a perfect distillation of everything wrong with our media.

Insular, driven by pique, willing to look like fools if it means not doing anything that might be to Trump’s benefit—but ultimately magnifying what they are trying to hide.

That is probably the number 1 comment I’ve received, so it definitely is not you!

You don’t have to like Trump to recognize that this photo is iconic.

Theirs is a very toddler view of the world.

That is why the honorable mention was of a photo of Trump’s October rally in Butler.

I understand thinking is difficult, but no need to involve me in your struggles.

If they wanted a Biden photo for photo of the year, this is the one they should have used: pic.twitter.com/7q24ZveHkg

First time seeing the Biden's picture. That is how irrelevant it was.

The second photo, with a person raising their fist before an American flag, feels more emotionally authentic due to its vibrant, unscripted energy, evoking triumph and solidarity. The first photo, a formal White House scene, conveys historical significance but may seem staged,…

Ridiculous – but appropriate they would select Biden, head down, walking away in shame!

Trumps photo by far is photo of the year!

Should have been this one for Biden. pic.twitter.com/sUYcCbEpDi

The one on the left does capture Biden's mental deficiencies as he walks into a fireplace.

*  *  *

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The Kremlin has said that what the newly signed minerals deal between Ukraine and Washington does is effectively force Kiev to pay for all future military aid.

"Trump has broken the Kyiv regime to the point where they will have to pay for U.S. aid with mineral resources," Medvedev, a former Russian president and current deputy chairman of Russia's Security Council, stated on Telegram.

Treasury Secretary Scott Bessent and Ukrainian Economy Minister Yulia Svyrydenko sign the deal. US Department of the Treasury/Reuters

"Now they will have to pay for military supplies with the national wealth of a disappearing country," he said of the Ukrainians.

As of yet, the full contents of the newly inked deal, finalized and signed late in the day Wednesday, have not been revealed, but it gives the United States preferential access to new Ukrainian minerals deals and its natural resources like oil and gas, and will fund investment in Ukraine's reconstruction.

But the Zelensky government was able to get something crucial dropped at the last minute. As CNN details, "Compared to earlier drafts, the final agreement is reportedly less lopsided in favor of the US and is not as far-reaching. It stipulates that future American military assistance to Ukraine will count as part of the US investment into the fund, rather than calling for reimbursement for past assistance."

President Trump's initial reaction after the signing was seen in the following:

Speaking Wednesday in a call with NewsNation, Trump said he made the deal to “protect” Washington’s contribution to the Ukrainian war effort. “We made a deal today where we get, you know, much more in theory, than the $350 billion but I wanted to be protected,” Trump said.

“I didn’t want to be out there and look foolish,” he continued, voicing the administration's longtime complaints that Zelensky only asks for "more and more" - and yet is still losing the war.

Meanwhile, the ceasefire process is still basically stalled, as neither side has backed off of their demands and conditions. President Zelensky has recently reiterated that he can't even legally give up Crimea.

However, Trump presidential special envoy for Ukraine and Russia Keith Kellogg has told Fox News that Ukraine is ready to make territorial concessions, but wouldn't see any ceded territory as a permanent situion. 

Treasury Secretary Scott Bessent says the signing of the "minerals deal" shows there is "no daylight" between the US and Ukraine. So that's a disappointment for anyone who might have wished for greater daylight between the US and Ukraine

"Not de jure forever, but de facto, because the Russians actually occupy that and they've agreed to that. They know that if they have a ceasefire in place, which means you sit on the ground that you currently hold, that's what they're willing to go to," the envoy said. "You have your line set, and they're willing to go there," Kellogg emphasized. 

But it's clear the Kremlin sees this as an issue of sovereignty and permanence, given President Putin has described the four annexed territories and Crimea as "ours forever".

US equity futures are sharply higher, erasing all of April's losses on blowout earnings from MSFT and META, and relief over signs the Trump administration is stepping back from its harshest tariff threats. As of 8:00am ET, S&P futures rose 1.2% to 5655, the highest level since before Trump's Liberation Day announcement and pointing to an eighth consecutive session of gains for the cash index; Nasdaq futures gained 1.7%, as META and MSFT added +6.3% and +7.8%, respectively; most Mag 7 names, NVDA (3.7%) and semis are higher given META’s CapEx increase and MSFT’s reiteration on CapEx guidance. The dollar is higher after the BOJ finally flipped dovish and slashed its growth target pushing USDJPY to 144.5 this morning. It's light on overnight news as most of Europe is closed today ex-UK along with China; US/Ukraine signed an agreement over the country’s natural resources, UK Manf PMI printed better but remained in contraction, and Trump reiterated that there is a “very good chance” of a deal with China on NewsNation last night. Commodities are mostly lower: WTI -1.2%; Gold -1.7%. The US economic calendar includes weekly jobless claims (8:30am), April manufacturing PMI (9:45am), ISM manufacturing and March construction spending (10am). Fed’s external communications blackout ahead of the May 7 FOMC meeting. Apple and Amazon results are due after the market close.

In premarket trading, the Magnificent Seven are mostly higher: Microsoft (MSFT) gains 8% after the company reported stronger-than-expected quarterly sales and profit growth. Meta (META) jumps 6% after the company’s advertising sales quelled Wall Street concerns about the impact of the Trump administration’s trade war. Apple was the only tech giant in the red, falling 1.4% after a federal judge said in a ruling that it violated a court order requiring it to open up the App Store to third-party payment options (other Mag7s are up Nvidia +4.6%, Amazon +3.7%, Alphabet +1%, Tesla +0.7%).
McDonald’s Corp. (MCD) declines 1.4% as sales fell in the first quarter, reflecting a deterioration in consumer sentiment that’s making it harder for restaurants to lure in diners. Eli Lilly & Co. (LLY) drops 5% after the company cut its earnings outlook. Here are some other notable premarket movers:

• Align Technology rises 10% after the Invisalign company reported quarterly shipments that beat the average analyst estimate.
• Confluent Inc. falls 10% after the provider of a streaming platform gave an outlook for second-quarter subscription revenue that fell shy of expectations. First quarter results showed a slowdown in additions of customers with $100,000 in annual recurring revenue.
• CVS Health rises 8% after the company boosted its adjusted earnings per-share-guidance for the full year and reported better-than-expected results for the first quarter
• E2open shares are up 34% after WiseTech Global, in response to media reports about its being in discussions to acquire E2open, said it was participating in a strategic review process.
• KKR & Co. rises 2% after the investment firm reported assets under management that beat the average analyst estimate. Fee-related earnings also came in above analysts’ expectations.
• Qualcomm falls 5% as the biggest maker of chips that run smartphones gave a tepid revenue prediction for the current quarter, underscoring concerns that tariffs will hurt demand for its products.
• Robinhood gains 4% after the trading platform’s earnings largely beat expectations, with analysts highlighting positive trends in April amid market volatility and a boost from a lower tax rate.
• Shake Shack falls 3% after posting first-quarter results.
• Wayfair gains 5% after posting adjusted earnings per share for the first quarter that beat the average analyst estimate.

Tech giants added to investor optimism that deals between the US and its partners would limit the damage from Trump’s trade war. Wall Street ended a tumultuous month on a day in which the S&P 500 erased an intraday drop of more than 2% to close 0.2% higher. Traders sought reassurance in bets on Federal Reserve easing after the US economy contracted for the first time since 2022. 

“So far we’re seeing big tech companies deliver on earnings, which is reassuring, and it’s this reassurance which is supporting equity market futures,” said Georgios Leontaris, chief investment officer for EMEA at HSBC Global Private Banking. “The other element of the story beyond earnings is obviously the ongoing debate as to whether we’ve seen peak tariff noise or not.”

Apple results are due after the market close. Analysts will be listening closely for any further detail on how the company, whose supply chain is reliant on China, Vietnam, and India, views the impact of tariffs

The White House said it was nearing an announcement of a first tranche of trade deals with partners that would reduce planned tariffs. Sentiment was also helped by a report that the US has been proactively reaching out to China through various channels. At the same time, Trump said he would not rush deals to appease nervous investors.

The US and Ukraine reached a deal over access to the country’s natural resources, offering a measure of assurance to officials in Kyiv who had feared Trump would pull back his support in peace talks with Russia.

Elsewhere, most markets in Europe and many in Asia are shut for holidays. The UK’s FTSE 100 index was steady, following 13 days of gains, the longest winning streak since 2017. Gains in material and industrial names are offset by losses in energy and health care. 

In FX, the Bloomberg Dollar Spot Index rises 0.3%. the yen is the weakest of the G-10 currencies, falling 0.9% against the greenback after the Bank of Japan pushed back the timing for when it expects to reach its inflation target and slashed its growth forecasts. The pound and euro are little changed.

In rates, treasuries climb, pushing US 10-year yields down 2 bp to 4.14%. Treasury spreads remain within a basis point of Wednesday’s close, as gains remain broad-based across the curve. Gilts are steady, with UK 10-year borrowing costs flat at 4.44%. Treasury futures edge higher into the early US session, on the day’s highs with yields lower by 1bp to 2bp across the curve. US session focus includes weekly jobless claims along with both ISM and PMI manufacturing reports.

In commodities, oil prices decline, with WTI falling 2.3% to below $57 a barrel; the drop followed the biggest monthly drop since 2021, as signs that the Saudi-led OPEC+ alliance may be entering a prolonged period of higher output added to concerns the trade war will hurt demand.  Spot gold is down $65 at $3,223/oz, falling for a third day on signs of potential trade-talk progress between the US and several other nations, quelling demand for havens even as signs of slowdowns have emerged in the largest economies. Bitcoin rises 1% and above $95,000. 

Looking at today's calendar, we get the April Challenger job cuts (7:30am), weekly jobless claims (8:30am), April manufacturing PMI (9:45am), ISM manufacturing and March construction spending (10am). Fed’s external communications blackout ahead of the May 7 FOMC meeting

Market Snapshot

• S&P 500 mini +1.2%
• Nasdaq 100 mini +1.6%
• Russell 2000 mini +0.3%
• Stoxx Europe 600 little changed
• DAX +0.3%
• CAC 40 +0.5%
• 10-year Treasury yield -2 basis points at 4.15%
• VIX -0.9 points at 23.85
• Bloomberg Dollar Index +0.2% at 1226.38
• euro little changed at $1.1324
• WTI crude -2% at $57.02/barrel

Top Overnight news

• The US and Ukraine signed an agreement over access to the country’s natural resources. The deal will see the US will get first claim on profits transferred into a jointly managed investment fund that’s intended in part to reimburse the US for future military assistance. BBG
• House Republicans are seriously considering proposals to further limit tax deductions that companies can take for their highest-paid workers’ compensation, expanding restrictions that now apply only to a handful of current or former executives making more than $1 million, according to people familiar with the discussions. WSJ
• US President Trump said we are going to have 'Made in the USA' like never before and he stated give us a little time to get moving regarding the economy. Furthermore, Trump said interest rates should go down and reiterated that "he (Powell) should reduce interest rates, I understand them better than him", as well as noted it would be nice for people wanting to buy homes and things.
• There was some chatter that the House Ways and Means Committee is going to mark up their tax package on May 8th: Punchbowl.
• Elon Musk said he’s considering sending DOGE to the Fed, citing a costly renovation of its headquarters as an example of potential government waste. BBG
• The yen dropped as much as 1.2% after the BOJ pushed back the timing for when it expects to reach its inflation target and Governor Kazuo Ueda spoke of uncertainties due to tariffs. For now, policymakers kept rates at 0.5%. BBG
• China feels the white house is “too divided” on trade policy and will hold off on entering serious trade talks with the US while it waits to see which of Trump’s advisors will have his ear and how other countries respond to the 90 day pause on tariffs. SCMP
• Saudi Arabian officials are briefing allies and industry experts to say the kingdom is unwilling to prop up the oil market with further supply cuts and can handle a prolonged period of low prices, five sources with knowledge of the talks said. This possible shift in Saudi policy could suggest a move toward producing more and expanding its market share, a major change after five years spent balancing the market through deep output as a leader of the OPEC+ group of oil producers. RTRS
• The EU is planning to share a paper with the US next week that will set out a package of proposals to kick-start trade negotiations with the Trump administration. The paper will propose lowering trade and non-tariff barriers, boosting European investments in the US, cooperating on global challenges such as tackling China’s steel overcapacity and purchasing US goods like liquefied natural gas and technologies. BBG
• Janet Yellen has warned that Trump’s tariffs will have a “tremendously adverse” impact on the US economy as they “hobble” companies that rely on critical mineral supplies from China. She added: “I’m not yet ready to say that I’m forecasting a recession, but certainly the odds have gone way up. FT
• Microsoft beat estimates and showed strong growth in its key Azure cloud business, while Meta also topped estimates and raised its full-year capex forecast as it continues to invest in AI. With first-quarter earnings in full swing the scorecard so far has shown resilience amid Trump’s trade war. The next big test comes after the close, when Apple and Amazon report. BBG

Tariffs/Trade

• US President Trump reiterated there is a very good chance that they will make a deal with China and any deal has to be on their terms, while he added that they are negotiating with India, South Korea and Japan.
• US President Trump said after a certain amount of time, there will be a tariff wall for pharmaceutical companies.
• USTR Greer said it is a matter of weeks not months to have initial trade deals announced and he is meeting with Japan, Guyana and Saudi Arabia on Thursday and with the Philippines on Friday. Greer added he wouldn't say they are 'finish-line' close on an India trade deal but noted he has a standing call with India's Trade Minister and said they are working closely with the UK and moving quickly with countries ready to move forward on trade. Furthermore, Greer said Canadian PM Carney is a serious person and that President Trump wants a healthy relationship in North America, while he added there are no official talks with China yet and that harmful foreign trade practices, including those in China, need to be addressed.
• China is to hold off on entering serious trade discussions with the US while it waits to see which of US President Trump’s advisers will have his ear and how other countries will respond to the 90-day pause on tariffs, according to a source cited by SCMP
• US Senate narrowly rejected a bipartisan measure to block Trump tariffs with the vote count at 49-49.

Notable Earnings

• eBay Inc (EBAY): Shares +0.5% pre-market. Q1 profit beat estimates, and revenue also increased. The company announced that Peggy Alford was appointed CFO, replacing Steve Priest, as the company adjusts its leadership. It reported Q1 adj. EPS of 1.38 (exp. 1.34), Q1 revenue of USD 2.6bln (exp. 2.55bln). Q1 gross merchandise volume USD 18.75bln (exp. 18.52bln); International GMV USD 9.69bln (exp. 9.58bln); US GMV USD 9.07bln (exp. 8.92bln). In Q1, it had 134mln active buyers (exp. 134.17mln). Sees Q2 revenue between USD 2.59-2.66bln (exp. 2.60bln), and sees Q2 adj. EPS between 1.24-1.31 (exp. 1.29). (Newswires)
• Meta Platforms (META) - Shares +6.5% pre-market following a Q1 beat, while Q2 guidance was in line with expectations. Q1 revenue rose +16% to USD 42.31bln (exp. USD 41.4bln), with EPS of USD 6.43 (exp. USD 5.28); Q1 advertising sales were USD 41.39bln (exp. 40.55bln). Exec said daily users reached 3.43bln, while Threads has now has more than 350mln monthly active users. FY25 CapEx guidance was increased to USD 64–72bn for 2025 (prev. saw 60-65bln), and exec said that increased CapEx will bring data centre capacity online quicker. On AI, exec said its Meta AI app is focused on scaling and engagement this year, with business integration planned for next year; nearly 1bln monthly active users now use Meta AI across its apps. Exec also said that the EC's ruling may hit its EU business, where it will need to make modifications to ads model which could have significant impact to European business and revenue as early as Q3, while Asia ad spend fell amid regulatory uncertainty. Sees Q2 revenue between USD 42.5bln-45.5bln (exp. 44.41bln), lowered its FY25 total expenses view to USD 113bln-118bln (prev. saw 114-119bln). (Newswires)
• Microsoft (MSFT) - Shares +8.1% pre-market following a beat on Q3 sales and profits, driven by 20% cloud growth amid strong AI demand. The tech giant reported Q3 adj. EPS of 3.46 (exp. 3.21), Q3 revenue USD 70.1bln (exp. 68.41bln); Q3 CapEx USD 16.75bln (exp. 16.28bln). Azure and other cloud services revenue (Ex-FX) surged +33% (exp. +31%), with Azure growth attributable to AI 16pts (exp. 15.6ppts); the majority of Azure outperformance in Q3 was in its non-AI business. Q3 Cloud sales USD 42.4bln (exp. 42.22bln), Q3 Intelligent Cloud sales USD 26.8bln (exp. 25.99bln). Exec said H2 total CapEx view remains unchanged vs January guidance. Sees Q4 revenue between 73.3bln-73.4bln (exp. 72.0bln), Q4 CapEx expected to increase on a sequential basis, Q4 cloud gross margin expected to be 67% (down Y/Y), Q4 Intelligent Cloud revenue seen between USD 28.75bln-29.05bln (exp. 28.52bln), while Q4 Azure and other cloud services revenue growth is expected to be 34-35% in constant currency. Exec said that FY26 CapEx is expected to grow at a lower rate than FY25. (Newswires)
• Qualcomm (QCOM) - Shares +5.7% pre-market after it topped Q2 top- and bottom-line estimates, but Q3 guidance was light, and it sees a sales hit from US tariffs ahead. It reported Q2 adj. EPS 2.85 (exp. 2.80), Q2 revenue USD 10.84bln (exp. 10.60bln); Q2 QCT revenue USD 9.47bln (exp. 9.23bln), Q2 QTL revenue USD 1.32bln (exp. 1.35bln); Q2 Internet of Things revenue USD 1.58bln (exp. 1.45bln), Handsets revenue USD 6.93bln (exp. 6.84bln), Automotive revenue USD 959mln (exp. 909.8mln). Sees Q3 adj. EPS 2.60-2.80 (exp. 2.66), Q3 revenue between USD 9.9-10.7bln (exp. 10.33bln), sees Q3 QCT revenue between USD 8.7-9.3bln (exp. 8.98bln), and sees Q3 QTL revenue between 1.15-1.35bln (exp. 1.3bln). (Newswires)

A more detailed look at global markets courtesy of Newquawk

APAC stocks traded higher but with gains capped in severely thinned conditions owing to mass holiday closures across the region and in Europe for Labour Day. ASX 200 eked mild gains as the outperformance in tech, real estate and consumer staples was offset by losses across the commodity-related sectors, while trade data was mixed as Australian monthly exports returned to growth but imports contracted. Nikkei 225 advanced at the open after having reclaimed the 36,000 level and with further upside seen after the BoJ policy announcement where the central bank kept rates unchanged at 0.50% and provided some dovish rhetoric despite maintaining its rate hike signal.

Top Asian News

• BoJ maintained its short-term interest rate target at 0.5%, as expected, with the decision made by unanimous vote, while it said it will continue to raise the policy rate if the economy and prices move in line with its forecast and will conduct monetary policy appropriately from the perspective of sustainably and stably achieving the 2% inflation target. BoJ said Japan's economic growth is likely to moderate and underlying consumer inflation is likely to be at a level generally consistent with the 2% target in the second half of the projection period from fiscal 2025 through 2027, as well as noted that uncertainty surrounding Japan's economy and prices remains high with risks to the economic outlook and inflation outlook are skewed to the downside. Furthermore, it lowered its evaluation of the economic outlook and warned that a prolonged period of high uncertainties regarding trade and other policies could lead firms to focus more on cost-cutting, and as a result, moves to reflect price rises in wages could also weaken. In terms of the Outlook Report projections, the Real GDP median forecast for Fiscal 2025 was cut to 0.5% from 1.1% and the Fiscal 2026 estimate was cut to 0.7% from 1.0%, while the Core CPI median forecast for Fiscal 2025 was cut to 2.2% from 2.4% and the Fiscal 2026 forecast was cut to 1.7% from 2.0%.
• BoJ's Ueda Press Conference: Uncertainty from trade policy has heightened sharply. Expect to keep raising rates if the economy and prices move as projected. Timing to attain the underlying 2% inflation target will be delayed. Price goal timing delay doesn't mean delay in hikes; timing of trend inflation does not necessarily correlate with the timing of a hike.

Due to Labour Day across Europe, cash and derivatives markets are closed across Euronext services and those run by other European exchanges such as Deutsche Boerse, SIX and Nasdaq (Scandinavia closed ex-Copenhagen). The UK’s FTSE 100 is one of the few indices in Europe which is open today; currently flat.

Top European news

• EU is to present trade proposals to the US next week, according to Bloomberg citing officials.

FX

• DXY is up for a third consecutive session with the USD firmer vs. all major peers. On the trade front, the White House administration continues to talk up the possibilities of imminent trade deals. Reports suggest that the US reached out to China recently for tariff talks. However, Chinese press notes that China is to hold off on entering serious trade discussions with the US while it waits to see which of US President Trump’s advisers will have his ear and how other countries will respond to the 90-day pause on tariffs. Ahead, Challenger layoffs, weekly claims and ISM manufacturing PMI are all due. DXY ventured as high as 100.08, but has recently waned off that high to a current 99.75 level.
• EUR is essentially flat vs. the USD with most of Europe away from the market on account of Labour Day. In terms of macro updates for the region, Bloomberg reported that the EU is to present trade proposals to the US next week. EUR/USD hit a trough overnight at 1.1288 before returning to the 1.13 handle.
• JPY is the clear laggard across the majors after the BoJ opted to stand pat on rates (as expected) whilst cutting its Real GDP and Core CPI estimates in its quarterly outlook report; the FY 2025 GDP estimate saw a sizable downgrade to 0.5% from 1.1%. At the follow-up press conference by Governor Ueda, USD/JPY continued its ascent to a peak at 144.75 with Ueda noting that the timing to attain the underlying 2% inflation target will be delayed. However, upside was trimmed after he stated that a delay in the timing of the price goal doesn't mean a delay in hikes.
• GBP is flat vs. the USD with incremental macro drivers remaining light. On the trade front, USTR Greer said the US is working closely with the UK and moving quickly with countries ready to move forward on trade. Local elections are taking place in the UK today with a focus on the extent of Conservative losses, the performance of Labour and how much ground the Reform Party can make; not expected to be a market mover. Cable has delved as low as 1.3275 but has since reclaimed the 1.33 mark and now sits around 1.3320. UK Manufacturing PMI was subject to an upward revision, but ultimately had little impact on the GBP.
• Antipodeans are both softer vs. the broadly firmer USD and tracking losses in global peers. AUD saw little follow-through from mixed trade data as Australian monthly exports returned to growth but imports contracted.

Fixed Income

• The BoJ left rates unchanged as expected. JGBs were bid though as the accompanying forecasts were lowered for both Real GDP and Core CPI, pushing back the timing for when underlying inflation is likely to be at a level generally consistent with the 2% target. In totality, this lifted JGBs from 141.05 to 141.34 though the upside did dissipate almost entirely in the gap between the announcement and Governor Ueda. Ueda for the most part stuck to the script of the statement and made it very clear that the BoJ is facing significant uncertainty in its forecasts. Ueda’s reiteration that there will be a delay to attaining the underlying 2% inflation target sparked another bout of dovishness, lifting JGBs to a fresh 141.42 peak.
• A very slow start to the session for USTs given the absence of European participants for Labour Day (China also away). USTs are firmer and at a 112-12 peak, but one that is shy of the 112-16 high from Wednesday. As was the case on Wednesday, any concerted move higher enters a patch of clean air before resistance at 114-03+ and 114-10 from early-April.
• Gilts opened higher by around 30 ticks before extending a handful more to a 93.86 peak, influenced by the upside seen in JGBs post-BoJ/Ueda. On the data front, April's Manufacturing PMI was revised slightly higher (but still in contractionary territory) and a significant jump in Mortgage Lending during March; the latter comes alongside a 3bps drop in the effective rate on new and outstanding mortgages to 4.5% and 3.84% respectively during the period and ahead of Stamp Duty alterations which kicked in alongside the new FY in April.

Commodities

• Crude is on the backfoot and trading lower by around USD 1.00/bbl, in a continuation of the prior day's downside. As a reminder, oil prices slumped on Wednesday following reports that Saudi officials briefed allies and industry experts that the kingdom can sustain a prolonged period of low oil prices.
• Gold is pressured given the positive risk tone in the US and as the Dollar makes modest gains. Yellow metal has been as low as USD 3.2k/oz, over USD 100/oz from the week’s opening levels despite the series of soft data for the US as the inflationary part of the stagflationary narrative and modest yield curve steepening weighs on XAU.
• Base metals were contained trade overnight given the mass holiday closures and absence of the metals largest buyer, China, for a long weekend (May 1st-5th). This morning, 3M LME Copper has picked up tracking the broader macro tone with US futures strong after earnings, 3M LME Copper back above the USD 9.2k mark.

Geopolitics: Middle East

• US Secretary of Defence Hegseth said Iran will pay the consequence for supporting Houthis.

Geopolitics: Ukraine

• US and Ukraine signed an agreement on access to natural resources and to establish a US-Ukraine reconstruction investment fund. It was also reported that the US Treasury said the Treasury Department and US International Development Finance Corporation will work with Ukraine to finalise programme governance and advance the partnership, while it added that the agreement signals clearly to Russia that the Trump administration is committed to a peace process centred on a free, sovereign, and prosperous Ukraine over the long term. Furthermore, Treasury Secretary Bessent said the US–Ukraine economic partnership agreement allows the United States to invest alongside Ukraine to "unlock Ukraine's growth assets".
• US Senator Graham, who is a close ally of President Trump, is forging ahead on a plan to impose new sanctions on Russia and steep tariffs on countries that buy Russian oil, gas and uranium, while the bill also would impose a 500% tariff on imported goods from any country that purchases Russian oil, gas, uranium and other products, according to WSJ.

US Event Calendar

• 7:30 am: Apr Challenger Job Cuts YoY, prior 204.8%, revised 204.78%
• 8:30 am: Apr 26 Initial Jobless Claims, est. 223k, prior 222k
• 8:30 am: Apr 19 Continuing Claims, est. 1864.5k, prior 1841k
• 9:45 am: Apr F S&P Global U.S. Manufacturing PMI, est. 50.5, prior 50.7
• 10:00 am: Apr ISM Manufacturing, est. 47.9, prior 49
• 10:00 am: Apr ISM Prices Paid, est. 73, prior 69.4
• 10:00 am: Mar Construction Spending MoM, est. 0.2%, prior 0.7%

Authored by Jihoon Yu via RealClearDefense,

North Korea's recent unveiling of the Choe Hyon-class multipurpose destroyer signals a major transformation in its naval strategy, carrying profound and complex implications for regional and global security. The construction of this 5,000-ton warship marks a deliberate departure from Pyongyang's traditional coastal defense doctrine, historically centered around small, fast attack craft optimized for littoral engagements. Instead, the new platform reflects an ambition to project power across broader maritime domains, signaling a strategic evolution towards an expeditionary, blue-water navy.

The enhanced operational radius provided by the Choe Hyon-class destroyer enables North Korea to extend its naval presence well beyond the Korean Peninsula, threatening key maritime routes and complicating the operational calculus of South Korea, Japan, and the United States. If this platform eventually secures the ability to launch nuclear-armed ballistic and cruise missiles, it would represent a transformative leap in Pyongyang's deterrence posture. Equipped with vertical launch system (VLS), the destroyer could then field a diverse arsenal capable of targeting both land and sea-based assets across considerable distances, significantly elevating the strategic risks in the region.

If North Korea's ongoing efforts to enhance its nuclear capabilities eventually lead to the deployment of nuclear warheads on this platform, the strategic landscape would be further destabilized. Sea-based nuclear platforms would introduce a new layer of strategic complexity. Unlike land-based missile systems, which are more readily tracked and targeted, mobile maritime platforms are inherently more elusive, complicating preemptive strike options and missile defense architectures. This mobility would grant North Korea a potent second-strike capability, eroding confidence in the stability of existing deterrence frameworks. As a result, adversaries may face greater difficulty in distinguishing between conventional and nuclear threats during a crisis, increasing the risk of inadvertent escalation.

The strategic implications would become even more acute if North Korea succeeds in complementing this surface capability with the acquisition of nuclear-powered submarines (SSNs) capable of launching submarine-launched ballistic missiles (SLBMs). Should Pyongyang succeed in fielding a credible SSBN (ballistic missile submarine) fleet, it would possess a survivable nuclear deterrent, fundamentally altering the strategic balance in Northeast Asia. Reports suggest that North Korea's SSN program has received clandestine assistance, possibly from Russia, accelerating its timeline and technological sophistication.

The unveiling of the Choe Hyon-class destroyer must also be seen within the broader context of North Korea's doctrinal shift toward proactive military operations. Moving away from a historically reactive defense posture, Pyongyang appears increasingly willing to embrace preemptive, offensive maritime strategies aimed at undermining U.S. and allied freedom of navigation in the region. This trajectory raises the possibility of North Korea seeking to impose a regional anti-access/area-denial (A2/AD) strategy, leveraging both land- and sea-based assets to constrain allied operational flexibility in a crisis.

Such developments risk fueling a maritime arms race in Northeast Asia, prompting South Korea, Japan, and the United States to accelerate investments in naval modernization, undersea warfare capabilities, and integrated missile defenses. Yet simply matching North Korea platform-for-platform would be insufficient. Addressing the broader strategic challenge requires a comprehensive approach that enhances maritime domain awareness, strengthens alliance interoperability, and builds layered missile defenses capable of countering both conventional and nuclear threats. Enhanced investment in anti-submarine warfare (ASW) capabilities, the deployment of more resilient undersea surveillance systems, the expansion of joint maritime exercises, and the establishment of rapid-reaction maritime forces will also be critical to preempt and deter potential provocations. In particular, South Korea should seriously consider pursuing its own nuclear-powered submarine program to enhance its underwater operational endurance and strategic deterrence, thereby reinforcing its ability to respond flexibly to the evolving undersea threat environment.

Ultimately, the deployment of advanced platforms like the Choe Hyon-class destroyer reflects not merely a technical upgrade, but a profound recalibration of North Korea's strategic ambitions. Pyongyang is no longer content to deter adversaries solely through the threat of land-based nuclear retaliation; it seeks to establish itself as a maritime power capable of projecting coercive influence across the Indo-Pacific. If left unaddressed, North Korea's evolving naval capabilities could significantly erode regional stability and embolden Pyongyang's broader strategic calculus. A coordinated, multidimensional response from the United States, South Korea, Japan, and other regional stakeholders—encompassing deterrence, defense, diplomacy, and sustained pressure on North Korea's illicit networks—is urgently required to mitigate these emerging threats and preserve a credible deterrence posture.

Jihoon Yu is a research fellow and the director of external cooperation at the Korea Institute for Defense Analyses. Jihoon was the member of Task Force for South Korea’s light aircraft carrier project and Jangbogo-III submarine project. He is the main author of the ROK Navy’s Navy Vision 2045. His area of expertise includes the ROK-US alliance, the ROK-Europe security cooperation, inter-Korean relations, national security, maritime security, and maritime strategy. He earned his MA in National Security Affairs from the US Naval Postgraduate School and PhD in Political Science from Syracuse University.

Just one week ago, China seemingly couldn't get enough of gold, and the price of spot briefly touched a record $3500 as a result of, among other things, staggering inflows into Chinese gold ETFs such as the Huaan Yifu, Bosera and Guotai gold ETFs.

But, as with all things momentum-based in China, it's easy come, easy go in the land of Dragons, and as Goldman commodity trader Adam Gillard writes, China liquidated what it bought last week ahead of the Labor Day holiday, resulting in total onshore positioning now 5% off the ATH. And while China’s share of total open interest remains on the highs at ~40%, upward momentum may have peaked for the time being.

Here is the story of Chinese gold buying... and then selling, in five charts.

Last Tuesday (22nd April) gold made an ATH as China added 1.2mn oz of positioning across SGE and SHFE, on record volume....

... so fast forward to today, when China liquidated a near-record 1mn oz across SHFE and SGE, reversing the entire April 22 blow-off top.

... although the ETF was largely unchanged

... Resulting in total Chinese positioning now ~5% off the ATH .

And the paper (spec) import arbitrage ~$20/oz off the highs

According to Gillard, who confirms our recent observation that all recent price moves take place exclusively around the time China opens...

China opens and gold soars to new record high https://t.co/z61bLLj4Y9 pic.twitter.com/bwLH49On8X

... China is having a disproportionate impact on price because they execute during an illiquid part of the day (Asia morning) which likely triggers ex China CTA trading signals. Sure enough, gold is dumping in early Asian trading to the lowest level in 2 weeks.

More int the full Goldman note available to pro subs.

An increasing number of "zombie" or "phantom" oil tankers—vessels that assume the identities of scrapped ships—have emerged off Venezuela's coast, allowing dark fleet operators to circumvent U.S. trade restrictions on global oil transport. 

According to a Bloomberg report, one of these zombie tankers was recently spotted off the waters of Malaysia after a two-month voyage from Venezuela, raising many red flags. 

The report describes how dark fleet operators transform tankers into floating zombies:

The vessel raised some red flags: it was 32 years old, past the age at which it would normally have been scrapped, and it was sailing under the flag of Comoros, a popular flag of convenience that makes ships harder to monitor.

For all intents and purposes, though, it seemed like any other so-called dark fleet tanker that carries barrels of sometimes sanctioned oil from producers like Russia, Iran and Venezuela. Except it wasn't.

The real Varada, which wasn't sanctioned, had actually been demolished in Bangladesh in 2017. This vessel was what's known as a zombie or phantom ship, which take on the identities of scrapped tankers to appear legitimate and avoid scrutiny from authorities in the U.S. and elsewhere.

Bloomberg investigators obtained ship-tracking data and satellite imagery showing that at least four zombie tankers have been involved in the Venezuelan oil trade with Asia. At the same time, the Trump administration ramped up maximum pressure, forcing Western oil firms to withdraw from the country. 

Last week, John Hurley, a hedge fund veteran who's been nominated to lead the Treasury Department's terrorism and financial intelligence arm, warned about "consequences" for any nation that purchases Venezuelan oil.

Hurley would enforce President Trump's executive order, which could impose 25% tariffs on countries that purchase crude from Venezuela.

"President Trump is sending a clear message that access to our economy is a privilege, not a right, and countries importing Venezuelan oil will face consequences," Hurley wrote in responses to questions from the U.S. Senate Banking Committee. 

Bloomberg first reported zombie tankers in September and November last year, and maritime intelligence analysts have been paying attention.

"Zombie ships are the third way," Starboard analyst Mark Douglas said, adding, "The thinking is like: 'I can't afford to run my own system, so I'll use another ship's identity to get that oil from point A to point B.'"

Using a dark fleet network and zombie tankers, China has quietly become the largest buyer of Venezuelan oil. Perhaps tariffs alone will fall short—maybe Hurley's strategy will involve slapping Beijing in the face with sanctions. 

A "superbike for the skies" has officially emerged from stealth mode, drawing striking parallels to the iconic speeder bikes from the early 1980s sci-fi classic Star Wars: Episode VI – Return of the Jedi.

Poland-based startup Volonaut unveiled a single-seater jet-powered hoverbike that clocks in speeds in excess of 124 mph. 

"The futuristic single occupant vehicle is a realization of a bold concept often portrayed in science-fiction movies - this is where the inspiration came from many years ago and with time became the obsession to its creator," the company wrote in an emailed response. 

Volonaut noted, "Thanks to Airbike's extremely compact size and no spinning propellers it can travel through most confined areas with ease."

The startup dripped a teaser video ahead of the release on Tuesday...  

Getting ready to unveil the world's first real-world speeder bike.
Airbike transforming science-fiction into reality.

Stay tuned for the official launch video soon. pic.twitter.com/FMRqCtVXZY

Followed by the official launch video on Wednesday, titled "Meet the Airbike." 

Meet the Airbike - Your personal hoverbike straight from the Future!

The Volonaut Airbike flying motorbike is a breakthrough in personal air mobility. pic.twitter.com/ofa744ZYSG

What's better than electric spinning blades?  Volonaut demonstrates how jet propulsion will be the future. 

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

The Food and Drug Administration (FDA) has approved Zevaskyn, a gene therapy for a rare skin disorder, the company that makes the product said on April 29.

The U.S. Food and Drug Administration building in White Oak, Md., on June 5, 2023. Madalina Vasiliu/The Epoch Times

Regulators approved Zevaskyn for adults and children with recessive dystrophic epidermolysis bullosa, a disorder that leaves skin fragile and prone to blistering.

Severe cases of the disorder can result in loss of vision and other serious medical issues, according to the National Library of Medicine.

Recessive dystrophic epidermolysis bullosa has no cure.

Zevaskyn is the first cell-based gene therapy to receive approval for the condition. Abeona Therapeutics, which makes the therapy, said it only requires one application.

“Through a single surgical application, Zevaskyn can now offer people with [the condition] the opportunity for wound healing and pain reduction in even the most severe wounds,” Vish Seshadri, Abeona’s CEO, said in a statement.

Seshadri thanked participants in the company’s clinical studies, including a phase 3 trial that showed people who received the therapy experienced statistically significant improvement in healing, compared with a control group that received the standard of care.

Adverse events included itching.

“Zevaskyn was well-tolerated and efficacious in clinical studies, providing clinically meaningful improvements in wound healing, pain reduction, and other associated symptoms,” Dr. Jean Tang, a professor of dermatology who was the trial’s principal investigator, said in a statement.

Zevaskyn involves taking a patient’s skin cells and genetically modifying the cells to produce collagen. Up to 12 of the resulting cellular sheets are then surgically applied to a patient’s wounds.

The FDA did not return a request for comment.

Brett Kopelan, the executive director of Debra of America, which advocates for people with epidermolysis bullosa, expressed support for Zevaskyn, saying in a statement released by Abeona that the therapy “can significantly increase the quality of life of patients.”

Abeona said it expects Zevaskyn to be available starting in the third quarter of 2025. Patients seeking the therapy can receive it through Zevaskyn-qualified treatment centers.

About 3.3 per million people are affected by recessive and dominant dystrophic epidermolysis bullosa, according to the National Library of Medicine. The condition is caused by mutations in a gene called COL7A1. The mutations disrupt the body’s production of type VII collagen. That’s the collagen that Zevaskyn produces.

Two treatments are currently available. The Food and Drug Administration approved Vyjuvek, a gene therapy from Krystal Biotech, in 2023. The gel is applied to wounds regularly, typically once a week.

Filsuvez, also approved in 2023, and made by Chiesi Global Rare Diseases, can also be used. The gel, which contains birch bark, is also applied to wounds.