“What is perfection in love? Love your enemies in such a way that you would desire to make them your brothers … For so did He love, Who hanging on the Cross, said ‘Father, forgive them, for they know not what they do.’” (Luke 23:34)
Distinction Matter - Subscribed Feeds
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Site: Voice of the Family
From the introduction of Thorold’s 1906 translation of The Dialogues of St Catherine of Siena. Midway between sky and earth hangs a City Beautiful: Siena, Vetus Civitas Virginis. The town seems to have descended as a bride from airy regions, and lightly settled on the summits of three hills which it crowns with domes and […]
The post The perfect manner and irresistible attractiveness of St Catherine of Siena appeared first on Voice of the Family.
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Site: Voice of the Family
“Wisdom rendered to the just the wages of their labours, and conducted them in a wonderful way; and she was to them for a covert by day, and for the light of stars by night.” These words form part of the introit of the Mass of this feast. They come from the Book of Wisdom, […]
The post Worth his wages: sermon on the feast of St Joseph the Worker appeared first on Voice of the Family.
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Site: southern orders
April 30, 2025 at 8:48am
Front-runner Parolin's audition is a flop
Cardinal Pietro Parolin had an audition of sorts for pope on Sunday and the reviews are in and hey aren't good. Parolin, seen as a front-runner for the seat of St. Peter, said Mass for 200,000 young people in St. Peter's Square. He praised Pope Francis, but his stilted style left him unable to connect with a crowd. As one cardinal-elector told the National Catholic Reporter, the Mass was a reminder of Francis' charisma and communication gifts and that Parolin lacks both.BUT THEN, THE NCR FREAKS OUT OVER INSULTS HURLED AT THEIR PREFERRED CANDIDATE, CARDINAL TAGLE! THIS COMMENTARY IS OVER THE TOP AND SHOWS THE FEAR OF THE NCR AT THIS JUNCTURE IN PAPAL HISTORY:Push title: -
Site: southern orders
April 30, 2025 at 8:48am
Front-runner Parolin's audition is a flop
Cardinal Pietro Parolin had an audition of sorts for pope on Sunday and the reviews are in and hey aren't good. Parolin, seen as a front-runner for the seat of St. Peter, said Mass for 200,000 young people in St. Peter's Square. He praised Pope Francis, but his stilted style left him unable to connect with a crowd. As one cardinal-elector told the National Catholic Reporter, the Mass was a reminder of Francis' charisma and communication gifts and that Parolin lacks both.BUT THEN, THE NCR FREAKS OUT OVER INSULTS HURLED AT THEIR PREFERRED CANDIDATE, CARDINAL TAGLE! THIS COMMENTARY IS OVER THE TOP AND SHOWS THE FEAR OF THE NCR AT THIS JUNCTURE IN PAPAL HISTORY:Push title: -
Site: LifeNews
Now that the Trump administration has shut down the Biden-era “reproductiverights.org,” Congress should go a step further and create a federal website compiling life-affirming resources for women in need, a recent op-ed argued.
Maggie McKneely wrote in an article for the Concerned Women for America Legislative Action Committee (CWALAC), “For every one Planned Parenthood clinic, there are dozens of pregnancy resource centers and clinics ready to help new moms. But while these life-affirming centers outnumber the big abortion facilities, their advertising budgets are infinitesimally smaller.”
McKneely pointed out that recent studies show that 87% of women who get abortions are not married, indicating that they are without a strong support system.
These women, she continued, are targeted by the abortion industry, which the Biden administration further encouraged with their federal abortion website. McKneely expressed gratitude that President Donald Trump had this website taken down but added that Congress needed to take a further step.
“In post-Roe America, it is critical for the pro-life movement to help these women know that they have other options besides abortion, and there is a community of compassionate caregivers willing to walk beside them in a difficult season,” she wrote. “Rather than help the abortion industry further advertise its services, the administration can use its resources to promote resources that actually help women.”
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The proposed federal website would ask for a woman’s zip code and provide information for various local resources, including pregnancy crisis centers, housing support, legal support, services in the case of domestic violence, and mentorship opportunities. The website, McKneely continued, would link various government resources related to these services.
“This web portal would show that an expectant mom does not have to turn to Planned Parenthood as her only option,” she wrote. “It would not force her to choose life or regulate abortion in any way from the federal level. What it would do is provide easier access to the vast network of providers willing to walk with a mom as she navigates her pregnancy and early years of motherhood.”
McKneely states that Florida, South Dakota, and North Dakota have all created similar websites on a state level, offering a model for a federal website.
Moreover, there are two upcoming bills in Congress that would support the creation of a pro-life resource website: Standing with Moms, which will be sponsored by Sen. Eric Schmitt, R-Mo., and the MOMS Act, sponsored by Sen. Katie Britt, R-Ala.
LifeNews Note: Grace Porto writes for CatholicVote, where this column originally appeared.
The post After Shutting Down Biden’s Pro-Abortion Web Site, Trump Should Launch Pro-Life Version appeared first on LifeNews.com.
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Site: Zero HedgeStagflation Scenario Slammed As Fed's Favorite Inflation Indicator Tumbles To Four Year LowsTyler Durden Wed, 04/30/2025 - 10:16
The Fed's favorite inflation indicator - Core PCE - printed cooler than expected in March, unchanged MoM (vs +0.1% exp), bring prices up 2.6% YoY - the lowest since March 2021...
Source: Bloomberg
...with non-durable goods deflating MoM the biggest drag on Core PCE
...but, but, but we were told tariffs would spark hyper-super-scary-inflation?
The headline PCE was -0.045% MoM - the biggest MoM drop since COVID lockdowns...
...dragging headline PCE YoY down to +2.3%...
SuperCore PCE also saw the YoY pace slow significantly...
Spending outpaced incomes significantly in March...
Source: Bloomberg
Which means that the savings rate fell to 3.9% from 4.1% in February, which was revised lower from 4.6%...
Adjusted for inflation, real personal spending surged 0.7% MoM (not a total surprise given that 'consumers' are panicking over an imminent surge in inflation, of course they should be spending)....
It appears DOGE is doing its jobs too - crushing govt wage growth
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March Government worker wages and salaries up just 2.9%, down from 3.2% in Feb and the lowest since Sept 2020
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March Private worker wages and salaries up 5.4%, down from 5.7%, and lowest since Dec 2022
...and there goes the stagflation scenario.
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Site: Ron Paul Institute - Featured Articles
Treasury Secretary Scott Bessent complained last week that the World Bank and the International Monetary Fund are suffering from “mission creep.” But Bessent announced that Trump will be “doubling down” on supporting the largest foreign aid gushers on earth. “Far from stepping back, ‘America First’ seeks to expand U.S. leadership in international institutions like the I.M.F. and World Bank,” Bessent declared.
Bessent complained that the IMF “devotes disproportionate time and resources to work on climate change, gender, and social issues.” Unfortunately, Bessent said nothing about how the IMF and World Bank bankrolled many of the worst crony Covid crackdown policies.
But what should the US government expect when Congress and endless presidents give the World Bank and IMF billions of US tax dollars to play with? The US government is on the hook for $52 billion to the World Bank. The US has a financial commitment of $183 billion to the IMF.
The IMF was created in 1944 to shore up currencies and help nations with temporary balance-of-payment problems. In the decades since the IMF’s founding, global capital markets and fluctuating currency exchange rates have made the IMF a relic. But too many people have gotten rich from IMF largesse to permit the curtain to be closed on this institution.
The IMF enabled scores of governments that chose to pointlessly shut down their own economies after the outbreak of Covid-19. IMF Managing Director Kristalina Georgieva declared in April 2021, “While the recovery [from Covid] is underway, too many countries are falling behind and economic inequality is worsening. Strong policy action is needed to give everyone a fair shot—a shot in the arm to end the pandemic everywhere, and a shot at a better future for vulnerable people and countries.”
The IMF’s “fair shot” consisted of its international bureaucrats providing scores of billions of dollars in “emergency financing” to 80 governments, most of whom exploited Covid to stretch their own power. The IMF provided emergency relief via the Catastrophe Containment and Relief Trust (CCRT) to 29 governments to supposedly help them “combat the impact of the COVID-19 pandemic.” The IMF’s deluge of handouts to government helped fuel the worldwide inflation surge in recent years.
The World Bank President Ajay Banga “has sought to emphasize the bank’s focus on job creation…and to prioritize private sector involvement in projects around the world,” the New York Times reported. But the World Bank’s notion of the private sector has often been either a fraud or a political smokescreen. In the late 1980s, the World Bank touted its loans to Communist nations as private sector-oriented loans – one bait-and-switch too many, as I detailed in a 1988 Wall Street Journal article. And permitting the Bank to exonerate its handouts by counting illusory jobs created is a recipe for make-work scams.
The Covid pandemic provided the World Bank with the chance to play savior. In the first months of the pandemic, the Bank proudly announced that its “emergency operations to fight COVID-19 (coronavirus) have reached 100 developing countries – home to 70% of the world’s population.” From April 2020 to March 2021, the World Bank “committed over $200 billion, an unprecedented level of financial support, to public and private sector clients to fight the impacts of the pandemic. Our support is tailored to the health, economic, and social shocks that countries are facing.” The fact that the World Bank was effectively financing governments to pointlessly shock their own nations was omitted from celebratory press releases.
The IMF and World Bank have helped turn many foreign nations into kleptocracies – governments of thieves. A 2002 American Economic Review analysis concluded that “increases in [foreign] aid are associated with contemporaneous increases in corruption,” and that “corruption is positively correlated with aid received from the United States.”
Most importantly, neither the IMF nor the World Bank has any qualms about bankrolling tyranny. A 2015 report of the United Nations’ Special Rapporteur on extreme poverty and human rights, Philip Alston, concluded that the World Bank “now stands almost alone, along with the International Monetary Fund, in insisting that human rights are matters of politics which it must, as a matter of legal principle, avoid, rather than being an integral part of the international legal order.”
The Bank justifies this position by insisting that it cannot involve “itself in the partisan politics or ideological disputes that affect its member countries” by improper methods such as “favoring political factions, parties or candidates in elections,” or “endorsing or mandating a particular form of government, political bloc or political ideology.”
But any time an international organization financially bails out a regime, it bolsters its power. After the United States invaded Afghanistan and Iraq, the Pentagon coined a term that perfectly captures the effect of foreign aid: “Money as a Weapon System.” The 2015 UN report noted that “the existing approach taken by the World Bank to human rights is incoherent, counterproductive and unsustainable. For most purposes, the World Bank is a human rights-free zone. In its operational policies, in particular, it treats human rights more like an infectious disease than universal values and obligations.”
The World Bank actively blindfolds itself to avoid hearing about atrocities in nations ruled by governments that it is bankrolling. The Special Rapporteur noted, “By refusing to take account of any information emanating from human rights sources, the Bank places itself in an artificial bubble.”
The Trump administration’s lust for “doubling down” on the IMF and World Bank is dicey to reconcile with their terminating 90% of foreign aid contracts from the US Agency for International Development (USAID). Cynics across the land rejoiced that Washington policymakers finally recognized one of the biggest swindles of the past 80 years.
If the Trump team can’t even get sound policy on the World Bank, then what hope is there of them resolving any more complex challenges? I was briefly a consultant for the World Bank in the late 1980s, getting paid to co-author a report on the follies of farm subsidies. At that point, Reagan administration officials had periodically caterwauled about the Bank for almost a decade, and they were followed by sporadic howling by the US Treasury Department ever since. Secretary Bessent complained on Wednesday that the World Bank “should no longer expect blank checks for vapid, buzzword-centric marketing accompanied by halfhearted commitments to reform.” But after almost a half-century of failed US attempts to reform the Bank and IMF, there is no reason to expect any boondoggles to be left behind.
Or do Trump’s appointees believe that laundering U.S. tax dollars through international entities somehow makes them beneficent? Or maybe US Treasury Department honchos want to make sure they continue to get invited to the most lavish parties in D.C. and around the world. Regardless, the IMF and World Bank financing the worst Covid policies around the globe is another reminder of why those entities should be axed.
Reprinted with permission from the Brownstone Institute.
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Site: Steyn OnlineMark takes questions from Steyn Club members around the planet...
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Site: Steyn OnlineIf you missed today's edition of Steyn's Clubland Q&A live around the planet, here's the action replay...
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Site: Rorate CaeliRoberto de MatteiCorrispondenza RomanaApril 30, 2025The funeral of Pope Francis on the parvis of St. Peter's Basilica and the translation of the coffin to St. Mary Major, in the grandiose setting of ancient, Baroque, and 19th-century Rome, represented a historic moment charged with symbolism. Sovereigns, heads of state and government, public men of all ranks, gathered from all over the New Catholichttp://www.blogger.com/profile/04118576661605931910noreply@blogger.com
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Site: Zero HedgeJudge Bars Border Patrol From Making Warrantless Arrests Of Illegal Immigrants In Parts Of CaliforniaTyler Durden Wed, 04/30/2025 - 09:40
Authored by Tom Ozimek via The Epoch Times (emphasis ours),
A federal judge in California has barred U.S. Border Patrol agents from arresting suspected illegal immigrants within parts of the state without a warrant or specific evidence that the individual poses a flight risk—while delivering a rebuke to tactics used during a controversial January enforcement sweep.
Border Patrol agents wait for the arrival of Defense Secretary Pete Hegseth for a visit to the US-Mexico border in Sunland Park, New Mexico, on Feb. 3, 2025. AP Photo/Andres Leighton, File
In an April 29 order, U.S. District Judge Jennifer L. Thurston issued a preliminary injunction against the Department of Homeland Security (DHS) and Border Patrol, siding with the United Farm Workers and five Kern County residents who sued after the raid, dubbed “Operation Return to Sender,” unfolded across the Bakersfield area earlier this year.
The plaintiffs, represented by the American Civil Liberties Union (ACLU), alleged in their Feb. 26 complaint that the sweep violated their Fourth and Fifth Amendment rights, along with federal immigration statutes governing warrantless arrests and due process.
Under Thurston’s order, Border Patrol agents operating in California’s Eastern District are now prohibited from making detentions or arrests without first establishing reasonable suspicion of unlawful presence in the country and, for arrests, probable cause that the individual is likely to flee before a warrant can be obtained.
“The evidence before the Court is that Border Patrol agents under DHS authority engaged in conduct that violated well-established constitutional rights,” Thurston wrote in the ruling.
The court also restricted the agency’s use of “voluntary departure,” a process by which illegal immigrants agree to leave the United States without a hearing before an immigration judge. Going forward, agents must clearly inform individuals of their rights and obtain genuine, informed consent before initiating such removals.
The judge further ordered DHS to submit regular reports documenting any warrantless stops or arrests, along with justifications, for the duration of litigation. She also instructed DHS to issue written guidelines clarifying the legal threshold for initiating stops.
“This guidance shall include, among other things, that refusal to answer questions does not, without more, constitute a basis for reasonable suspicion to justify a detentive stop,” she wrote.
The case stems from allegations that, beginning in early January 2025, dozens of Border Patrol agents traveled more than 300 miles inland from the U.S.–Mexico border to Bakersfield, targeting predominantly Latino neighborhoods and day laborer gathering spots without individualized suspicion.
The plaintiffs described “Operation Return to Sender” as a sweeping dragnet based on racial and occupational profiling, claiming agents pulled over vehicles, blocked parked cars, conducted warrantless searches, and detained people without evidence of unlawful presence.
Once in custody, detainees were allegedly transported to a facility near the border, denied access to attorneys, and pressured into signing “voluntary departure” forms without understanding the consequences—a process plaintiffs described as “summary expulsion” that can carry long-term reentry bans.
Once in custody, detainees claimed they were transported to a Border Patrol facility near the border, where they were denied access to lawyers and coerced into signing “voluntary departure” forms under misleading pretenses, which they described as a “form of summary expulsion.”
Attorneys for the Justice Department argued the case should be dismissed, claiming the plaintiffs lacked standing and that no official policy mandated unlawful stops or arrests. They further contended that any potential violations were isolated incidents, not part of a broader pattern, and that the lawsuit had become moot after DHS issued revised internal guidance.
But the court rejected those arguments, finding that the plaintiffs demonstrated a credible threat of repeated harm. Thurston wrote that the new DHS policy did not eliminate the risk of future violations and “could be withdrawn or altered in the future” without constraint.
The Epoch Times contacted the Justice Department and the ACLU with requests for comment on the ruling.
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Site: southern orders
This is very hopeful to read from Vatican News. The part I highlight in red is extremely important in reverence to the former Pope Francis and his governing style.
Cardinals discuss economic situation of the Holy See at General Congregation
By Vatican News
The Director of the Holy See Press Office, Matteo Bruni, told reporters on Wednesday that 180 Cardinals attended the seventh General Congregation, of whom 124 were Cardinal electors.
In the first part of the meeting, the Cardinals discussed the economic and financial situation of the Holy See, with contributions from Cardinals Reinhard Marx, Kevin Farrell, Christoph Schönborn, Fernando Vergez, and Konrad Krajewski.
Cardinal Marx, coordinator of the Council for the Economy, presented several challenges, issues, and proposals from the perspective of sustainability, with the goal that the economic structures continue to support the reforms of the papacy.
Cardinal Schönborn spoke as president of the IOR Oversight Commission, and Cardinal Vergez shared several details regarding the situation of the Governorate of Vatican City State, mentioning the ongoing renovation work.
Cardinal Krajewski spoke about the activities of the Dicastery for the Service of Charity.
In the second part of the General Congregation, 14 Cardinals intervened on various topics, including the ecclesiology of the people of God and the wound caused by polarization within the Church and the division in society, (division caused by) synodality and (and division synodality has brought to) episcopal collegiality (all this was discussed) as a way (to find solutions) to overcome polarization. (They also discussed) vocations to the priesthood and religious life.
Several references were made to the conciliar texts Lumen Gentium and Gaudium et Spes, and they discussed evangelization, especially focusing on the consistency between what is lived and what is proclaimed. (My comment: these two Vatican II documents are wonderful and do provide a correction to the Magisterium of the Former Pope Francis!)
The General Congregation concluded at 12:30 PM with the prayer of the Regina Coeli.
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Site: southern orders
This is very hopeful to read from Vatican News. The part I highlight in red is extremely important in reverence to the former Pope Francis and his governing style.
Cardinals discuss economic situation of the Holy See at General Congregation
By Vatican News
The Director of the Holy See Press Office, Matteo Bruni, told reporters on Wednesday that 180 Cardinals attended the seventh General Congregation, of whom 124 were Cardinal electors.
In the first part of the meeting, the Cardinals discussed the economic and financial situation of the Holy See, with contributions from Cardinals Reinhard Marx, Kevin Farrell, Christoph Schönborn, Fernando Vergez, and Konrad Krajewski.
Cardinal Marx, coordinator of the Council for the Economy, presented several challenges, issues, and proposals from the perspective of sustainability, with the goal that the economic structures continue to support the reforms of the papacy.
Cardinal Schönborn spoke as president of the IOR Oversight Commission, and Cardinal Vergez shared several details regarding the situation of the Governorate of Vatican City State, mentioning the ongoing renovation work.
Cardinal Krajewski spoke about the activities of the Dicastery for the Service of Charity.
In the second part of the General Congregation, 14 Cardinals intervened on various topics, including the ecclesiology of the people of God and the wound caused by polarization within the Church and the division in society, (division caused by) synodality and (and division synodality has brought to) episcopal collegiality (all this was discussed) as a way (to find solutions) to overcome polarization. (They also discussed) vocations to the priesthood and religious life.
Several references were made to the conciliar texts Lumen Gentium and Gaudium et Spes, and they discussed evangelization, especially focusing on the consistency between what is lived and what is proclaimed. (My comment: these two Vatican II documents are wonderful and do provide a correction to the Magisterium of the Former Pope Francis!)
The General Congregation concluded at 12:30 PM with the prayer of the Regina Coeli.
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Site: LifeNews
CatholicVote joined a coalition of over 30 pro-life organizations Tuesday in urging the Trump administration to evaluate the Food and Drug Administration’s (FDA) approval of the abortion drug mifepristone, immediately following the release of a new study revealing serious health risks.
In a letter to President Donald Trump, the coalition praised Trump’s pro-life leadership and called for swift action to protect unborn children and their mothers. The letter argues that mifepristone—used in over 60% of US abortions—was irresponsibly approved in 2000 and continues to harm women.
“We respectfully ask that you take swift action to protect the rights of states to defend unborn children, in keeping with your campaign pledge to return the issue of abortion to the states,” the letter read, calling on the administration to stand firm “as a defender of the weak and vulnerable.”
The appeal follows a shocking study released Monday, which found that nearly 11% of women suffer severe or life-threatening complications after undergoing an abortion with mifepristone.
As CatholicVote reported Monday, this complication rate is 22 times higher than what the FDA-approved label indicates.
Please follow LifeNews.com on Gab for the latest pro-life news and info, free from social media censorship.
“The FDA needs to recognize that this is a red alert,” CatholicVote’s Joshua Mercer said. “A serious complication rate this high would be intolerable for any drug, let alone the most controversial one.”
Just days before the study’s release, FDA Commissioner Dr. Marty Makary said the agency has “no plans to take action on mifepristone,” but left open the possibility of a future review if new data emerges.
“I believe as a scientist that you’ve got to evolve as the data comes in,” Makary said. “So, if the data suggests something or tells us that there’s a real signal, then we can’t promise that we’re not going to act on that data that we have not yet seen.”
Despite the growing concerns, the FDA’s website still calls mifepristone “safe and effective.” Pro-life researchers, including CatholicVote, have long criticized the drug’s rushed approval and the agency’s disregard of mounting evidence of its dangers.
Secretary of Health and Human Services Robert F. Kennedy also indicated earlier this year that Trump tasked him with reviewing the drug’s safety profile.
“President Trump has made it clear to me that one of the things he has not taken a position yet is mifepristone, a detailed position,” Kennedy said during his January confirmation. “But he’s made it clear to me that he wants me to look at safety issues, and I’ll ask the [National Institutes of Health] and [Food and Drug Administration] to do that.”
The pro-life coalition also warned that the Biden administration’s policy of mailing abortion pills has enabled abortionists to defy state pro-life laws.
“Unfortunately, Democrats and the left are trampling on the rights of state legislators to implement the will of the people to protect life, and they are using the US Postal Service to do so,” the letter stated.
The letter pointed to so-called “shield laws” in states like California and New York that protect abortionists who illegally ship mifepristone into pro-life states from prosecution.
Two recent cases in Texas and Louisiana, where women suffered serious medical emergencies from mifepristone, were cited as examples. In both cases, the pills were reportedly sent by New York abortionist Margaret Carpenter, who was shielded from prosecution by Democrat governors.
“There is substantial evidence indicating that some women are forced to take the medication, sometimes unknowingly,” the letter said. “This is exactly what happened in Louisiana where the law protects unborn children and their mothers from abortion.”
“States must be empowered to enforce pro-life laws, all the original safety protocols on mifepristone must be restored, and the FDA must investigate mifepristone, reconsidering its approval altogether,” the letter concluded. “The lives of women and unborn children and the rights of states depend upon it.”
The Trump administration has yet to publicly comment on whether it plans to take formal action following the coalition’s request.
LifeNews Note: Elise DeGeeter writes for CatholicVote, where this column originally appeared.
The post 30 Pro-Life Groups Ask Trump to Take Action Against Abortion Pill appeared first on LifeNews.com.
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Site: Zero Hedge"Nothing To Do With Tariffs" - Trump Blames Biden "Overhang" As Stocks Puke After Q1 GDPTyler Durden Wed, 04/30/2025 - 09:28
US equity futures are tumbling in the pre-market following a weak ADP employment report and Q1 GDP contraction (driven by a tariff-front-running surge in imports).
In the last month or two, we have been told that President Trump is not focused on the stock market, rejecting the idea of a 'Trump Put' (especially when it came to the decision to 'pause' reciprocal tariffs this month).
However this morning, following the bad data and ugly equity drop, Trump posted on TruthSocial that "This is Biden’s Stock Market, not Trump’s."
I didn’t take over until January 20th.
Tariffs will soon start kicking in, and companies are starting to move into the USA in record numbers.
Our Country will boom, but we have to get rid of the Biden “Overhang.”
This will take a while, has NOTHING TO DO WITH TARIFFS, only that he left us with bad numbers, but when the boom begins, it will be like no other.
BE PATIENT!!!
The surge in imports - which dragged down GDP - is due to the tariff decisions, there is no question.
But also bear in mind that this is not a 'classic recessionary slowdown' in the economy, it is a front-running surge in imports 'ahead' of the tariffs and shrinking government spending.
The former is a temporary impact, the latter is what America voted for!!
Interestingly, rate-cut odds are rising notably after the data...
Which makes us wonder if 'the market' is now switching to search for the 'Fed Put', not the 'Trump Put'.
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Site: Ron Paul Institute - Featured Articles
(photo: The erstwhile USS Harry S. Truman (CVN-75), now dubbed the USS Trembling Puppy for its multiple episodes of fleeing Yemeni missile strikes in a panic.)
In the aftermath of the USS Trembling Puppy acknowledging the loss of yet another fighter aircraft in the midst of a Yemeni missile attack, many speculations have arisen regarding what actually happened.
The “official” story is that an F/A-18 and its tow tractor were flung overboard while performing “evasive maneuvers” in the face of oncoming Yemeni anti-ship cruise missiles.
Many are skeptical of the “official” story of the jet going overboard as a result of an evasive maneuver.
Some think a US carrier would not even attempt an “evasive maneuver” to elude a cruise missile. But US carriers are trained on such maneuvers, even though I suspect they have limited potential efficacy.
Some think the Yemeni may have used loitering drones to shoot down an F/A-18 on landing approach to the carrier. This is an interesting conjecture, and while I do not dismiss it outright, I consider it less likely than the “official story”.
F/A-18 on approach for a carrier landing.
Let’s first consider the anti-ship cruise missiles, which are either Iranian “hand-me-downs”, or at least based on legacy Iranian designs, with a range up to 2000 km, a speed of ~.7 Mach, and a ~250 kg warhead.
Iranian Soumar ground-launched Cruise Missile, believed to be the design-basis for Yemeni ground-launched cruise missiles.
From a launch point in Yemen, it would require over an hour of flight time to travel the 1000+ km distance to the carrier strike group in the northern Red Sea.
Map of the Battle of the Red Sea — 2025
It must be assumed that US surveillance assets are able to track such missile launches along their entire path, and so CSG-8 should have been continuously apprised of the position of the various components of the strike package.
In other words, Rear Adm. Sean R. Bailey, commander of Carrier Strike Group Eight, and Captain Christopher “Chowdah” Hill, commander of the USS Harry S. Truman (CVN-75), both should have had real-time intelligence at every moment for 4+ hours of drone flight time, and over an hour of cruise missile flight time.
That said, the MQ-9 Reaper drone is one of the integral components of US persistent surveillance capability — and as has been widely reported, the Yemeni have now shot down 22 of them, several in the last month alone. So it is altogether possible that US surveillance of these missile launches could be meaningfully impaired.
Yemeni soldier celebrating the downing of yet another MQ-9 Reaper drone.
At any rate, I figure the Yemeni are firing cruise missiles which, at best, have about a 250m circular error probability at a distance of 1000+ km. Even a salvo of a dozen would struggle to score a hit on a moving ship 1000 km away — and the Yemeni have typically only fired 2 or 3 in any given salvo.
But apparently at least one got through the perimeter air defenses and the combat air patrol on this particular occasion, and was on a threatening track towards the Trembling Puppy.
Therefore Captain Soggy Cookie veered in a panic, dumping an F/A-18 and its tow tractor into the sea, and splashing salty seawater into the still-open wound of the Trembling Puppy’s February 2025 collision with a cargo ship just north of the Suez Canal.
Captain Soggy Cookie, formerly of the USS Brave Sir Robin (CVN-69), now commanding the USS Trembling Puppy (CVN-75).
USS Trembling Puppy Collision Hull Damage
USS Trembling Puppy Collision Hull Damage
Anyway, no matter the as-yet-uncertain details, it’s clearly another indisputable embarrassment for the US Navy, which has sought in vain for a year and a half to break the Yemeni selective blockade of the Red Sea.
With the recent addition of the USS Timid Vinny (CVN-70), which is cowering somewhere in the calm blue waters of the northern Arabian Sea, the Yemeni have now put the fear of Allah into five separate US Navy carrier strike groups over the course of the past eighteen months.
Alas, as I have long observed, there are no easy wars left to fight.
In any case, this simple fact remains: against all odds and prior expectations, the chronically underestimated Yemeni remain the gatekeepers of the Bab-el-Mandeb, and are inflicting upon the United States Navy one of the most decisive strategic defeats in its heavily mythologized history.
Reprinted with permission from imetatronink.
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Site: Zero HedgeUS Q1 GDP Contracts On Record Imports, Shrinking Govt, As Consumption Comes In Stronger Than ExpectedTyler Durden Wed, 04/30/2025 - 09:04
There were good and bad news in today's GDP report.
Starting with the bad news, Q1 GDP printed -0.3%, worse than the -0.2% expected and the first negative print since Q1 2022 when the economy was in a recession but was subsequently revised out of it
The good news is that the drop was actually supposed to be much worse (recall the Atlanta Fed's latest GDP estimate was -2.7%, or -1.5% excluding record gold imports). Indeed, if one looks at the components of today's GDP print one finds that the number was actually unexpectedly strong, if one strips out the two negative components, net trade and government.
As shown in the chart below, Q1 GDP comprised of the following components:
- Personal Consumption 1.21%, down from 2.70%, but translating into an annualized Personal Consumption print of 1.8%, much higher than the 1.2% expected
- Fixed investment jumped to 1.34%, up from -0.2% and the highest since Q2 2023 as the BEA finally starts tracking data center investment correctly
- Change in private inventories surged 2.25%, as expected, on the pre-tariff restocking; this number was up from a -0.84% drop last quarter and is expected to reverse in coming quarters as inventories are sold off.
- Government spending was a negative -0.25%, the first negative print for Joe Biden's favorite "plug" to push GDP higher since 2022.
- Finally, and most importantly, net trade (exports less imports) was a whopping 4.830% hit to the final GDP number, a 5% swing from the +0.26% contribution in Q4. This was entirely the result of soaring imports (of which gold was about half) in Q1 which hit GDP by a near record 5.03%. Just like inventories, this number will now reverse in coming quarters as tariff frontrunning ends and is reversed.
And visually:
Taking a closer look at the import contribution to GDP, which was the biggest swing factor, one can see that at 5.03%, this was the 2nd highest on record with just the outlier covid shock bigger. In other words, absent economic shock, this was a record quarterly print.
In its commentary, the BEA confirmed as much, writing that "the decrease in real GDP in the first quarter primarily reflected an increase in imports, which are a subtraction in the calculation of GDP, and a decrease in government spending. These movements were partly offset by increases in investment, consumer spending, and exports."
Compared to the fourth quarter, the downturn in real GDP in the first quarter reflected an upturn in imports, a deceleration in consumer spending, and a downturn in government spending that were partly offset by upturns in investment and exports.
Turning to inflation, the BEA reported that the price index for gross domestic purchases increased 3.4 percent in the first quarter, compared with an increase of 2.2 percent in the fourth quarter. The personal consumption expenditures (PCE) price index increased 3.6 percent, compared with an increase of 2.4 percent. Excluding food and energy prices, the PCE price index increased 3.5 percent, compared with an increase of 2.6 percent.
Putting these in context, GDP Price index of 3.7% came in hotter than the 3.1% expected, while the core PCE of 3.5% was also hotter than the 3.1%.
Bottom line, the GDP number was much stronger than expected, in fact it was a whopping 2.4% higher than the now laughable AtlantaFed GDP forecast, and if anything this positions the Trump admin for a surprise bounce in Q2 and/or Q3 when all the outlier prints from Q1 are reversed.
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Site: Mises InstituteEven if this global trade war is ended tomorrow, it will take a minimum of 30 to 55 days, but more likely at 7-9 months, to normalize supply chains.
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Site: Mundabor's blogWe just had another example of the real nature of these Hollywood “stars”. They are total wrecks. They are complete and utter failures. They are virtue-signalling freak shows, living a life of drama, narcissism, and arrogance. Completely unable to be of any use in what is most important to someone who marries and has children, […]
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Site: AsiaNews.itA US air raid against a detention centre last Sunday killed at least 68 people from Africa. Since mid-March, US and UK planes hit at least a thousand targets. Advocacy groups report at least 400 civilians killed. Pope Francis is among the few voices who spoke out against the tragedy of migrants in the region.
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Site: LifeNews
The ACLJ just filed a federal lawsuit to defend a courageous pro-life advocate whose constitutional rights were blatantly violated by local officials in Carbondale, Illinois. We told you earlier this month that while we were live on air during our broadcast, a pastor reached out to us after some of his parishioners were being targeted for criminal citation by police just for having pro-life signs. We went right to work, in real-time, de-escalating the police and ensuring that our clients were not arrested that day.
We quickly followed up with a demand letter to the city attorney, which has been completely ignored. That is why we have now filed a federal lawsuit to protect the constitutional rights of Brandon – a sidewalk counselor who believes his mission field is to proclaim the Gospel and minister to women in crisis pregnancies – who was threatened with a citation and possible arrest for having pro-life signs on public property outside of an abortion clinic.
Please follow LifeNews.com on Gab for the latest pro-life news and info, free from social media censorship.
As our readers may recall, on April 16, our client, a missionary and founder of a pro-life sidewalk counseling ministry, was peacefully advocating for life outside an abortion clinic in Carbondale. He was joined by other pro-life advocates. They carried small yard signs offering free baby supplies and life-affirming messages such as “We will adopt your baby” and “Love your preborn neighbor as yourself.”
That’s when the trouble began.
A city official, acting on direct orders from the city attorney, told Brandon that all signs – even those placed well beyond the 20-foot setback as required by the ordinance – were prohibited, despite the ordinance’s language that it is not intended to limit “demonstrations” or other “political rallies.” Brandon was informed that unless he removed the signs immediately, the police would be called, and he could face a citation and the confiscation of his property. When Brandon asserted that he had the right to demonstrate against abortion under the First Amendment, the city’s representative flippantly told him, “No, you don’t.”
Brandon attempted to comply with every shifting explanation the officials gave him, even retrieving new signs that were purely demonstrative and devoid of any offer of free goods or services. Still, the city official – on order from the city attorney – insisted that no signs were allowed, period.
Police officers were called in. Threats of citation and criminal charges followed. Brandon’s pastor called us for help, and we intervened immediately on behalf of our client and prevented an arrest or citation from being issued.
Even when reviewing the ordinance the following day, Brandon thought that there might be an exception to what he was told by city officials and that a 501(c)3 organization, like his ministry, could apply for a permit to post temporary signs. When he went to obtain this permit, he was told that a permitting process didn’t exist and there was no permit he could apply for to temporarily post anti-abortion signs. This was explicitly in contradiction to the city ordinance.
The ACLJ intervened swiftly, sending a formal demand letter to the city of Carbondale on April 22. We made it clear that Brandon’s speech was constitutionally protected, the city’s ordinance was unconstitutionally vague and chilled First Amendment speech when applied, and the city’s treatment of our client amounted to viewpoint discrimination. We demanded written assurances that his rights would be respected and that he would be allowed to obtain a permit under the ordinance’s own terms – just as any 501(c)(3) nonprofit is allowed to do.
The city failed to respond.
Their silence speaks volumes. Carbondale’s officials have effectively adopted an unwritten policy: Pro-life voices are not welcome in public spaces.
So the ACLJ has filed a federal lawsuit against the city of Carbondale, the city attorney, and the city’s community development manager. This case seeks to vindicate Brandon’s rights under the Constitution and Illinois law.
We argue that the city’s ordinance is unconstitutionally vague and arbitrarily enforced. Worse still, the city is applying the law in a discriminatory fashion to silence religious and pro-life speech. Brandon wasn’t just threatened with enforcement – he was outright denied the ability to even apply for a permit that the ordinance specifically allows for nonprofits like his. This is a textbook case of unconstitutional viewpoint discrimination, enforcing a policy in one way for some people and another way for others.
We are seeking declaratory and injunctive relief to stop Carbondale from continuing its unlawful behavior, along with compensatory damages and attorneys’ fees under federal civil rights statutes.
This is what the ACLJ was built for: to stand in defense of the Constitution and to ensure that no government can silence people of faith or punish them for their beliefs.
We will keep you updated as the case progresses. Your continued support is what makes this work possible. Stand with us as we fight for life and liberty in court.
LifeNews Note: Jordan Sekulow is the Executive Director of the American Center for Law and Justice (ACLJ).
The post Lawsuit Filed Against City Giving People Criminal Citations for Pro-Life Yard Signs appeared first on LifeNews.com.
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Site: AsiaNews.itn Tajikistan, construction has just been completed on a special hangar for the luxurious presidential aircraft that Emomali Rakhmon purchased from Mexico, which could no longer afford the maintenance costs. This is the latest example of a widespread trend among heads of state throughout the region.
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Site: Zero HedgeRate-Cut Odds Jump After ADP Reports Weakest Job Growth Since July 2024Tyler Durden Wed, 04/30/2025 - 08:24
While jobless claims refuse to show even a glimmer of hope to the doomsaying 'recession is imminent and it's all because of Trump' narrative, this morning's ADP gives us a potential glimpse at what Friday's 'most important payrolls print ever' will offer.
...and the picture is not pretty at all...
According to ADP, the US economy added just 62k jobs in April - the lowest since July 2024's dip
Source: Bloomberg
Education and health services, information, and professional and business services lost jobs, while hiring in other sectors was moderate.
"Unease is the word of the day," says Nela Richardson Chief Economist.
"ADP Employers are trying to reconcile policy and consumer uncertainty with a run of mostly positive economic data. It can be difficult to make hiring decisions in such an environment."
Goods-Producing jobs outperformed Service-Providing jobs...
There is more bad news -
Pay for job-stayers rose 4.5 percent in April from a year earlier, a slight deceleration from March.
Year-over-year pay gains for job-changers accelerated, rising from 6.7 percent in March to 6.9 percent in April - the highest since Dec 2024.
The market is moving that way - pricing in four cuts for 2025 now.
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Site: Zero HedgeFutures Drop Ahead Of Macro Data, Earnings DelugeTyler Durden Wed, 04/30/2025 - 08:17
US equity futures slipped ahead of key GDP and PCE data. As of 8:00am, S&P 500 futures are down 0.3% while Nasdaq 100 contracts lose 0.5%, with Mag 7 names mostly lower (NVDA -1.4%, TSLA -1.1% and META -0.6%) as weak earnings weighed on risk sentiment after Super Micro plunged 16% ahead of Microsoft and Meta numbers later on Wednesday. Bond yields are lower by 1bps to 4.15% while the USD is higher. Overnight, China’s factory PMI slipped into the worst contraction since December 2023 (49 vs 49.7 cons) due to the negative impact of higher US tariffs, while Trump at a rally in Michigan renewed his criticism of Powell, noting he is "not really doing a good job" and that he knows more about interest rates. This morning, Euro Area flash CPI has been mixed, while Q1 GDP data was slightly firmer than expected at 1.2% YoY (vs 1.1% cons). Commodities are mixed: oil is 1.8% lower; previous metals are lower, while base metals are mostly higher. After yesterday’s close, earnings were modestly negative. Particularly, SBUX fell 6.7% on missed earnings amid margin pressure and top-line growth. BKNG commented that there is a moderation in inbound travel into the US, but so far the global leisure travel demand has been stable. Looking ahead today, we have ADP employment, Q1 GDP, PCE and employment cost index. There are no Fed speakers scheduled given blackout ahead of May's FOMC meeting.
In premarket trading the Mag7 stocks were mostly lower (Alphabet -0.1%, Amazon -0.6%, Apple -0.4%, Meta Platforms -0.9%, Microsoft +0.1%, Nvidia -2%, Tesla -1.3%). First Solar tumbled 12% after the maker of electricity-producing solar modules cut earnings guidance for this year due to tariffs imposed by the Trump administration. Norwegian Cruise Line dropped 7% after warning that cruise demand, which has long defied worrying travel trends, is beginning to weaken. Snap plunged 13% after the company declined to issue a sales forecast for the current period, saying it is navigating macroeconomic “headwinds” for its advertising business. Starbucks slumped 8% after weaker-than-expected results in the latest quarter amped up pressure for the company’s new management to deliver. Here are some other notable premarket movers:
- BridgeBio Pharma (BBIO) rallies 9% after the drugmaker reported sales of its recently approved heart drug, Attruby, that crushed expectations.
- Etsy (ETSY) rises 1% after the online marketplace for crafts reported revenue for the first quarter that beat the average analyst estimate.
- Freshworks Inc. (FRSH) climbs 9% after the software-as-a-service company boosted its profit and revenue outlook for the year.
- Garmin (GRMN) falls 6% after the maker of GPS-enabled products posted first-quarter results and provided a year forecast.
- Oddity Tech (ODD) jumps 17% after the direct-to-consumer beauty and wellness company boosted its net revenue guidance for the full year to a level above Wall Street expectations.
- Qorvo (QRVO) climbs 8% after the Apple supplier reported adjusted 4Q earnings that topped estimates.
- Regulus Therapeutics (RGLS) shares are halted after the company entered into an agreement to be acquired by Novartis AG.
- Seagate (STX) gains 7% after the computer hardware and storage company reported third-quarter earnings and revenue that beat the average analyst estimate
- Stride Inc. (LRN) climbs 3% after the online education company boosted its revenue forecast for the full year. Fiscal third-quarter revenue increased 18%.
- Super Micro Computer (SMCI) tumbles 16% after giving preliminary results that fell well short of analysts’ estimates, a sign its comeback plan has been slow to gain traction.
- Tenable (TENB) plunges 17% after the cybersecurity company cut its full-year guidance, with analysts noting lower visibility ahead for the stock due to US federal spending uncertainties.
- Wabash National (WNC) falls 13% after the semi-trailer manufacturing company cut its revenue guidance for the full year.
Investors have been cautiously optimistic, with the Nasdaq 100 close to erasing all of its losses this month, after tariff U-turns and speculation the Federal Reserve will cut interest rates to prevent a recession.
“Perhaps we are past peak uncertainty,” Kim Crawford, global rates portfolio manager at JPMorgan Asset Management, told Bloomberg TV. “The administration has a more conciliatory tone on tariffs and to an extent as well, Fed independence.” Benchmark 10-year Treasuries steadied after six days of gains, with the yield at 4.16%. Gold dropped.
Four of the so-called Magnificent Seven — Microsoft, Apple Inc., Meta and Amazon.com Inc. — are reporting earnings this week. Analysts expect the group — which also includes Google-parent Alphabet Inc., Tesla Inc. and Nvidia Corp. — to deliver an average of 15% profit growth in 2025, a forecast that’s barely budged since the start of March despite the flareup in trade tensions.
“Even if you take out the tariff story outcome I think there is an issue for Big Tech and the market will probably start to refocus on that when we get this earnings season,” Christopher Wood, global head of equity strategy at Jefferies, told Bloomberg TV. “We still have the issue of the massive amount of capex being spent on Big Tech, they’re overspending on this AI story.”
Economic barometers of US economic health are also due with inflation and GDP data Wednesday that will give a snapshot of activity just before President Donald Trump unleashed country-specific levies on April 2. US real GDP growth likely cooled to a standstill in the first quarter amid disruptions from policy shifts, according to Bloomberg Economics.
Veteran emerging-markets investor Mark Mobius said he’s keeping 95% of his funds’ holdings in cash as he waits out the trade-related uncertainty. Hedge funds are reluctant to make major bets amid the turmoil, with the only significant shift in positioning in April being increased bets against US stocks, Bloomberg reported.
In the latest pivot in Trump’s trade strategy, the US president signed an executive order easing the impact of his auto tariffs, preventing duties on foreign-made vehicles from stacking on top of other levies and lessening charges on parts from overseas used to make vehicles in the US. The news supported sentiment toward European auto stocks Wednesday, with Mercedes-Benz Group AG and Stellantis NV rising even after withdrawing their outlooks for this year, citing the uncertainty of trade barriers.
In a rally celebrating his first 100 days in office, Trump defended his tariff policies as he marked his 100th day in office. He also renewed criticism of Fed Chair Powell, saying he is “not really doing a good job.”
In Europe, the Stoxx 600 rises for a seventh consecutive session, albeit only slightly, as disappointing earnings keep a lid on gains. Travel & leisure stocks are the worst performers. Energy and bank stocks also underperform with notable declines in TotalEnergies and Credit Agricole after their respective updates. Here are some of the biggest movers on Wednesday:
- Societe Generale shares advanced 5.7% after the French lender beat estimates as equities trading hit a record and it booked a gain on disposals.
- DSV shares rise as much as 11% after the Danish logistics firm gave a reassuring set of results, with analysts highlighting the synergies it set out from its DB Schenker deal.
- Schindler shares gain as much as 8.2% after the Swiss elevator and escalator maker reported impressive 1Q results with a dynamic order intake and no change in guidance despite US tariffs.
- Stellantis shares rise as much as 4.2% in Milan after the carmaker released a trading update which Bernstein said included some positives, with pricing ahead of expectations in all key regions.
- VW shares rise as much as 1.4% after the German carmaker reiterated its full-year guidance, a move JPMorgan called a positive signal.
- Deutsche Post shares rise as much as 4.1% after the delivery firm’s Ebit came in higher than expected in the first quarter, driven by its Express and Post & Parcel divisions and aided by cost-cutting.
- Aixtron shares climb as much as 14% after the German chip-tool company’s first-quarter results showed better-than-expected revenue, order levels and positive free cash flow, according to Warburg.
- Remy shares rise as much as 5.7% as analysts highlighted encouraging signs in the Cognac maker’s earnings, including an improvement in its US market as well as a better outlook for 2026.
- UMG climbs as much as 7.1% as subscription growth helps to deliver first-quarter results above expectations.
- Befesa shares rise as much as 13% after the German recycling company’s full-year earnings guidance surprised to the upside.
- AMS-Osram shares soar 17%, with ZKB analysts saying the Swiss chipmaker reported a good start to the year due to strong performance in its semiconductor business.
- Credit Agricole fell as much as 4.5% as higher-than-expected costs and a tax bill weighed on profit.
- TotalEnergies shares fall as much as 4.3% after the French energy company reported results that were in line with expectations, but also an increase in net debt.
- Mercedes shares drop as much as 2.8% after the carmaker said tariff volatility is too high to give a reliable outlook.
- Evolution shares drop as much as 18%. The gambling operator reported a miss on revenue and Ebitda in the first quarter, which management attributes to actions including ring-fencing regulated markets in Europe and countermeasures to cyberattacks in Asia.
Earlier in the session, Asian stocks rose, on track for a fourth-straight day of gains, as investors were encouraged by a continued rally on Wall Street and optimism over potential trade deals with the US. The MSCI Asia Pacific Index gained as much as 0.7%. Sony was among the biggest boosts after Bloomberg reported it is considering spinning off its semiconductor unit, while AIA climbed on strong quarterly results. The regional benchmark is poised to close April more than 2% higher, wiping out a steep intra-month loss sparked by US tariffs. The market has been looking toward various concessions from Washington as well as individual nations’ negotiations with the US. President Donald Trump on Tuesday signed an executive order easing the impact of his auto tariffs, while news emerged of discussions with South Korea and Australia. China’s manufacturing activity in April saw its worst contraction since December 2023, exposing early signs of weakness in Asia’s biggest economy from the trade war with the US. Shares of Chinese banks were among the biggest drags on equity benchmarks in Hong Kong and mainland China after weak earnings.
In FX, the Bloomberg Dollar Spot Index is little changed. The Aussie dollar outperforms rising 0.2% against the greenback after core inflation rose more than expected. AUD/USD rose as much as 0.5% to 0.6418 before paring the move; the nation’s core inflation in the first quarter beat estimates, damping expectations of rapid rate cuts. The pound and the yen were among the worst performers, down 0.3% and 0.4% against the dollar respectively.
In rates, treasuries mixed with the long-end outperforming where yields are down around 2bp on the day, supported by wider gains seen across the long-end of Germany and UK bonds after a flurry of European economic data. Ahead of today's quarterly refunding announcement, the 10-year US yield are down 1bps to 4.16%. US yields slightly cheaper across the front-end while richer in the long-end of the curve, flattening 2s10s and 5s30s spreads by 1.8bp and 2.5bp on the day; US 10-year yields trade down to around 4.16%, richer by 1bp on the day with bunds and gilts outperforming by 2bp and 2.5bp in the sector. European government bonds gain with little reaction shown to a flurry of economic data releases, including a beat for euro-area first quarter GDP. European government bonds rose; German yields were up to 4bps lower across the curve, with gilts mirroring that move; UK 10-year yield down 4bps to 4.40%
In commodities, oil prices decline, with WTI falling 1% to $59.80 a barrel. Spot gold falls $36 to around $3,280/oz. Bitcoin is steady near $94,800.
US economic calendar includes April ADP employment change (8:15am), 1Q advanced GDP (8:30am), April MNI Chicago PMI (9:45am), March personal income/spending, PCE price index, pending home sales (10am). Fed’s external communications blackout ahead of the May 7 FOMC meeting
Market Snapshot
- S&P 500 mini -0.1%
- Nasdaq 100 mini -0.2%
- Russell 2000 mini little changed
- Stoxx Europe 600 +0.2%
- DAX +0.5%, CAC 40 +0.4%
- 10-year Treasury yield -1 basis point at 4.16%
- VIX +0.3 points at 24.48
- Bloomberg Dollar Index little changed at 1222.44
- euro -0.1% at $1.1371
- WTI crude -1.3% at $59.63/barrel
Top Overnight News
- US President Trump said he achieved the 100 most successful days for a president in US history, while he noted a lot of auto jobs and companies are coming in and we're restoring the rule of law and ending the inflation nightmare. Trump renewed his criticism of Jerome Powell, saying the Fed chair’s “not really doing a good job.” He also championed his tariff regime at a rally that came just hours after he signed a pair of executive orders pulling back some of his auto levies.
- US Secretary of State Marco Rubio plans to speak with the foreign ministers of India and Pakistan in an attempt to calm tensions. BBG
- Trump continues to float fresh tax cut proposals while Republicans struggle to agree on ways to lower the cost of the reconciliation bill. Axios
- Top Trump advisor reportedly struggled to soothe investors in talks after market tumult in which Stephen Miran met with hedge funds and big asset managers after tariffs sparked Wall Street turmoil, according to FT.
- China’s factory PMI slipped into the worst contraction since December 2023, revealing early damage of US tariffs. Beijing has created a list of US-made products that would be exempted from its 125% tariffs. BBG
- Chinese sovereign investor CIC is selling about $1 billion of its private equity investment portfolio in the secondary market. The assets are held in a number of funds managed by eight U.S. fund managers, including Blackstone Inc and Carlyle Group. RTRS
- Huawei has started the delivery of its advanced AI chip “cluster” to Chinese clients who are increasing orders after being cut off from Nvidia’s semiconductors because of Washington’s export restrictions. FT
- Japan eco data falls short for Mar, including retail sales (-1.2% M/M vs. the Street -0.7%) and industrial production (-1.1% M/M vs. the Street -0.4%). BBG
- The euro-area economy grew 0.4% last quarter, more than expected, though is yet to feel the full force of US tariffs. The German and French economies returned to growth. BBG
A more detailed look at global markets courtesy of Newquawk
APAC stocks failed to sustain the positive handover from Wall St and traded mixed at month-end as the region digested a slew of data including disappointing Chinese official PMIs, while there was a muted reaction and very few surprises from US President Trump's speech to commemorate his first 100 days back in office. ASX 200 eked mild gains as strength in tech, healthcare and financials offset the losses in the utilities and commodity-related sectors but with the upside limited after firmer-than-expected CPI data saw money markets fully price out the chances of a larger 50bps RBA rate cut in May. Nikkei 225 was choppy with the upside contained following disappointing Industrial Production and Retail Sales, while the BoJ also kick-started its two-day policy meeting and there were some comments from a group representing major foreign automakers which noted that President Trump's latest tariff order for autos provides some relief but more must be done. Hang Seng and Shanghai Comp were indecisive after official Chinese Manufacturing and Non-Manufacturing PMIs disappointed although Caixin Manufacturing PMI topped forecasts, while the mainland heads into a five-day weekend owing to Labor Day holiday closures and participants also reflected on key earnings releases including disappointing results from China's Big 4 banks.
Top Asian News
- Chinese President Xi says China is to adjust economic plans based on global change; to promote transformation of traditional industries; says they are to stabilize markets and expectations Urges to address weak links in economy. Urges to achieve goals in all aspects. Says to understand impact of changes in international situation. Says China to optimize economic planning based on situations. Urges measures to stabilize employment. Says to promote transformation of traditional industries. Says China to adjust economic plan based on global change. Says China needs to adapt to changing situations.
- China NPC standing committee passed the private sector promotion law which will take effect from May 20th.
- Australian Treasurer Chalmers said the market expects more interest rate cuts after inflation figures and he doesn't see anything in the data as substantially altering market expectations.
European bourses (STOXX 600 +0.2%) opened mostly firmer and have traded tentatively within a tight range ahead of the day’s key risk events. European sectors hold a strong positive bias; Media (lifted by post-earning strength in UMG) and Telecoms takes the top spots, whilst Travel & Leisure and Basic Resources underperform. rnings include: Mercedes Benz (-0.8%) down Y/Y, high uncertainty noted; Volkswagen (U/C) miss, expects results at lower-end of guidance; UBS (+0.2%) beat; Stellantis (+1.5%) in-line, suspends guidance; Barclays (-0.3%) beat, upgrades NII guidance; GSK (+4%) beat; TotalEnergies (-3.2%) mixed, continue buybacks, confident in growth objective; ASM International (U/C) orders & margin beat; Air France (+1.6%) beat, confirms outlook; Iberdrola (-1.3%) mixed, expect strong performance ahead.
Top European News
- Germany's SPD has approved the coalition deal with the CDU/CSU, via Reuters citing sources. SPD's Klingbeil will be the Vice Chancellor and Finance Minister of the new German Government, according to German media.
FX
- DXY is currently building on Tuesday's gains in quiet trade. The two main drivers for price action were relief on the tariff front (autos) and soft US data (JOLTS and Consumer Confidence). Data will likely provide some impetus for the Greenback today with Q1 GDP/PCE and monthly PCE due on the docket. Q1 GDP may be seen as stale in some quarters given its precedes the announcement of US tariffs. DXY has ventured as high as 99.43 with Monday's peak at 99.83.
- EUR softer vs. the USD in what has been a busy morning of data which kicked off with steady French GDP, hot French inflation and in-line German GDP which saw the nation avoid a technical recession, but ultimately showed a Y/Y contraction. Thereafter, Eurozone GDP exceeded expectations (Q/Q 0.4% vs. Exp. 0.2%) but failed to have any sway on the EUR given that it doesn't capture the impact of Trump's tariffs (aside from some potential front-loading of orders).
- USD/JPY is higher after Japanese Industrial Production and Retail Sales disappointed overnight, prompting concerns over a negative outturn for Q1 GDP. Attention now turns to the BoJ, where the Bank is expected to keep rates steady. USD/JPY is north of Tuesday's high at 142.75 but is yet to approach the 143 mark.
- GBP is slightly softer vs. the USD and EUR with fresh macro drivers on the light side. Tier 2 data via the Lloyds Business Barometer and Nationwide House Index had little sway on GBP. On the trade front, the Guardian reports that US officials have split trade negotiations into three phases; the UK has reportedly been placed in either phase two or three. UK officials are also concerned that any EU-UK deal could make negotiations with the US more challenging.
- AUD is the marginal outperformer across the majors on account of firm inflation metrics overnight (Q/Q 0.9% vs. exp. 0.8%, Y/Y 2.4% vs. exp. 2.3%).
- PBoC set USD/CNY mid-point at 7.2014 vs exp. 7.2670 (Prev. 7.2029).
Fixed Income
- A relatively contained start to the session with USTs holding onto Tuesday’s spoils, firmer by a handful of ticks in a 112-03 to 112-09 band. Limited resistance in the near-term, nothing of particular note until 114-03+ from early April and thereafter 114-10. On the data front, the docket begins with ADP as a preview into Friday’s NFP. Thereafter, Q1 GDP, PCE and Employment Costs due. Afterwards, we get the monthly PCE figure.
- Bunds began the morning holding at the top-end of Tuesday’s 131.16-46 parameters, in-fitting with USTs. Then, after the European cash equity open, EGBs began to gradually pick up and despite being knocked briefly by marginally hotter German state CPI metrics than mainland consensus implies, Bunds are at a fresh 131.74 peak. EZ GDP metrics came in above expectations, but ultimately had little impact on the complex given the survey period does not include the implementation of Trump tariffs. German 2041 & 2044 outings were mixed, but ultimately had little impact on the complex.
- Gilts are outperforming, gapped higher by just over 10 ticks and then in-fitting with EGBs after the cash equity open began to extend higher and hit a 93.68 high for the session. Strength occurs despite a lack of fresh drivers in today’s session thus far aside from supply, an auction that came in strong with another b/c well clear of the 3x mark and a slim tail. Results sparked a modest bid in Gilts but one that occurred within existing 93.35-68 confines.
- UK sells GBP 4.5bln 4.375% 2028 Gilt: b/c 3.48x (prev. 3.27x), average yield 3.834% (prev. 4.263%) & tail 0.2bps (prev. 0.4bps).
- Germany sells EUR 1.143bln vs exp. EUR 1.5bln 2.60% 2041 and EUR 0.452bln vs exp. EUR 0.5bln 2.50% 2044 Bunds.
Commodities
- Crude is softer for the third session in a row following yesterday's slide which now sees WTI back under USD 60/bbl. Desks pin the downside to ongoing tariff risks alongside expectations of OPEC+ further opening the taps. Furthermore, the bearish Private Inventory report on Tuesday only adds to the downbeat mood. Brent July in a USD 62.17-63.34/bbl range.
- Precious metals are lower across the board amid a firmer dollar intraday and following US President Trump softening the Auto tariffs, which further unwinds some risk premium. Spot gold resides in a USD 3,280.28-3,328.16/oz range at the time of writing, within Monday's USD 3,268-3,353.20/oz range.
- Hefty losses across base metals against the backdrop of a firmer dollar coupled with a cautious risk tone. 3M LME copper is currently in a USD 9,206.17-9,436.60/t range at the time of writing.
- Equinor (EQNR NO) CEO says European gas storage is low, expect a tight market during refilling. Europe will need 200-300 extra LNG cargoes to refill storage this year.
- US Private inventory data (bbls): Crude +3.8mln (exp. +0.5mln), Distillate -2.5mln (exp. -1.7mln), Gasoline -3.1mln (exp. -1.2mln), Cushing +0.7mln.
- Chile's Codelco Chairman said April Copper production +22% Y/Y.
Geopolitics: Middle East
- "Israeli government statement: On Netanyahu's instructions, the army carried out a strike against a group that tried to attack the Druze in Sahnaya (Syria)", via Sky News Arabia.
- Iranian Foreign Minister Araqchi says US sanctions send a negative message during the nuclear talks; E3 will hold talks in Rome on Friday and with the US on Saturday.
- UK forces participated in a joint operation with US forces against a Houthi military target in Yemen, while the UK said the strike was conducted after dark when the likelihood of any civilians being in the area was reduced and all aircraft returned safely.
Geopoltiics: Ukraine
- Kremlin spokesperson says settlement should be reached with Ukraine, and not the US, via Tass "We are working very intensively with the US on Ukraine".
- US President Trump said he thinks Russian President Putin wants peace but he was not happy when he saw Putin shooting missiles, according to ABC News.
- White House Press Secretary said President Trump is confident the Ukraine minerals deal will be signed.
Geopolitics: Other
- Pakistan's Information Minister said they have credible evidence that India is planning "military aggression" against Pakistan within 24-36 hours.
- North Korea conducted the first test firing of a new warship, according to Yonhap. It was also reported that South Korean intelligence assessed that North Korea's combat capabilities have improved and that North Korea suffered 600 deaths during its dispatch of troops to Russia, while South Korean intelligence is monitoring a possible surprise summit between North Korea and the US.
US Event Calendar
- 7:00 am: Apr 25 MBA Mortgage Applications -4.2%, prior -12.7%
- 8:15 am: Apr ADP Employment Change, est. 115k, prior 155k
- 8:30 am: 1Q A GDP Annualized QoQ, est. -0.15%, prior 2.4%
- 8:30 am: 1Q A Personal Consumption, est. 1.16%, prior 4%
- 8:30 am: 1Q A GDP Price Index, est. 3.1%, prior 2.3%
- 8:30 am: 1Q A Core PCE Price Index QoQ, est. 3.1%, prior 2.6%
- 8:30 am: 1Q Employment Cost Index, est. 0.9%, prior 0.9%
- 9:45 am: Apr MNI Chicago PMI, est. 45.9, prior 47.6
- 10:00 am: Mar Personal Income, est. 0.4%, prior 0.8%
- 10:00 am: Mar Personal Spending, est. 0.6%, prior 0.4%
- 10:00 am: Mar PCE Price Index MoM, est. 0%, prior 0.3%
- 10:00 am: Mar PCE Price Index YoY, est. 2.2%, prior 2.5%
- 10:00 am: Mar Core PCE Price Index MoM, est. 0.1%, prior 0.4%
- 10:00 am: Mar Core PCE Price Index YoY, est. 2.6%, prior 2.8%
- 10:00 am: Mar Pending Home Sales MoM, est. 1%, prior 2%
DB's Jim Reid concludes the overnight wrap
Welcome to the end of 100 days of Trump 2.0 with markets currently in a period of rare calm over this period. Indeed yesterday the S&P 500 (+0.58%) advanced for a 6th consecutive session and marking its best 6-day run (+7.81%) since March 2022. Interestingly, the latest gain means the index is now out of technical correction territory again, and now “only” stands -9.49% beneath its record high in mid-February and -1.94% below pre Liberation Day levels. This comes ahead of Microsoft and Meta’s earnings after the bell tonight and Amazon and Apple tomorrow. So these will go a long way towards dictating the sentiment of markets given we’re out of the most intense gravitation pull of Liberation Day now. It feels that in the last month or so AI has hardly been discussed as an investment theme after 2 years where it was the only game in town.
The main trigger for yesterday’s risk-on mood were headlines that Trump would announce some auto tariff relief ahead of tariffs on auto parts coming into force next weekend. The measures, signed later in day, prevent tariffs on autos and on steel and aluminium from stacking up on top of each other and provides partial rebates for domestic car makers on imported auto parts for the first two years. The President framed the move as giving companies “a little flexibility” at a rally yesterday evening, at which Trump also renewed his criticism of Fed Chair Powell, saying he's "not really doing a good job".
Those tariff headlines supported markets in spite of a weak batch of economic data. That included the Conference Board’s latest consumer confidence indicator, which fell to 86.0 in April (vs. 88.0 expected). Not only is that the weakest since May 2020 at the height of the pandemic, but the expectations component saw an even bigger slump to 54.4, marking its lowest since October 2011 when the post-GFC recovery was stalling and the Euro Crisis was escalating. In the meantime, the latest JOLTS report also showed job openings fell to a 6-month low in March of 7.192m (vs. 7.5m expected). Obviously that’s covering a period before Liberation Day, so markets weren’t too focused on that, but it still meant that the ratio of vacancies per unemployed individuals fell to 1.02, which is its lowest so far this cycle.
The read across for risk assets was probably limited by the fact that the Conference Board reading is still a survey and while the surveys have been consistently negative of late, hard data have been mostly holding up. So it didn’t lead to a major re-assessment about the growth outlook in the way that a negative jobs report might have done. On top of that, the details of the JOLTS report did include some more positive elements, as the quits rate of those voluntarily quitting their job hit an 8-month high of 2.1%. It also didn’t show an escalation in layoffs, as the layoffs and discharges rate fell back to a 9-month low of 1.0%. So it meant investors could still plausibly believe the narrative that a recession would be avoided, even if sentiment had taken a big hit.
However, the more negative data immediately led investors to price in more Fed rate cuts this year. For instance, the amount of cuts priced by December moved up to 97bps, which is the highest since April 8, just before Trump announced the 90-day tariff extension. In turn, that led Treasury yields to fall across the curve, with the 2yr yield (-4.4bps) falling to 3.65%, its lowest level since October, whilst the 10yr yield (-3.6bps) fell to 4.17%.
Looking forward, we’ll get a key piece of data today with the Q1 GDP release. Obviously that’s backward-looking and covers the period before Liberation Day, but it will give a strong indication of the extent to which people might have tried to import goods to get ahead of the tariffs. Indeed, yesterday we found that the goods trade deficit hit a record $162bn in March (vs. $145bn expected). So that led to a decent hit in GDP trackers, given that imports subtract from GDP growth. Indeed, the Atlanta Fed’s GDPNow estimate for Q1 is now at an annualised contraction of -2.7%, and their alternative model that adjusts for imports and exports of gold is still at a contractionary -1.5%. And our own US economists have updated their expectation to a real GDP to contraction of -0.9% in Q1 due to the surge in imports (see their note here). If today’s number does show a decline, that would be the first quarterly contraction since Q1 2022.
For now at least, equities continued their rally, with the S&P 500 (+0.58%) moving up to its highest level since Liberation Day, led by financials (+0.97%) and materials (+0.93%). Energy stocks (-0.37%) underperformed as Brent crude oil fell -2.44% to $64.25/bbl. Over in Europe, there was also a strong performance, with the STOXX 600 (+0.36%) posting a 6th consecutive gain as well, whilst the DAX (+0.69%) outperformed. The DAX has now entirely erased its losses since Liberation Day, leaving the index +0.16% above its level on April 2 and +12.64% YTD as opposed to -5.45% for the S&P 500. Meanwhile in the UK, the FTSE 100 (+0.55%) posted a 12th consecutive gain, which made it the longest run of gains since 2017.
Overnight S&P 500 (-0.47%) and NASDAQ 100 (-0.64%) futures have fallen, not helped by a -17% after hours drop in Super Micro Computers after posting disappointing results. This is a company that was a darling of the AI world and peaked out at around 118 early in 2024 and will likely open in the low 30s today. The rest of Asia is largely consolidating with the S&P/ASX 200 (+0.24%), Nikkei (+0.17%) and Hang Seng (+0.22) seeing small gains but with mainland Chinese stocks broadly flat. Elsewhere, the KOSPI (-0.60%) is lagging behind its regional peers.
Coming back to China, the official manufacturing PMI contracted to 49.0 in April this morning, falling short of the expected 49.7 and significantly lower than the previous month's 50.5. This contraction is clearly being attributed to the escalating trade war with the US. The non-manufacturing PMI also disappointed, dropping to 50.4 in April, below the anticipated 50.6 and down from 50.8 in March. Consequently, China’s composite PMI decreased to 50.2 in April from 51.4 in March, barely remaining above the 50 expansion threshold.
Elsewhere, Australia's Q1 inflation edged up to +2.4% year-over-year (expected +2.3%), holding at a four-year low. The RBA's preferred trimmed mean inflation rate fell from a revised +3.3% to +2.9% in March (expected +2.8%). The data is likely to reinforce the central bank's cautious stance and dampen expectations for aggressive interest rate cuts in the near term. Against this background, the Australian dollar is holding on to its gains, strengthening +0.27% to trade at 0.6401 against the dollar. Meanwhile, yields on the 3yr policy sensitive government bonds are -0.7bps lower settling at 3.31% as we go to print.
Turning to back Germany, today is an important one in the process to forming a new government, as the vote of the SPD membership on the coalition treaty concludes. In light of this, our economists have put out a fresh note going through that vote (link here), as well as the fiscal timelines for the 2025 budget. Their view is that there is little event risk from the SPD vote, and that they don’t expect any additional fiscal support measures (beyond the coalition treaty) unless there are tangible signs of the trade shock materialising.
Finally in Europe, sovereign bonds put in a decent performance across the continent, with yields on 10yr bunds (-2.3bps), OATs (-1.9bps) and BTPs (-2.1bps) all falling back. That came as the European Commission’s latest economic sentiment indicator fell by more than expected in April, down to a 4-month low of 93.6 (vs. 94.5 expected). Separately, the ECB’s survey of consumer inflation expectations showed 1yr expectations up to +2.9%, the highest since April.
To the day ahead now, and US data releases include PCE inflation for March, Q1 GDP, the Q1 Employment Cost Index, and the ADP’s report of private payrolls for April. Meanwhile in Europe, we’ll get the flash CPI reading for April from Germany, France and Italy, along with German unemployment for April. From central banks, we’ll hear from the ECB’s Muller, Villeroy and Makhlouf. Finally, today’s earnings releases include Microsoft, Meta and Caterpillar.
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Site: Zero HedgeSuper Micro Tanks On Disappointing Preliminary ResultsTyler Durden Wed, 04/30/2025 - 08:05
Shares of Super Micro Computer plunged in premarket trading in New York after the U.S.-based technology company reported preliminary third-quarter results that missed Bloomberg Consensus estimates.
Analysts at JPMorgan do not believe the revenue miss signals a broader industry demand slowdown. Meanwhile, Goldman analysts recently revised their peak data center capacity forecasts forward from late 2026 to this year.
"During Q3 some delayed customer platform decisions moved sales into Q4," Super Micro wrote in a business update and preliminary financial results press release on Tuesday evening, adding that it also saw "higher inventory reserves resulting from older generation products."
Super Micro produces, designs, and manufactures high-performance servers, storage systems, and networking equipment. It's a key supplier of data center hardware, and preliminary results may paint an ominous outlook for the artificial intelligence bubble.
The preannouncement forecasted third-quarter revenue between $4.5 billion and $4.6 billion, with earnings per share of 29 to 31 cents — both well below the prior guidance of $5 billion to $6 billion in revenue and earnings per share of 46 to 62 cents.
Goldman analysts Michael Ng and others provided their first take on the preannouncement:
Bottom line: SMCI should trade lower on the negative preannouncement which includes a revenue miss – at least in part driven by customer platform decision delays into next quarter – as well as a 220 bps gross margins qoq decline on higher inventory reserves on old products and new product expedite costs. We view read-throughs to the broader AI infrastructure group (e.g., DELL, ANET) as negative given the reference to platform decision delays and the gross margin pressure.
SMCI negatively pre-announced F3Q25 with a revenue, gross margin, and EPS miss. Revenue of $4.5-$4.6 bn missed GS/consensus of $5.3/$5.4 bn (prior guidance of $5.0-$6.0 bn) with SMCI citing customer delays into F4Q. Gross margins of 9.7% declined 220 bps qoq and reflected higher inventory reserves from older generation product and expedite costs to enable time-to-market for new products. EPS of $0.29-$0.31 missed GS/consensus of $0.53/$0.53 (prior guidance of $0.46-$0.62). SMCI will have its earnings call on May 6 after-market.
Ng is "Sell" rated on Super Micro ...
Here's additional analyst commentary on Super Micro (courtesy of Bloomberg):
Bloomberg Intelligence
- "Super Micro's preannounced 15% 3Q sales miss vs. prior guidance is indicative of a reliance on mega-AI deals," but "sustained product-design wins suggest AI-server activity could still be intact, despite economic concerns"
JPMorgan (neutral, PT to $36 from $39)
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The magnitude of the Super Micro miss is not representative of industry-wide challenges
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"Given the limited visibility around the opportunity for SMCI to completely catch up to the revenue push-out in the next quarter"
Citi (neutral, PT $39)
- "The company cited gross margin declined 220bps qq (Street at 12.0%) on higher inventory reserves and expedite costs, while some customer platform decisions were delayed, shifting sales to 4Q"
Lynx Equity Strategies
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"Investor concern is obviously going to be whether the much- anticipated AI capex cuts" is hurting SMCI, but "we do not think there has been a fundamental change in end market dynamics"
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"Whereas there could be some churn in orders from data centers, we think the US-based nature of SMCI's production renders their shipments to US customers relatively safe"
Remember last year, when Super Micro delayed its annual report and Ernst & Young abruptly resigned as auditor — a double whammy that sent shares crashing.
As of Tuesday's close, shares remain 70% below the all-time high of nearly $120 a share, established in early 2024. Shares have yet to recover - and crashed more in premarket on the negative preannouncement, down around 18% at the $29 handle.
Will end with pointing readers to Goldman's note from three weeks ago, which highlights that the peak data center capacity forecast was revised and brought forward (read: here).
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Site: Mises InstituteThe average U.S. disposable income for 2022 was $51,147, almost $10,000 higher than the top European country, Luxembourg, at $44,773, according to World Population Review.
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Site: Novus Motus LiturgicusAuguste Danse, Study of Three Singers (detail)The following is based on a real letter.Dear Friend,I’m sorry to hear that you’re experiencing some “ups and downs” with regard to the liturgy there, though it’s hardly surprising in a way. Your diocese is not well known for liturgical propriety or taste, and, beyond that, priests mostly have control over how the liturgy goes, which is why we end up Peter Kwasniewskihttp://www.blogger.com/profile/02068005370670549612noreply@blogger.com0
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Site: Zero HedgeMercedes Cites "Tariffs & Volatility" In Yet Another Withdrawal Of Guidance For AutomakersTyler Durden Wed, 04/30/2025 - 07:45
Some of Europe's largest automakers have withdrawn their financial guidance for the year, citing mounting macroeconomic uncertainty sparked by President Trump's trade war. While Trump signed an order Tuesday easing specific auto tariffs, Mercedes-Benz Group still withdrew its full-year outlook.
"The current volatility with regard to tariff policies, mitigation measures and resulting potential direct and indirect effects in particular on customer behaviour and demand is too high to reliably assess the business development for the remainder of the year," Mercedes warned in an earnings press release for the first quarter.
Mercedes ships Europe-made vehicles via cargo ships to North America while also producing SUVs, luxury vehicles, EVs, and vans at its Tuscaloosa, Alabama, and Charleston, South Carolina plants.
At its Tuscaloosa plant, Mercedes manufactures SUVs such as the GLE, GLS, GLE Coupe, and the ultra-luxury Mercedes-Maybach GLS, as well as electric models like the EQE and EQS SUVs. In Charleston, the company produces both the Sprinter and e-Sprinter vans.
On Tuesday evening, President Trump signed an executive order aimed at easing the burden of auto-related tariffs. The order includes provisions to lower duties on steel, aluminum, and foreign-made parts, and prevents multiple tariffs from stacking on a single vehicle. However, the 25% tariff on imported vehicles entering the US remains in place.
Under the order, additional 25% tariffs on auto parts will begin on May 3, but vehicles that go through final assembly in the US will qualify for partial reimbursements on those levies for two years.
At a rally in Michigan, Trump told the crowd his administration will "slaughter them [automakers] if they don't" re-shore critical supply chains of parts to the US.
Trump announces a rollback in his tariff policy for automobiles, but then says "we give them a little time before we slaughter them if they don't do this." pic.twitter.com/VyOaVXQi9c
— Aaron Rupar (@atrupar) April 29, 2025In addition to Mercedes, Stellantis NV, Volvo Car, and General Motors have all pulled their full-year forecasts because of tariffs.
Volkswagen has left its outlook unchanged for the year but warned it has yet to factor in the tariffs, while Aston Martin has announced plans to limit shipments of its luxury sports cars to the US.
Goldman analyst Jeremy Elster commented on the European auto industry...
AUTOS... trading flat on the day despite the guidance suspensions and cuts. Tariff relief is part of the explanation. Perhaps not directly, but because it hints at willingness to bend to industry pressuree on relief (more on tariff relief details from mark Delaney here). Going through the prints today:
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Mercedes miss & suspend guide. Saying guide would be in tact were it not for tariffs, which makes P911 material downgrades PRE tariff impacts yesterday look even worse in hindsight. The MBG 1Q is a bit better in the details; Cars margin 7.3% vs cons 6.9%, and yet another strong cash quarter (Ind FCF 2,405m vs consensus 1,790m, a 34% beat), albeit this is somewhat overshadowed by the specific cash comment on tariffs; "negative impacts on the cash conversion rates of the automotive segments cannot be ruled out either". On the call, company saying fy impact of tariffs from here would be around -300bps to Cars margins (i.e. annualised impact would be higher)… implies material downgrades (as much as 400bps vs 7% margin guide starting point, pre mitigation).
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VW first take is worse of the two German prints. Difficult to marry the optimism we heard from the company through q1 with another margins miss at Brand Group Core, but perhaps tailwinds from stronger Europe production become more evident over q2/q3. Headline group ebit is a -7% miss, margins are a 20bps miss, cash flow is more or less in-line. Guide is moved to low end of the range, but does not include any impact from tariffs.
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STLAM 1Q is revenues only, but also a small miss (-1% vs consensus). Net price -3.4% looks a little worse than feared. Guidance is suspended. Inventories ticked up slightly vs Q4 to support better expected deliveries in Europe in Q2. We've started to field some more, very hesitant, constructive incoming on STLA given tariff relief in US (relative to German OEMs), but for the stock to turn the market will need more confidence on cash and market share stabilisation.
The trade war adds to the problems for European automakers, who face muted demand across Europe and rising competition from Chinese brands, including BYD.
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Site: Fr. Z's BlogIt’s sede vacante time and all eyes are turned to Rome in anticipation of a conclave. It is appropriate to have an expert explanation of exactly how a conclave works. Forget the TV pundits and Know-It-Alls in the Catholic press. … Read More →
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Site: AsiaNews.itA 50-year-old Piedmontese, pastor of a community of just 1,400 Catholics in an immense land where the Gospel was proclaimed only 30 years ago, brings to the conclave the breath of the most extreme missionary frontiers of the Catholic Church.He is the face of a community in dialogue with Buddhist believers, with a strong educational and social vitality, in a country nestled (not only geographically) between China and Russia.
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Site: non veni pacemSaint Catherine of Siena’s disputation to the traitorous Cardinals who supported an obvious antipope
(Key passages featured here, for anyone who thinks those of us speaking up for truth are somehow in sin. God forbid. Link to the whole thing at the end. Wishing you a blessed Feast of St. Catherine of Siena, Doctor of the Church. St. Catherine, pray for us, we need it! -nvp)
Dearest brothers and fathers in Christ sweet Jesus: I Catherine, servant and slave of the servants of Jesus Christ, write to you in His precious Blood: with desire to see you turn back to the true and most perfect light, leaving the deep shadows of blindness into which you are fallen. Then you shall be fathers to me; otherwise not. Yes, indeed, I call you fathers in so far as you shall leave death and turn back to life (for, as things go now, you are parted from the life of grace, limbs cut off from your head from which you drew life), when you shall stand united in faith, and in that perfect obedience to Pope Urban VI., in which those abide who have the light, and in light know the truth, and knowing it love it…
Oh, human blindness! Seest thou not, unfortunate man, that thou thinkest to love things firm and stable, joyous things, good and fair? and they are mutable, the sum of wretchedness, hideous, and without any goodness; not as they are created things in themselves, since all are created by God, who is perfectly good, but through the nature of him who possesses them intemperately. How mutable are the riches and honours of the world in him who possesses them without God, without the fear of Him! for to-day is he rich and great, and to-day he is poor. How hideous is our bodily life, that living we shed stench from every part of our body! Simply a sack of dung, the food for worms, the food of death! …
Oh, wretched man, the darkness of self-love does not let thee know this truth. For didst thou know it, thou wouldst choose any pain rather than guide thy life in this way; thou wouldst give thee to loving and desiring Him who Is; thou wouldst enjoy His truth in firmness, and wouldst not move about like a leaf in the wind; thou wouldst serve thy Creator, and wouldst love everything in Him, and apart from Him nothing. Oh, how will this blindness be reproved at the last moment in every rational being, and much the more in those whom God has taken from the filth of the world, and assigned to the greatest excellence that can be, having made them ministers of the Blood of the humble and spotless Lamb! Oh me, oh me! what have you come to by not having followed up your dignities with virtue? …
Now you have turned your backs, like poor mean knights; your shadow has made you afraid. You have divided you from the truth which strengthens us, and drawn close to falsehood, which weakens soul and body, depriving you of temporal and spiritual grace. What made you do this? The poison of self-love, which has infected the world. That is what has made you pillars lighter than straw. Flowers you who shed no perfume, but stench that makes the whole world reek! No lights you placed in a candlestick, that you might spread the faith; but, having hidden your light under the bushel of pride, and become not extenders, but contaminators of the faith, you shed darkness over yourselves and others. You should have been angels on earth, placed to release us from the devils of hell, and performing the office of angels, by bringing back the sheep into the obedience of Holy Church, and you have taken the office of devils. That evil which you have in yourselves you wish to infect us with, withdrawing us from obedience to Christ on earth, and leading us into obedience to antichrist, a member of the devil, as you are too, so long as you shall abide in this heresy.
Ah, foolish men, worthy of a thousand deaths! As blind, you do not see your own wrong, and have fallen into such confusion that you make of your own selves liars and idolaters…
https://www.virgosacrata.com/saint-catherine-of-siena-letter.html
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Site: Zero HedgeEducation Department Finds University Of Pennsylvania Violated Title IX Over Transgender SwimmerTyler Durden Wed, 04/30/2025 - 07:20
Authored by Aaron Gifford via The Epoch Times (emphasis ours),
The University of Pennsylvania (UPenn) remains in violation of Title IX regulations lingering from a transgender-identifying athlete’s victory in an NCAA women’s swimming title for the school in 2022 and will have 10 days to resolve the issue before the matter is referred to the Department of Justice, federal officials said on April 28.
Students walk between classes in front of College Hall on the campus of the University of Pennsylvania in Philadelphia on Sept. 25, 2017. Charles Mostoller/Reuters
The announcement was made after the Department of Education’s Office for Civil Rights sent a notice of noncompliance to UPenn President Larry Jameson.
Jameson was informed that in addition to complying with current NCAA regulations and President Donald Trump’s February executive order prohibiting males from competing in women’s sports, UPenn was required to relinquish that athlete’s 2022 championship title and issue an apology to the female athletes he defeated.
The Ivy League school is also expected to issue a statement asserting that all its athletic programs comply with Title IX.
Title IX is a federal law enacted in 1972 that prohibits educational institutions receiving federal funding from engaging in sex discrimination and assures fairness for NCAA women’s sports programs. President Joe Biden interpreted Title IX to allow people to participate on sports based on their gender identities instead of based on their biological sex, and Trump reversed that under his executive order.
UPenn must also restore to female athletes their rightful records, titles, and honors, “or similar recognition for Division I swimming competitions misappropriated by male athletes competing in female categories.”
In addition, “the university must send a letter to each female athlete whose individual recognition is restored, expressing an apology on behalf of the university for allowing her educational experience to be marred by sex discrimination,” the April 28 news release said.
In 2022, transgender-identifying UPenn student Lia Thomas won a Division I NCAA women’s swimming championship in the 500-yard freestyle event after competing on the men’s team from 2017–2020.
Riley Gaines, a former Kentucky women’s swimmer who competed against Thomas, and Paula Scanlan, a former teammate of Thomas’s who had to share a locker room with the male athlete identifying as transgender, have lobbied against men’s participation in women’s sports.
“Little girls who look up to Riley Gaines and Paula Scanlan can find hope in today’s action—the Trump administration will not allow male athletes to invade female private spaces or compete in female categories,” Craig Trainor, Department of Education acting assistant secretary for civil rights, said in the news release.
“UPenn has a choice to … do the right thing for its female students and come into full compliance with Title IX immediately, or continue to advance an extremist political project that violates federal antidiscrimination law and puts UPenn’s federal funding at risk.”
The news release does not identify Thomas by name, but it does specify that these events are linked to the NCAA Division I swimming championships.
The Trump administration has already suspended $175 million of UPenn’s federal funding over issues related to the transgender-identifying swimmer.
The Epoch Times reached out to UPenn for comment.
In a March 20 statement, the school noted that it was complying with Trump’s executive orders prohibiting men from competing in women’s sports.
“Penn is in full compliance with this most recent change,” the statement said. “The university’s athletic programs have always operated within the framework provided by the federal government, the NCAA, and our conference.”
The Department of Justice recently announced that it will file a lawsuit against Maine for allowing high school transgender-identifying male athletes to compete on the state’s women’s teams.
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Site: PaulCraigRoberts.org
Dear Readers, as you know my interpretation of the Ukrainian “peace negotiations” is substantially different from that of the official narrative. I decided to ask experts in Russia for an explanation of what the Russian view of the “peace negotiations’ is. Ivan Andrianov, the director of a strategic consulting firm, has obliged me with an answer. Here it is:
Moscow’s Conditions for Peace: Between Diplomacy and Force
By Ivan Andrianov, Founder and CEO of IntellGlobe Solutions (https://igs.expert/), a strategic consulting firm specializing in geopolitical risk analysis, international security, and political forecasting. Editor-in-Chief of GEOFOR (https://geofor.ru/), an international analytical platform focused on global affairs.
Despite numerous statements, primarily coming from Western media and politicians, today it cannot be unequivocally stated that the Russian authorities are seriously considering the possibility of freezing the conflict with Ukraine along the current line of contact. Russian politicians, as well as public and behind-the-scenes experts view such a scenario with extreme skepticism.
If we carefully study the Russian media field and the statements of officials everything is essentially reduced to the position set out by President Putin last June at the board meeting of the Ministry of Foreign Affairs of the Russian Federation.
It envisions clearing Ukrainian troops from the territories of the Donetsk and Luhansk People’s Republics (DPR and LPR), as well as the Kherson and Zaporozhye regions, which became part of Russia in 2022 after local referendums. Putin stressed that Ukrainian forces must withdraw beyond the administrative borders of those territories as recorded on maps of the former Ukrainian SSR at the time of the Soviet Union’s dissolution.
There have been no recent reinterpretations or statements from the Russian president that would indicate a shift in Moscow’s position. This remains consistent with the Kremlin’s reiterated assertions that it is prepared to engage in negotiations with the United States regarding a peace settlement in Ukraine, or even directly with Kyiv — and notably, without any preconditions. However, the negotiation process itself is inherently protracted, and its eventual outcome remains uncertain.
The negotiations have been ongoing for several months, and it is evident that the Russian authorities continue to adhere to their core demands. There appears to be little reason to anticipate any fundamental shift in this position, and a number of factors – both direct and indirect – serve to reinforce this assessment.
To begin with, the map of Ukraine’s partition along the Dnieper – recently published on the basis of an interview with U.S. presidential envoy Kellogg – leaves part of the Kherson Region’s right bank under Kiev’s control and has caused considerable bewilderment within Russian diplomatic and expert circles. The same reaction is provoked by the idea of handing the Zaporozhye Nuclear Power Plant and adjacent territories – currently part of the Russian Federation – over to Kiev.
Beyond that, the Russian leadership clearly takes into account public and troop moods, which is strongly influenced by reports of war crimes against civilians in the temporarily occupied areas of Kursk Region that surfaced after their liberation, as well as regular shelling of civilian targets. Official information – highly rationed – together with private-channel reports has reinforced, in the military and, more importantly, in society, a sense of righteous anger and the desire to achieve total victory over the enemy.
Sociological surveys and reports from individuals – military experts, soldiers on leave, volunteers, and so on – returning from the combat zone point to this. It is also noted that the number of people wishing to sign contracts with the Armed Forces has risen markedly of late.
One must also remember the series of terrorist attacks periodically thwarted by Russian security services, as well as those, unfortunately, carried out. Kiev regime recently assassinated Lieutenant-General Yaroslav Moskalyk, Deputy head of the Main Operations Directorate of the General Staff. As the general left his home, a car parked opposite the entrance exploded. The Russian citizen who prepared the bomb was detained the next day and immediately brought to Moscow. During interrogation he testified that he had acted on instructions from Ukrainian intelligence, for whom he was an agent, and that the device was detonated via a cellular signal from Kiev.
It was officially announced that the vehicle had stood there for over a week, suggesting that, beyond the usual aim of terrorizing the public, this act was timed to coincide with another visit to Moscow by U.S. presidential envoy Witkoff, in order to complicate the forthcoming talks.
Notably, the secretary of the Verkhovna Rada’s National Security Committee, Mr. Kostenko, acknowledged Ukraine’s involvement in the assassination of a Russian general and further stated that any ceasefire should be used by Ukrainian special services to carry out new attacks against Russia’s political and military leadership (https://youtu.be/F0iT55Gwpic?si=nayoRMWS43Lly-EW).
In this context, the majority of experts agree that under such conditions, the likelihood of President Putin agreeing to any compromise involving the cession of territories formally enshrined as part of the Russian Federation is virtually nonexistent, as such a move would be met with extremely negative reactions both among the Russian public and within the armed forces.
Among other issues, Kursk Region has just been fully liberated and can no longer be used by Kiev as a bargaining chip. Russia, on the other hand, holds territories in Kharkov and Sumy regions that are not formally incorporated into Russia, and potentially in Dnepropetrovsk Region, from which, at various points, Russian troops are only two to five miles away and are still advancing. Some experts believe that, if necessary, these areas could be traded for something in negotiations with Kiev. At the same time, there have been no official statements – or even indirect indications – from the Russian leadership suggesting the possibility of such a scenario.
Overall, there remains deep skepticism within Russia regarding the prospects of reaching a genuine agreement through negotiations with Ukraine, even with U.S. mediation.
While welcoming White House efforts toward peace, experts note the limited ability of the Trump administration to compel Kyiv and its European sponsors not only to cease hostilities but even to make a decision to begin serious negotiations. Against the backdrop of Washington’s and Moscow’s efforts, EU countries continue to give Kyiv political and financial support and to supply weapons, military equipment, and ammunition – though in recent days there has been some shift in their rhetoric regarding the possibility of initiating a negotiating process.
It is generally noted that even if the Russian and U.S. sides reach a mutually acceptable agreement (a scenario considered quite likely in Russia), it is unlikely to be implemented because of Kiev’s provocative actions, carried out with the consent and support of Europeans – primarily the British, French, and Poles. Incidentally, the talks on Ukraine in London effectively failed.
In this regard, it is important to note that, according to several military experts, Kiev is currently finalizing preparations for a major provocation along the front line – something that Ukraine’s military leadership is, in fact, not attempting to conceal.
According to Ukrainian media and bloggers, a reserve force of about 50-70 thousand people have now been formed. Given Kiev’s previous operations of a similar nature, the version suggesting that these forces will be deployed not to reinforce front-line units, but rather to carry out a politically oriented provocation appears entirely plausible. Similar incidents have already taken place, including in Russia’s Kursk and Belgorod regions. It can be also stated with high confidence that it will be reinforced by foreign mercenaries (official Russian Defense Ministry figures indicate that nearly 2,000 Poles were killed and identified in fighting in Kursk Region this year alone, not counting citizens of other countries, total amount of the foreign mercenaries killed in the Region is about 5,000).
Ukrainians also report a shortage of tanks and other armored vehicles. As for drones and ammunition for artillery and multiple-launch rocket systems, these are still available in sufficient quantities.
Taking all of the above into account, the prevailing view in Russia is that the hot phase of the Special Military Operation is likely to continue in one form or another into current and even next year. Occasional forecasts that the operation might conclude this year are still seen as “overly optimistic” and incompatible with the balance of forces on the battlefield and with how the negotiation process is proceeding.
In practice, to maintain political stability and resilience, the Russian authorities must present the populace and the security sector with something that resembles victory in one form or another, as a capitulation of the opponent is not in prospect. The configuration of such a “victory” could include the following essential points: legal recognition of Crimea, de facto recognition of the four regions as part of Russia (Russians would likely pay little heed to the legal niceties), and the lifting of sanctions. Naturally, Moscow would not be satisfied with transferring the Zaporozhe NPP to Ukraine, even under U.S. control, nor with giving up the Kinburn Spit.
Overall, this aligns with Peskov’s statements that “in Trump’s understanding of the situation in Ukraine there are many elements that coincide with Russia’s position.” However, several issues remain. These include the part of Kherson Region on the right bank of the Dnieper with the city of Kherson, and also part of Zaporozhe Region with its administrative center. As it appears at this stage, Kiev categorically opposes transferring these territories to Moscow, creating a serious contradiction. Moreover, the Kremlin is sure to demand limits on the size of the Ukrainian army and a prohibition on any European or NATO military contingents being stationed in Ukraine.
Furthermore, even if some agreement is reached, it is unclear how it would be preserved after Donald Trump’s presidential term expires, especially if the Democrats return to power – something Moscow considers quite a likely scenario.
Moreover, there is currently no clear and reliable mechanism for monitoring the observance of any potential ceasefire. This concern is further reinforced by the previous attempt at a truce during the Easter period, which demonstrated that, even if the Kiev authorities expressed an intention to engage in a ceasefire, they exercised limited control over their military forces, who did not consistently comply with the orders issued.
It will be interesting to see how the ceasefire is observed in May, especially since Kiev now has ample time to prepare.
Returning to Russian society, most experts agree that it expects the fulfillment of the demands articulated by President Putin prior to the launch of the Special Military Operation, namely:
• Demilitarization, that is, as far as we can judge now, a serious reduction in the size of the Ukrainian Armed Forces;
• Denazification, that is the complete dismantling of Ukrainian authority and its replacement by military or diplomatic means;
• Elimination of the NATO threat, which would presumably include recognition of the four new regions and the points mentioned above;
• Retention by Russia of the territories incorporated after the referendums;
• The lifting of sanctions remains a key expectation among both Russian society and business circles.
This is the minimum program, while the maximum would be victory over Ukraine in the classical sense of the word – that is, Kiev’s capitulation. The Kremlin surely understands this as well.
Regarding the ceasefires – which the Russian authorities have now initiated for the second time, effectively on a unilateral basis – they appear to serve several purposes. First, there is the humanitarian dimension. President Putin’s emphasis on humanitarian considerations is subject to both criticism and support: some believe in the sincerity of this approach, others do not; yet it remains a factor that is difficult to ignore, although a number of experts criticize such initiatives.
Second, it appears that Moscow is attempting to leave itself a fallback option if negotiations on Ukraine become completely deadlocked or fail altogether. The Kremlin remains open to a diplomatic resolution of the conflict, but if the proposed terms are deemed wholly unacceptable – and if temporary ceasefires are systematically violated by the Kyiv authorities – this could provide the Russian leadership with the necessary justification to withdraw from negotiations and intensify military operations on what it would argue are legally defensible grounds. Judging by the pressure reportedly being applied by the U.S. administration on President Zelensky, it seems that the White House is also aware of this dynamic.
Therefore, although the Russian authorities are not opposed to resolving the conflict by diplomatic means, Moscow today strongly doubts the realism of such a scenario, and the reason is not Trump himself or the work of his administration, but who will come to power afterward. And of course we must not forget that Kiev and the EU are doing everything today to ensure no agreements are reached, so it is logical to expect that even if an agreement is achieved, it will inevitably be derailed. Making major concessions in such a situation would, as it seems, be political suicide for Russian authorities. In any case, there are definite signals to that effect.
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Site: Mises InstituteSouth Vietnam ceased to exist as a separate country 50 years ago. What followed was an object lesson on the failures of socialism, as Marxist ideology turned Vietnam into one of the world's poorest countries. Vietnam‘s “second revolution” was successfully embracing a market economy.
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Site: Zero HedgeUS NatGas Deemed "Oversold" By Goldman Ahead Of SummerTyler Durden Wed, 04/30/2025 - 06:55
Samantha Dart, Goldman's co-head of Global Commodities Research, told clients on Tuesday that U.S. natural gas prices appear oversold and reaffirmed a bullish price forecast for the summer period, citing tightening market fundamentals.
"Upside to Sum25 Henry Hub from here. On net, we continue to see U.S. gas prices as oversold. With net long positions by managed money now more normalized and fundamentals tightening into peak summer as discussed above, we maintain our Bal Sum25 Henry Hub forecast of $3.90/mmBtu," Dart said.
Dart noted that NatGas production may remain elevated into the early summer months, longer than she previously anticipated, though she expects a decline to begin in June. She explained that the recent surge in output is primarily due to previously drilled but uncompleted wells (DUCs) and delayed turn-in-line wells (DTILs) now coming online, describing this as a temporary phenomenon:
The elevated U.S. natural gas production we flagged recently might last longer into this summer than we expect, but production will ultimately move lower. To be sure, we still expect lower Appalachia production sequentially, as a weather-driven decline in Northeast heating demand pressures local wellhead prices lower1 . However, production levels might ultimately remain above our expectations into early summer. To be clear, EQT commented last week during its earnings call that this surge in production has been largely due to wells that had been previously inventoried - as drilled but uncompleted (DUCs) or delayed turn-in-lines (DTILs) - but are now producing, which we think is consistent with a strong price incentive from 1Q25 Henry Hub having averaged in the high $3s/mmBtu, with local Appalachia prices not far behind. This suggests a one-off boost to local production, with heavy declines rates for the new wells likely setting in from June.
In the Northeast, particularly in Appalachia, Dart said production will likely slide as weak local prices, driven mainly through reduced heating demand, put pressure on wellhead economics. She pointed out that U.S. power burns have recovered faster than modeled, with increased coal-to-gas switching:
C2G starting to respond. At the same time, power burns have started to recover vs our modeled expectations, suggesting that utilities are likely increasing C2G switching following the drop in gas prices. The gas share of U.S. thermal generation has started to rise and is now at the highest level year to date at 70%.
She pointed out that NatGas-fired generation now accounts for 70% of U.S. thermal generation, the highest level so far this year.
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Site: southern orders
Everyone is having fun trying to guess who the next pope will be. We won’t know until that white smoke leads to an aging cardinal who comes out on the loggia of the Basilica and says, Habemus Papam. And his name is…..Some good things are being reported by way of rumor and wishful thinking, perhaps.
One commentator says this which I think is a good thing as they would be more of Pope Benedict’s school of thought of inner healing, clear teachings, beautiful liturgies, beautiful papacy and orthodoxy:
Prominent among these emeritus kingmakers are names like O'Malley, Ruini, Piacenza, Bagnasco, Cipriani, Antonelli, and Onaiyekan. They are there, talking to everyone, listening more than talking, and generating a kind of consensus that is not based on ideology, but on memory. They [the younger ones] are not looking for a new Pope with a program, but with solidity.
The Jesuit rag, America, has stated, and with a little anxiety, no doubt, that the buzz words (code words) in the pre-conclave discussions are “clarity, confusion and unity.” Obviously, the former Pope Francis never provided true clarity, he sowed confusion and undermined unity.” All of these things are the antithesis of what the papacy should do.
Even post-Catholic and Jesuit, Fr. James Martin, voices the concerns of those who want the LGBTQ+++ ideology enshrined in Catholic doctrine and practice. They are filled with anxiety that the next pope will reverse the processes towards a post-Catholic heretical new morality as it concerns sex and anything goes that the former Pope Francis initiated with loose talk and blessing same sex couples actively engaged in various forms of sodomy and other sexual disorders and gender dysphoria. Who is the Church to judge?
And I am reading that Cardinal Parolin is still considered a front runner. I think he will be a calming influence in the Vatican and the Church and could bring some healing in terms of the chaos the former Pope Francis caused.
However, the Pillar reports this morning that a Chinese diocese has just named a new bishop while the Church has no pope to confirm it.
This is what Parolin caused. This has angered many Asian bishops and clergy and laity. Pope Francis approved of this kind of thing.
So, I am not so sure Cardinal Parolin will be elected, but we’ll have to wait and see.
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Site: southern orders
Everyone is having fun trying to guess who the next pope will be. We won’t know until that white smoke leads to an aging cardinal who comes out on the loggia of the Basilica and says, Habemus Papam. And his name is…..Some good things are being reported by way of rumor and wishful thinking, perhaps.
One commentator says this which I think is a good thing as they would be more of Pope Benedict’s school of thought of inner healing, clear teachings, beautiful liturgies, beautiful papacy and orthodoxy:
Prominent among these emeritus kingmakers are names like O'Malley, Ruini, Piacenza, Bagnasco, Cipriani, Antonelli, and Onaiyekan. They are there, talking to everyone, listening more than talking, and generating a kind of consensus that is not based on ideology, but on memory. They [the younger ones] are not looking for a new Pope with a program, but with solidity.
The Jesuit rag, America, has stated, and with a little anxiety, no doubt, that the buzz words (code words) in the pre-conclave discussions are “clarity, confusion and unity.” Obviously, the former Pope Francis never provided true clarity, he sowed confusion and undermined unity.” All of these things are the antithesis of what the papacy should do.
Even post-Catholic and Jesuit, Fr. James Martin, voices the concerns of those who want the LGBTQ+++ ideology enshrined in Catholic doctrine and practice. They are filled with anxiety that the next pope will reverse the processes towards a post-Catholic heretical new morality as it concerns sex and anything goes that the former Pope Francis initiated with loose talk and blessing same sex couples actively engaged in various forms of sodomy and other sexual disorders and gender dysphoria. Who is the Church to judge?
And I am reading that Cardinal Parolin is still considered a front runner. I think he will be a calming influence in the Vatican and the Church and could bring some healing in terms of the chaos the former Pope Francis caused.
However, the Pillar reports this morning that a Chinese diocese has just named a new bishop while the Church has no pope to confirm it.
This is what Parolin caused. This has angered many Asian bishops and clergy and laity. Pope Francis approved of this kind of thing.
So, I am not so sure Cardinal Parolin will be elected, but we’ll have to wait and see.
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Site: Mises InstituteThe first 100 days of the second Trump administration have made it clear that those who want the foreign policy status quo to continue are serious about doing what it takes to accomplish their goals, while those who want to change it are not.
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Site: Catholic Herald
As the world’s most exclusive club prepares to elect the new pope, they are in the midst of an immediate test of just how seriously they will take the issue of clerical sexual abuse due to a Peruvian cardinal who is participating in pre-conclave meetings despite abuse allegations against him.
Peruvian Cardinal Juan Luis Cipriani, 81, is not eligible to vote in a conclave due to his age, while in 2019 he was subject to restrictions on his ministry imposed by Pope Francis over allegations lodged a year prior that he had sexually assaulted an adolescent boy.
Those sanctions, which Cipriani accepted and signed off on just before turning 75, apparently barred him from the following: wearing his red cardinal robes and other symbols associated with the cardinalate, returning to Peru without permission, making public declarations, and participating in a future conclave while he was still of age to do so.
Cipriani has repeatedly denied the allegations, which went public in January 2025 when Spanish newspaper El Pais revealed that Cipriani’s ministry had been restricted after an apparent victim complained to the Vatican in 2018, and that another similar complaint was lodged in 2002, but had apparently come to nothing.
These restrictions were confirmed by Vatican spokesman Matteo Bruni, who in January said Cipriani in 2019 had “imposed a penal precept with some disciplinary measures” and which, Bruni added, “appear to still be in force.”
These measures, Bruni said, were “related to his public activity, place of residence and use of insignia”, and were “signed and accepted” by Cipriani himself.
Despite these restrictions, Cipriani has repeatedly violated them, traveling to Lima in January to receive a prestigious award from the city’s mayor, Rafael Lopez Aliaga, and issuing several public statements over the past two months denying the allegations against him, while accusing Pope Francis of undue process, and demanding that the Peruvian bishops rectify statements confirming the restrictions on his ministry.
He has also disobeyed the order not to use his cardinal insignia and symbols, showing up in his red cardinal robes to pay respects to Pope Francis on 24 April, while the late pontiff was lying in state, and at a Vespers service for the Pope held 27 April in the Basilica of St. Mary Major, where the body of Pope Francis is buried.
Cipriani has also been seen leaving the Vatican’s Paul VI audience hall, where pre-conclave general congregation meetings are taking place, with the gaggle of other cardinals present.
Vatican spokesman Matteo Bruni said the issue of clerical abuse was discussed by cardinals on 28 April as part of a discussion on the many challenges the Church faces.
When asked about Cipriani’s participation, Bruni said that the Vatican constitution governing conclave rules, Universi Dominici Gregis, made it clear that all cardinals without personal impediments such as illness were summoned to participate.
While the document does not include any specific rules barring prelates accused of sexual abuse from participating in a conclave or pre-conclave meetings, it does include provisions allowing cardinals to handle urgent matters as a collective body.
Point six of the constitution says, “should there be a problem which, in the view of the majority of the assembled Cardinals, cannot be postponed until another time, the College of Cardinals may act according to the majority opinion.”
The third paragraph of point seven in the document says: “During the time of the election, more important matters are, if necessary, dealt with by the assembly of the Cardinal electors.”
It thus falls to the cardinal electors, presumably under the leadership of the Dean of the College of Cardinals, Italian Giovanni Battista Re, to determine whether Cipriani ought to continue attending the general congregations.
Asked about Cipriani’s participation again during an April 29 briefing, Bruni did not respond to observations that Cipriani was disobeying orders from Pope Francis, but referred to his January statement in which he confirmed the restrictions on Cipriani’s ministry, and that they were still in effect.
The mushrooming controversy over Cipriani’s participation comes after another question of attendance at the conclave involving Italian Cardinal Angelo Becciu, who was stripped of his rights and duties as a cardinal by Pope Francis in 2020 for alleged financial crimes and found guilty and sanctioned for these crimes by the Vatican’s court in 2023.
Becciu had initially, when general congregations began, argued publicly that he was never banned from participating in a conclave; however, he has withdrawn after reportedly being shown documents signed by the Pope confirming it was his will that Becciu should not participate.
The question that the cardinals now face is what to do, if anything, about Cipriani, given the allegations against him and his blatant disobedience of the restrictions imposed on him by Pope Francis.
The Peruvian bishops earlier this year confirmed the existence of a penal precept against him, presumably incurring sanctions for disobedience, but it is unknown what these sanctions involve, and who might impose them during the sede vacante before a new pope is selected and assumes leadership of the Catholic Church.
Although Cipriani is not an elector, his presence at general congregations has caused alarm among victims and activists who believe his presence is an insult to survivors and that it is also hypocritical given the apparent concern over the clerical abuse scandals among the College of Cardinals.
Multiple victims, experts and advocacy groups have condemned his presence, with advocacy group Bishop Accountability saying on 28 April that Cipriani’s participation “reassures abusive bishops of their colleagues’ continuing support even as it sends a distressing message to abuse victims. It revives the haunting idea that the Church is safer for accused clergy than for children.”
Many observers note that on the whole, while Pope Francis made his share of mistakes over the clerical abuse issue, he ultimately tried to do the right thing, and decisions such as defrocking former cardinal and priest Theodore McCarrick and suppressing the Peru-based Sodalitium Christianae Vitae marked significant progress on this front.
The case of Cipriani marks the first real litmus test since the Francis papacy came to an end as to how the current body of cardinals will respond to the Church’s abuse crisis, and what sort of action can be expected when it comes to high-ranking, influential prelates who face allegations.
It will be especially noteworthy if a cardinal accused of and punished for financial crimes was forced out of the conclave, while a cardinal accused of and punished for sexual crimes against minors is not.
If paragraphs six and seven of Universi Dominici Gregis are applied in this case, the cardinals can collectively make a decision about his participation. Presently, they don’t appear to be doing that.
RELATED: Controversy erupts as sanctioned cardinal attends pre-conclave meetings
Photo: Peruvian cardinal Juan Luis Cipriani lifts a blessed host during the celebration of the Corpus Christi in Lima’s main square (CRIS BOURONCLE/AFP/GettyImages)
The post Cipriani controversy tests cardinals’ resolve on clerical abuse ahead of conclave first appeared on Catholic Herald.
The post Cipriani controversy tests cardinals’ resolve on clerical abuse ahead of conclave appeared first on Catholic Herald.
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Site: Mises Institute
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Site: Mises InstituteThis is really the "Biden stagnation" but Trump has made it his own by raising taxes and stifling international trade. So, now Trump owns it.
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Site: Mises InstituteThis is really the "Biden stagnation" but Trump has made it his own by raising taxes and stifling international trade. So, now Trump owns it.
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Site: OnePeterFive
Above: a photo op with the Synod on Synodality. Source. The Scene: Several months have elapsed since the death of the pope. After days of debate over who might become the next pontiff, speculation has turned to when the conclave will be over. What is taking so long? Rumors abound: might there be fierce infighting among the cardinals? Might the churches in various geographic territories be…
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Site: PeakProsperityJoin Chris and Evie for the Signal Hour live at 1pm ET.
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Site: PeakProsperityPremium members may join Chris and Evie for an extended version of the Signal Hour live at 1pm ET.
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Site: Zero HedgeNetanyahu's Wife Caught On Mic Saying 'Fewer' Than 24 Hostages Alive In GazaTyler Durden Wed, 04/30/2025 - 05:45
It appears that Israel has intelligence which strongly suggests the majority of 59 hostages remaining in Gaza are dead. It has long been acknowledged that at least some of the captives are deceased, but the Israeli government has kept a tight lid on information it has on the numbers.
And Israeli Prime Minister Benjamin Netanyahu’s wife Sara has unleashed new controversy, heightening tensions and outrage from victims' families. She was heard on a hot mic at an event on Monday saying that "fewer" than 24 hostages are still alive in Gaza.
via Flash90
It's unclear whether she intended to be heard by the audience at a moment her husband, PM Benjamin Netanyahu was speaking, but she muttered something key and it was picked up by the microphone.
Below is CNN's account of what happened and what was said:
"We have of course an important task, not only to win but also to bring home (the hostages)," Netanyahu said at a meeting with Israeli holiday torchbearers on Monday. "Until today we have returned 196 of our hostages, 147 of whom were alive. There are… up to 24 living. Up to 24 living."
"Fewer," Sara Netanyahu interrupted quietly, seated to her husband’s right.
"I say up to," Netanyahu quickly responded. "And the rest are, I’m sorry to say, not alive. And we will return them."
Lately Israeli officials have issued alarm, saying they believe more hostages may be in danger of dying as the conflict drags on. Ceasefire negotiations with Hamas have been collapsed and nonexistent for months at this point.
Victims' families and anti-Netanyahu protesters have demanded the resumption of the truce deal, in order to see the remaining captives released. The Netanyahu government has instead opted for a military solution.
"On the eve of Memorial Day, you sowed indescribable panic in the hearts of the families of the hostages – families already living in agonizing uncertainty," the Hostages and Missing Families Forum said in a statement, blasting Israeli leadership.
"If there is intelligence or new information regarding the condition of our loved ones, we demand full disclosure," the group said, and urged that if the prime minister's wife has new information she should make it known immediately.
"If the wife of the prime minister has new information about the kidnapped who were killed, I demand from her to know if my Matan is still alive, or if he was murdered in captivity because your husband refuses to finish the war," Einav Zangauker, the mother of one of the hostages, also said on social media, as quoted in CNN.
Israel's military has vowed to eradicate Hamas, but that's easier said than done given the vast tunnel network of the terror group remains in place. It's also believed there are still tens of thousands of Hamas fighters.
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Site: Real Investment Advice
Our recent article, Swaps and Basis Trades Warn Of Mounting Liquidity Problems, touched on negative interest rate swap spreads as an omen of potential liquidity problems. To stay on the topic of liquidity, we didn’t provide much detail about swaps. Nor did we discuss their importance to the financial system. Accordingly, we ended the discussion as follows:
Given the complexity of interest rate swaps and their importance to the plumbing of the entire financial system, we will discuss them further in a coming article.
Shockingly, given that we thought readers would find interest rate swaps dull or wonky to most readers, we have received a few emails asking for more information. Given the importance of liquidity to all markets and how interest rate swap spreads are a good liquidity barometer, it's worth giving you that “coming article” now.
The Interest Rate Swap Markets
For those who didn’t read our prior article, we share context about the size of the interest rate swap markets.
For a proper framework, the approximate total market cap of the U.S. stock market is $50 trillion, and the global stock market, including the U.S., is about double that. Furthermore, the global bond market is approximately $133 trillion.
As shown below, the notional value of all outstanding interest rate swaps is approximately $575 trillion or more than double the combined value of the global bond and stock markets!
What Are Interest Rate Swaps?
Interest rate swaps are derivative contracts in which two counterparties agree to swap a series of cash flows over a set schedule for a defined term.
Most commonly, one party agrees to make periodic payments at a fixed interest rate and, in return, receives floating-rate payments. The counterparty receives the fixed payments and pays the floating rate.
Dealers quote interest rate swaps as either the yield on the fixed rate side of the agreement or the difference between the fixed rate yield and that of an equivalent duration U.S. Treasury bond. The latter, which is more common, is called the swap spread.
The floating-rate leg is commonly based on the daily Secured Overnight Financing Rate (SOFR). SOFR, the recent replacement for LIBOR, is the interest rate banks pay or receive from each other to borrow or lend money overnight, with U.S. Treasury securities serving as collateral. Because US Treasury assets secure such overnight borrowing, SOFR is essentially a risk-free overnight interest rate. SOFR typically trades slightly below the Fed's targeted Fed Funds rate. Fed Funds are unsecured overnight loans between banks; thus, they involve some credit risk.
It's worth sharing that there are many other types of swap contracts. Here are a few of the more complex agreements, courtesy of Grok.
Digging In Deeper
To better appreciate a “plain vanilla” interest rate swap contract, we analyze a hypothetical ten-year annual paying interest rate swap. As we were writing this article, the ten-year swap spread was trading at -26 bps. The swap rate was 4.14%, 26 basis points less than the ten-year UST (4.40%).
Accordingly, the pay fixed side (payer) will pay 4.14% annually for ten years. In return, they receive the daily compounded SOFR rate. Conversely, the other counterparty, the receiver, will receive 4.14% annually and pay the daily compounded SOFR rate. Instead of payments being made by both counterparties, payments are netted out. Thus, only one party makes a payment at each payment interval.
The payment periods can be monthly, quarterly, semi-annually, or annually. Interest rate swaps can be tailored to the demands of both counterparties. This can include the amount and type of collateralization underlying the contract. Furthermore, it’s common to add basis points to the receiving side of the swap to offset credit concerns. For instance, the agreement may have a swap spread of -26 bps and the SOFR rate plus 12 bps.
When pricing a swap, the fixed rate is determined by calculating the forward value of the daily SOFR overnight rates over the entire swap term. As a result, both sides are entering into a contract based on the current market pricing of expected daily overnight rates for the next ten years.
The illustration and definition below are courtesy of Pimco:
At the time a swap contract is put into place, it is typically considered "at the money," meaning that the total value of fixed interest rate cash flows over the life of the swap is exactly equal to the expected value of floating interest rate cash flows.
Who Uses Swaps And Why?
Interest rate swaps are speculative vehicles and vital risk management tools. We share details of how and why some of the largest swap traders use them. However, plenty of other types of participants and users exist.
Speculators:
Unlike buying a bond with cash, an interest rate swap is a derivative contract. Thus it requires only a small amount of up-front cash or collateral. Accordingly, a speculator can effectively make a leveraged bet on interest rates, requiring little capital.
For example, an investor with $100 million can buy a ten-year bond. By doing so, they would forgo the money market yield on the cash but earn the bond return. Effectively, they will receive the bond's fixed rate payment and pay, via opportunity cost, the money market yield.
Alternatively, instead of using cash, the investor can enter a swap agreement to receive a ten-year fixed yield and pay the floating rate. Not only would the return profile versus the opportunity cost (money market rates) look like the cash-bond investment, but after posting a small amount of collateral, the speculator would still have most of the $100 million to invest in something else. They could also post the entire $100 million of cash as collateral and enter into a much larger interest rate swap agreement. Doing so would give the investor much more exposure to bond yields.
Due to the inherent leverage in swaps, many speculators prefer interest rate swaps over bonds. The benefit of leverage also helps explain why some investors buy swaps at a negative swap spread.
Corporate Treasurers:
Corporations use interest rate swaps to convert floating-rate debt payments into long-term fixed payments synthetically. For example, a company enters a pay-fixed rate/receive-floating-rate swap contract. Alongside the agreement they will issue floating-rate debt or a series of short-term bonds matching the floating-rate component of the swap.
The floating-rate debt makes them a floating-leg payer, offsetting the receive floating portion of the swap. What's left is the pay-fixed leg of the swap. The series of transactions effectively transforms floating-rate debt into fixed-rate debt.
Since credit risk increases with time, most companies can borrow more cheaply and find better liquidity for shorter-maturity paper. Thus, a swap combined with a series of short-term debt issuances, or a floating-rate bond, allows them to take advantage of short-term market pricing yet lock in a fixed rate for an extended period.
Banks/Interest Rate Risk Management:
Banks are among the most active users of interest rate swaps. Their risk management teams constantly aim to match the duration of their fixed-rate assets (loans and fixed-income securities) with the duration of their debt and deposits. Given that banks tend to use 10x leverage or more, duration mismatches between assets and liabilities can introduce substantial interest rate risk.
For instance, a bank with a weighted average duration of five years on its assets and three years on its liabilities is running a two-year duration gap. To help shrink the gap, the bank could enter into a five-year pay-fixed and receive floating-rate swap. Paying the fixed rate is the equivalent of shorting the bond market. Thus, they are reducing the duration of their assets and, therefore, closing the duration gap.
As an aside, while interest rate swaps help manage interest rate risk, Credit Default Swaps (CDS), a topic for another article, help banks and others manage credit risk.
Why Are There Negative Swap Spreads?
With an appreciation for interest rate swaps and some motivations driving the most prominent players to use them, let's discuss why swap spreads are currently negative. To reiterate, the swap spread is the difference between the longer-term fixed leg of the trade and an equivalent duration Treasury note or bond.
The graph below shows that the ten-year swap spread is at its most negative level in the last five years. Why should the pricing differ by that much if the credit risk and interest rate risk of interest rate swaps and U.S. Treasuries are very similar?
Negative Spread Narratives
Today, there are three popular narratives that we believe are the predominant forces accounting for the negative spread:
- Liquidity/Regulatory
- Deficits
- Speculators Seeking Duration
Liquidity
Banks must hold capital against bond holdings. Thus, when liquidity becomes scarce in volatile markets, they are more likely to buy or sell interest rate swaps versus bonds, as the exposure and impact on their income statements are similar, but the capital requirements are less onerous.
Moreover, it's often easier and less costly to make a large trade in the swaps market than in the bond market.
In Swaps And Basis Trades Warn Of Mounting Liquidity Problems we wrote:
Banks are forced to sell Treasury securities to raise needed capital, i.e., increase their liquidity. Doing so creates a duration mismatch between their assets and liabilities. Therefore, to manage interest rate risks, they enter into interest rate swap agreements to maintain the duration of their assets. As the demand to receive the fixed rate mounts, the swap rate (rate on the fixed-rate leg of the swap) trades lower. Today, it sits below Treasury rates, thus at a negative spread to Treasuries.
Due to capital requirements, liquidity, and trading costs, paying a premium for swaps, i.e., a negative spread, can make sense.
Deficits
We asked a contact at a significant derivatives dealer why swap spreads were getting more negative and received the following email answer:
"Everyone thinks/knows that the fiscal deficit will get worse. Trump's election did nothing to dissuade that. Higher deficits…more U.S. Treasury issuance…higher U.S Treasury yields."
When asked about other factors, he opined that his bank thought 90% of the swap spread discount versus Treasury securities was deficit-related.
Essentially, our friend believes investors are concerned that higher deficits will result in more debt issuance. Therefore, investors are pushing yields on Treasury securities higher as they demand a "term premium" to protect them from the extra supply. Swap levels are not directly impacted by greater debt issuance.
Jeff Snyder's Opinion – Duration Buying
Next, we watched a YouTube video of Jeff Snyder, an expert on the interest rate swap markets. He states the following:
"All swaps tell us is that the market is strongly forecasting rates to go down and stay there. We have to fill in the blanks for what that might mean, and there is no one scenario which would fit. This could be a recession, but even that can lead to multiple different near-term outcomes which eventually converge in the future the swap market has projected. The global economy has already moved in the way swaps were pricing despite so many doubts - including many who said inflation would force rates forever higher."
Jeff argues that speculators are buying duration via the swap market. While the fixed rate on swaps is lower than similar duration U.S. Treasury yields, swap payers need little cash, as we noted earlier. Thus, the benefits of the leverage more than offset the lower yield. Furthermore, liquidity in the interest rate swap markets is plentiful.
Summary
Oftentimes, liquidity problems show up in the more popular stock and bond markets well after they expose themselves in other markets, such as interest rate swap agreements. As we graphed, interest rate swap spreads have declined into negative territory for over three years.
If liquidity were plentiful, and thus leverage cheap and easy to attain, why would someone agree to receive 26 basis points less via a swap than a cash bond?
The post Interest Rate Swaps: Plumbing Of The Financial System appeared first on RIA.
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Site: Real Investment Advice
According to Bloomberg, Yale University could sell as much as $6 billion of its private equity investments. Such a sale would represent about 15% of its total endowment fund and a third of its private equity holdings. Yale was a frontrunner among endowment funds investing in private equity. Its well-known ex-investment manager, David Swensen, believed that less liquid alternatives like private equity, compared to liquid market assets, provide investors with more compelling return possibilities that more than offset the liquidity constraints.
Over the last decade, the popularity of private equity has grown, resulting in lower potential returns. The risk/reward ratio has changed. Or more simply, investors are not paid as handsomely to take on liquidity risks as they were. This construct helps explain Yale's desire to sell some of its private equity holdings. Per Yale’s chief investment officer, Matt Mendelsohn:
While the strategy has worked well to date – the endowment returned 10.3% per year during the 20 years ending June 30, 2024 – market conditions are shifting. As Mendelsohn noted, “success over the next four decades will look different than success over the last four” – and the allure of private equity may be fading. Bain & Co. noted that while buyout funds still outperform public markets over longer periods, that edge is eroding. With competition keeping acquisition prices high and debt costs elevated, generating alpha has become increasingly difficult. - Bloomberg
The graph below highlights that the S&P Private Equity Index has grossly underperformed the S&P 500 since 2015. However, the index only represents listed private equity companies meeting specific requirements.
What To Watch Today
Earnings
Economy
Market Trading Update
Yesterday, we touched on the recent rally from the lows that reversed the entire "tariff announcement" plunge. However, the recent rally, while encouraging, has taken the markets back to near-term overbought conditions as noted in this past weekend's #BullBearReport. In that report, we produce our market/sector relative analysis report, which includes a graph on the current overbought/oversold conditions of major markets and sectors. As shown, everything is overbought currently, which usually precedes a short-term correction.
While the market has recovered the losses following the tariff announcement, it is still struggling within a broad trading range from the summer of last year. Upside remains limited to 5700, and with the markets back to short-term overbought (as noted above), I would be reticent of chasing markets too much further. As we have discussed often, if the sell-off from the February peak was emotionally distressing, or you suffered more severe losses than the market itself, you were carrying too much risk. Use the rally to reduce risk, raise cash, and rebalance exposures. If the market continues to rally in the near term, continue that process.
We currently have a short-market hedge in our portfolio, along with elevated cash levels, which we will add to accordingly. For now, we remain cautious of the market until the technical backdrop improves. As shown in the chart above, the number of stocks trading above their respective 50- and 200-day moving averages has reached very low levels and started to turn higher. That is a good sign that the recent correction lows are possibly the bottom of this cycle. However, there is enough technical damage to the markets to suggest that we will likely see another decline before this correction process is complete.
Continue to manage risk and remain cautious for now.
JOLTS
According to the BLS JOLTS report, the number of job openings fell to 7.192 million, down from 7.48 million. The ratio of job openings to those unemployed fell to 1.0, matching its four-year low and below the levels preceding the pandemic. Despite fewer companies looking for employees, layoffs declined from 1.79 million to 1.56 million.
The bottom line is that this report shows no sign of significant weakening in the labor markets. However, JOLTS lags other labor market data by a month. ADP, Jobless Claims, and Friday's BLS report will provide a more up-to-date assessment.
Understanding The Benefits And Risks Of Annuities
When planning for retirement, securing a reliable income stream is a top priority. Many retirees turn to annuities for retirement income as a way to guarantee financial stability. Guaranteed income strategies help retirees maintain cash flow throughout their lives, reducing the risk of outliving their savings.
However, while annuities offer security and predictability, they also come with limitations, fees, and liquidity restrictions that should be carefully considered. In this guide, we’ll explore what annuities are, the different types available, their benefits and risks, and when they make sense in a retirement income plan.
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The post Yale To Trim Billions Of Private Equity Holdings appeared first on RIA.
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Site: Crisis Magazine
Does anybody in the hierarchy still believe that not all dogs and people go to Heaven…at least immediately? Following the announcement of John Paul II’s death, apparently all Holy Fathers now go directly by courtesy line to “the home of the Father.” And there have already been murmurings of “santo subito” about Francis. In his funeral homily, Cardinal Re asked Francis to “bless the whole world…
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Site: Fr. Z's BlogThere was obviously no love lost – in life or in death – betwixt Archbp. Carlo Maria Viganò and Francis. These days, Viganò is reported by LifeSite to be saying that cardinals created by Francis cannot legitimately elect a new … Read More →
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