US Markets - First Look

S&P +36bp (near highs)

10-Year Yield 4.26

USD -18bp

Euro Stoxx -24bp

Brent -12bp

BTC +10bp

US Markets

US markets are higher this morning, following through as yields behave.

International Markets

European markets are slightly lower with banks and autos outweighing the tech bid.

• European ports overflowing as Trump tariffs cause congestion FT

Asia was mostly higher overnight (Japan +50bp, China +58bp)

• China’s manufacturing activity shrinks again FT

Themes

• US-Canada trade talks revived Reuters

• Ugly GOP bill clears key Sentae hurdle CNBC

• Massive Russian offensive in Ukraine WSJ

Data

• A wild quarter on Wall Street WSJ

• Chicago PMI @ 9.45am…

TMT:

• Canada scraps digital services tax on US firms (ft)

• How India makes iPhones (nyt)

Consumer:

• Success is quieter for younger Americans (wsj)

• I mean, it’s jell-o (nyt)

Industrials:

• The vulnerabilities holding back Chinese industry (ft)

Transports/Autos/Airlines:

• Hypercar (link)

• Musk conniption as EV credits cut (bn)

Energy:

• The fascinating story of oil production (link)

• How BP became a target (cnbc)

Commodities:

• Skyrocketing cocoa prices (ft)

Housing/REITs:

• Home sales stuck in the mud (axios)

• Florida woos NY wealthy (nyp)

Financials:

• Rising de-dollarization (link)

• Hedge funds look to private credit (ft)

• M&A ripping (bn)

• FOMO call buying (bn)

• ING has too many MDs (bn)

• Canadian markets closed tomorrow.

Healthcare:

• The VA is not OK (ap)

• Tax dollars to be cut off from hospitals castrating kids (wsj)

Politics:

• SCOTUS limits lower court nationwide injunctions (nyt)

• Dodgy GOP math (wsj)

• Ideology makes strange bedfellows (ap)

NYC:

• Mamdani’s remarkable victory was won by hustling (ap)

• Will the wealthy flee NY? (ap)

Misc:

• ChatGPT can deliver some savage put-downs (link)

• Free speech is only for approved opinions (ap)

• A wickedness beyond words (nyp)

Trivia:

• Orcas were seen using tools (ap)

• Deport (nyt)

Quote of the Day: “The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries.” Winston Churchill

Podcast/Track of the Day: Why Diddy (probably) gets away with it Daily

Random Factoid: One quarter of the bones in your body are in your feet.

This Day in History: The world's first emergency telephone number, 999, is introduced in London. 1937.