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@ISIDEWITH submitted…4hrs4H
Oil tumbled after OPEC+ unexpectedly rolled out a plan to restore some production to the market this year, adding to the bearish momentum crude has been experiencing for months.OPEC and its allies over the weekend agreed to start rolling back some production cuts starting in October, earlier than many market watchers had expected. The curbs will continue in full in the third quarter, before gradually phasing out over the following 12 months. Analysts had been torn on whether the decision would be bearish for crude, or whether the group would still be able to diligently manage the market.Oil has dropped over the past two months as geopolitical risks ebbed and demand showed signs of weakening. Evidence of a softening physical market has also arisen, with Brent’s prompt spread narrowing to 13 cents, closely approaching a bearish contango structure that signals ample supplies in the near future.“The market is coming to terms with the wind-down of the voluntary cuts starting in October,” Ryan McKay, a commodity strategist at TD Securities, wrote in a note on Monday. “The easing of supply risk premia has already been weighing on prices and spreads, and the OPEC agreement has done little to turn that tide.”
The Federal Trade Commission is preparing to file a lawsuit against the largest U.S. alcohol distributor, Southern Glazer’s Wine and Spirits, over practices related to how it prices and sells wine and liquor around the country, according to four people with knowledge of the matter.The case would represent yet another move by the Biden administration to rein in dominant companies in all sectors of the economy, as it tries to demonstrate it is fighting to bring costs down for the average consumer. This year the Justice Department has filed sprawling lawsuits against Ticketmaster and Apple and the FTC has sued to block major grocery and consumer goods mergers. The agency has also been scrutinizing supply chains in the grocery and food sectors, saying in March that dominant suppliers and retailers have used their market power to increase prices at the expense of consumers.In recent weeks, FTC staff investigating Southern Glazer’s Wine and Spirits have recommended a lawsuit under the Robinson-Patman Act, some of the people said. The 1936 law is meant to prevent suppliers from offering favorable pricing to certain retail customers over others — typically meaning large chain stores over mom and pop outlets. The FTC has not brought a case under the law in well over 20 years.
Back on January 24, we told premium subs to our private news feed that Chinese stocks had plunged too far, too fast, and that the time to buy China (via FXE) had arrived. In retrospect, we timed that call perfectly as it was the bottom-tick for Chinese equities. Several months later, well after our readers had already put the trade on, the always delayed Wall Street lemming brigade turned very bullish on China, however with far more risk and far less upside.Then, one month ago when we concluded that Chinese stocks had moved too far, too fast, on May 6 we told subs that the time to close the FIX trade had come as we, too, unwound out long China position at a 25% profit in just over three months.It appears that call too was almost perfect, because after extending fractionally beyond our sell level, Chinese stocks have since slumped and it now appears that the sell brigade has also arrived (one month after our reco; incidentally readers who wish to become premium subscribers can do so here).As Goldman's John Flood writes in his daily Chart of the Day, what stood out to him from the latest Goldman weekly Prime Brokerage data is that "Hedge funds unloaded Chinese stocks across all channels last week and at the fastest pace since last summer" and after net buying Chinese equities in 7 of the previous 8 weeks (modest in magnitude), HFs reversed course and have picked up the pace of selling again.In other words, they are doing precisely what we said to do... with the requisite 1 month delay.As shown in the Goldman PB chart below, Chinese equities collectively were net sold for a second consecutive week on the Prime book – last week’s notional net selling was the largest since Aug ‘23.
@ISIDEWITH submitted…5hrs5H
President Biden on Monday urged Qatar’s ruling emir, Sheikh Tamim Bin Hamad Al Thani, to pressure Hamas to accept the cease-fire proposal Israel offered.The two leaders spoke on the phone, during which they confirmed that the cease-fire and hostage release deal is on the table and that the next step is Hamas taking it.The president on Friday announced the terms of an Israel-led proposal that includes a three-part road map to an end to fighting and the release of all remaining hostages, signaling the strongest indication yet of an end to the war since the Oct. 7 attacks.“The President confirmed Israel’s readiness to move forward with the terms that have now been offered to Hamas,” according to a readout of the call. “He urged Amir Tamim to use all appropriate measures to secure Hamas’ acceptance of the deal and affirmed that Hamas is now the only obstacle to a complete cease-fire and relief for the people of Gaza.”Israel offered the deal after conversations with the United States and the leaders of Qatar and Egypt, as well as other Middle Eastern countries, Biden said Friday. The proposal was transmitted to Hamas via Qatar on Thursday.Biden, on the call on Monday, “emphasized that this is the best possible opportunity for an agreement, and that Hamas’ ongoing refusal to release hostages would only prolong the conflict and deny relief to the people of Gaza,” according to the White House.He also confirmed that the U.S., Egypt, and Qatar would “would work to ensure the full implementation of the entire agreement.”
@CommittedG3rrym4nder from Massachusetts submitted…5hrs5H
Sen. Bob Menendez, D-N.J., has filed a petition with nearly 2,500 signatures, to run for reelection as an Independent, despite being on trial for federal bribery charges.After much speculation over whether Menendez would run for re-election — given the various criminal charges he faces of conspiracy, obstruction of justice, bribery, acting as a foreign agent, extortion and honest services fraud — he revealed in March that he would not be filing for the Democratic Senate primary.Instead, Menendez proclaimed at the same time, his desire to run as an independent if he is exonerated during his summer trial.He did not immediately respond to Fox News Digital’s request for comment on his bid for reelection.Menendez and his wife, Nadine, have both pleaded not guilty to bribery and obstruction of justice charges. They are accused of accepting hundreds of thousands of dollars in bribes in the form of cash, gold bars and a Mercedes-Benz, for the benefit of various business persons and the Egyptian government.
@9NHP5N9from Ontario answered…4hrs4H
@9NHNVZTfrom Ontario agreed…4hrs4H
@9NHNVZTfrom Ontario disagreed…4hrs4H
@9NHHZDSfrom Alberta answered…7hrs7H
@9NHGQD2from Alberta answered…7hrs7H
@9NHFRHJfrom British Columbia answered…7hrs7H
@9NGYNHCfrom Alberta disagreed…11hrs11H
@9NGYNHCfrom Alberta agreed…11hrs11H
@9NGY3VKfrom Alberta answered…11hrs11H
@9NGXV2Lfrom Ontario disagreed…12hrs12H
