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Enjoy the ride. I thought that little AI chat you had was interesting. Almost seemed like the bot was going out of it's way to dent gold manipulation.I've got a short 1200klm (745m) drive tomorrow, ozstralia, long way between drinks!
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the U.S. Labor Department said its Producer Price Index (PPI) fell 0.5% last month following February’s revised unchanged reading. According to consensus forecasts, the data was significantly weaker than expected with economists looking for a 0.1% decline.
The report said that annual inflation rose 2.7%, down from 4.6% reported in February. According to consensus estimates, annual inflation was forecasted to rise 3.0%.
While headline wholesale inflation dropped sharply, the data also highlights relatively stable core inflation, which strips out volatile food and energy prices.
The report said that core PPI fell 0.1% last month. According to consensus estimates, economists were forecasting a 0.2% increase.
Meanwhile, for the year, core inflation rose 3.4%, unchanged from last month. ...
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The first-quarter earnings-reporting season picks up steam this week, with 60 S&P 500 companies, including six Dow components, reporting quarterly results, according to FactSet. Those companies will report as Wall Street analysts remain pessimistic about results for the quarter and the prospect of another so-called earnings recession in which profits contract for at least two straight quarters.
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Recession fears in the U.S. are not abating as the Philadelphia Federal Reserve highlights further weakness in its region's manufacturing sector, with activity falling to a new three-year low.
Thursday, the regional central bank said its manufacturing business outlook fell more than expected to -31.3 in April, down from March's reading of -23.2. The data significantly missed expectations as economists looked for some improvement to -19.7.
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The initial weekly jobless claims rose by 5,000 to 245,000 in the week to Saturday, surprising the markets with a bigger-than-expected increase.
Economists’ consensus calls projected the initial claims to remain around 240,000, which was the previous week’s upwardly revised level.
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Assets moving in tandem is the theme of our call of the day, from TheoTrade’s chief market technician, Jeff Bierman, who sees dark clouds gathering for markets due to “asset auto correlation overload.”
Bierman, an adjunct instructor at Loyola University’s business school, explains that bitcoin, gold, the S&P 500, bonds and oil have been “moving together in automatic serial correlation, driven simultaneously by algos,” that is, computer-driven trading algorithms used by Wall Street firms, hedge funds and other big investors.
“There’s nowhere to hide, no diversification in this type of market. This is a black swan event. It’s a bubble that can be burst at any time by an exogenous cataclysmic risk event or any number of factors,” Bierman tells client in a new note, adding that it’s “highly likely” this will mark the beginning of the end of the 2023 stock market rally.
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Bierman notes that almost every stock outside of financials has rallied to the point of being priced for perfection and beyond, with expectations also too high. ...
Puts on ?
Toronto’s Pearson airport is one of the worst in the world. Militant unions, horrible management, most delays and cancellations in Canada. Lost and confiscated luggage being sold to charities. Everybody a spook or turban.22 million in gold robbed from airport in Canada. How is that possible? Airports are supposed to be secure and you would think a shipment of gold would have some security attached to it.
... you would think a shipment of gold would have some security attached to it.
As House Republicans' $4.8 trillion debt-limit package hangs in the balance, Speaker Kevin McCarthy (R-CA) and his top lieutenants made several concessions in order to secure enough votes to pass the Limit, Save, Grow Act.
The changes, aimed at winning over holdout Midwestern Republicans who threatened to sink the bill, were the result of a marathon House Rules Committee meeting that stretched into early Wednesday morning, and include an amendment which softens a provision repealing several biofuel tax credits, according to Punchbowl News.
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