Podcasts about ECB

US equity futures slightly softer. European equities opened firmer, while Asian markets were mixed with South Korea and Hong Kong outperforming. Trump to decide within two weeks on potential Iran strike, extending earlier timeline amid reported backchannel talks between US envoy Witkoff and Iran's foreign minister. Japan's May core inflation came in above expectations, keeping BOJ tightening speculation in play, while China held loan prime rates steady. BoE kept rates steady while SNB and Norges Bank cut rates; ECB bulletin released. Japan's Akazawa downplayed July 9 as deadline for US trade talks, mirroring tone from EU officials as negotiations drag on.Companies Mentioned: GMS Inc, Home Depot, QXO, Inc, Paramount Global, Ares Management Corp.

In this episode, we explore how artificial intelligence is changing the business world and what it means for entrepreneurs. Host Claus Lauter shares his thoughts on both the good and bad sides of AI. Many people worry that AI could take their jobs or hurt their businesses. Claus explains how entrepreneurs can work together to turn AI from a threat into a helpful tool. The episode also introduces The Exchange—a new community program designed to help business owners and freelancers adapt to the AI era. Sign up for the free waiting list at https://ecommercecoffeebreak.com/exchange Topics discussed in this episode:  Why fear of AI is holding entrepreneurs back. How AI is replacing entry-level and freelance jobs. Why burnout and imposter syndrome are so common. What business owners must do to stay competitive. Why AI should be your partner, not your threat. How AI boosts content, speed, and productivity. What to avoid with overhyped AI tools. Why community matters more in the AI era. How ‘The Exchange' helps you pivot with AI. What you gain from joining a future-focused group. Links & Resources The Exchange Waiting list: https://ecommercecoffeebreak.com/exchange Website: https://ecommercecoffeebreak.com/ LinkedIn: https://www.linkedin.com/company/ecommerce-coffee-break-podcast/ X/Twitter: https://twitter.com/ecomcoffeebreak Instagram: https://www.instagram.com/ecommercecoffeebreak/ Get access to more free resources by visiting the show notes athttps://tinyurl.com/4z4392c9 MORE RESOURCES Subscribe to our FREE Newsletter: https://newsletter.ecommercecoffeebreak.com/ Free Store Optimization Beginners Guide: Instant PDF Download!

[01:10:06 – 01:12:27] — Assassination Rhetoric Against World Leaders Commentary criticizes U.S. figures like Lindsey Graham and Netanyahu for openly suggesting the assassination of world leaders, highlighting dangerous precedent and the erosion of international norms.[01:14:21 – 01:15:37] — Trump Threatens Tehran with Evacuation Warning Trump posts on Truth Social urging evacuation of Tehran and claiming Iran should have signed a deal, fueling fears of imminent U.S. military strikes and raising concerns of escalation.[01:20:53 – 01:23:03] — Israel Accused of Provoking War to Disrupt Diplomacy Israel is blamed for initiating the conflict days before scheduled nuclear negotiations between the U.S. and Iran, with calls for the U.S. to stop fighting Israel's wars.[01:24:00 – 01:25:01] — Lessons of Regime Change and Nuclear Deterrence Discussion of how countries like Iraq, Libya, and Syria were invaded or destabilized due to lacking nuclear deterrents, contrasting with how nuclear-armed nations like North Korea are treated.[01:52:41 – 01:54:50] — Gold Mining Company Converts Profits to Bitcoin A British gold mining company announces it will convert future profits into Bitcoin, part of a growing trend among corporations moving away from fiat currencies toward decentralized assets.[01:58:14 – 02:06:48] — False Flag Forecasts and Israel's Strategic Playbook A guest draws parallels between historic false flags and current Israeli military strategies, warning of a potential staged event to justify U.S. entry into war with Iran.[02:10:12:15 – 02:14:43:23] — Projection, False Flags, and Iran Conflict Setup Accusations of projection and propaganda are leveled at U.S. and Israeli officials, with claims that rhetoric about Iranian terrorism signals a potential false flag event to draw the U.S. into war.[02:17:14:14 – 02:20:28:19] — Captured Government vs. Shifting Public Opinion Despite alleged government capture by Israeli interests, public support for war and pro-Israel positions is said to be rapidly eroding, especially among younger Americans.[02:30:01:13 – 02:32:17:18] — False Flag Predictions and Strategic Framing Commentary outlines how a U.S. military loss may be staged and blamed on Iran to justify war, with Trump's ‘red line' message interpreted as preemptive cover for escalation.[02:37:45:08 – 02:42:47:13] — Mainstream and Alternative Media Co-optation The conversation highlights the collapse of mainstream media and accuses major alternative platforms of infiltration, advocating for independent outlets that publish uncensored early warnings.[03:06:01:06 – 03:08:06:26] — Anti-War Warning and Moral Clarity Reading from a Lou Rockwell article, the speaker affirms that any deaths from war with Iran would be in vain and driven by elite self-interest, not defense of country or freedom. [03:09:51:00 – 03:15:15:24] — Condemnation of War with Iran A passionate anti-war monologue warns that U.S. escalation with Iran would be immoral and unjustified, arguing that anyone supporting such war does so for corrupt reasons and at great cost to American lives and values.[03:26:07:02 – 03:31:17:27] — Fiat Currency Collapse and Gold's Role A detailed analysis of the post-gold-standard financial system argues that fiat currencies are collapsing, gold is exposing systemic lies, and a major monetary revolution is underway.[03:33:15:19 – 03:37:05:29] — Federal Reserve Critique and Historical Parallels The discussion critiques the Federal Reserve's influence, traces central banking failures from 1913 through the 2008 crash, and argues that modern monetary theory is a proven historical failure.[03:50:34:13 – 03:53:15:10] — Gold as a Threat to Global Financial Order Citing recent reports, gold's rise is presented as a direct threat to the global financial system, with the ECB warning of collapse due to massive unbacked gold derivative exposure. Follow the show on Kick and watch live every weekday 9:00am EST – 12:00pm EST https://kick.com/davidknightshow Money should have intrinsic value AND transactional privacy: Go to https://davidknight.gold/ for great deals on physical gold/silver For 10% off Gerald Celente's prescient Trends Journal, go to https://trendsjournal.com/ and enter the code KNIGHT Find out more about the show and where you can watch it at TheDavidKnightShow.comIf you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-showOr you can send a donation throughMail: David Knight POB 994 Kodak, TN 37764Zelle: @DavidKnightShow@protonmail.comCash App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Become a supporter of this podcast: https://www.spreaker.com/podcast/the-david-knight-show--2653468/support.

[01:10:06 – 01:12:27] — Assassination Rhetoric Against World Leaders Commentary criticizes U.S. figures like Lindsey Graham and Netanyahu for openly suggesting the assassination of world leaders, highlighting dangerous precedent and the erosion of international norms.[01:14:21 – 01:15:37] — Trump Threatens Tehran with Evacuation Warning Trump posts on Truth Social urging evacuation of Tehran and claiming Iran should have signed a deal, fueling fears of imminent U.S. military strikes and raising concerns of escalation.[01:20:53 – 01:23:03] — Israel Accused of Provoking War to Disrupt Diplomacy Israel is blamed for initiating the conflict days before scheduled nuclear negotiations between the U.S. and Iran, with calls for the U.S. to stop fighting Israel's wars.[01:24:00 – 01:25:01] — Lessons of Regime Change and Nuclear Deterrence Discussion of how countries like Iraq, Libya, and Syria were invaded or destabilized due to lacking nuclear deterrents, contrasting with how nuclear-armed nations like North Korea are treated.[01:52:41 – 01:54:50] — Gold Mining Company Converts Profits to Bitcoin A British gold mining company announces it will convert future profits into Bitcoin, part of a growing trend among corporations moving away from fiat currencies toward decentralized assets.[01:58:14 – 02:06:48] — False Flag Forecasts and Israel's Strategic Playbook A guest draws parallels between historic false flags and current Israeli military strategies, warning of a potential staged event to justify U.S. entry into war with Iran.[02:10:12:15 – 02:14:43:23] — Projection, False Flags, and Iran Conflict Setup Accusations of projection and propaganda are leveled at U.S. and Israeli officials, with claims that rhetoric about Iranian terrorism signals a potential false flag event to draw the U.S. into war.[02:17:14:14 – 02:20:28:19] — Captured Government vs. Shifting Public Opinion Despite alleged government capture by Israeli interests, public support for war and pro-Israel positions is said to be rapidly eroding, especially among younger Americans.[02:30:01:13 – 02:32:17:18] — False Flag Predictions and Strategic Framing Commentary outlines how a U.S. military loss may be staged and blamed on Iran to justify war, with Trump's ‘red line' message interpreted as preemptive cover for escalation.[02:37:45:08 – 02:42:47:13] — Mainstream and Alternative Media Co-optation The conversation highlights the collapse of mainstream media and accuses major alternative platforms of infiltration, advocating for independent outlets that publish uncensored early warnings.[03:06:01:06 – 03:08:06:26] — Anti-War Warning and Moral Clarity Reading from a Lou Rockwell article, the speaker affirms that any deaths from war with Iran would be in vain and driven by elite self-interest, not defense of country or freedom. [03:09:51:00 – 03:15:15:24] — Condemnation of War with Iran A passionate anti-war monologue warns that U.S. escalation with Iran would be immoral and unjustified, arguing that anyone supporting such war does so for corrupt reasons and at great cost to American lives and values.[03:26:07:02 – 03:31:17:27] — Fiat Currency Collapse and Gold's Role A detailed analysis of the post-gold-standard financial system argues that fiat currencies are collapsing, gold is exposing systemic lies, and a major monetary revolution is underway.[03:33:15:19 – 03:37:05:29] — Federal Reserve Critique and Historical Parallels The discussion critiques the Federal Reserve's influence, traces central banking failures from 1913 through the 2008 crash, and argues that modern monetary theory is a proven historical failure.[03:50:34:13 – 03:53:15:10] — Gold as a Threat to Global Financial Order Citing recent reports, gold's rise is presented as a direct threat to the global financial system, with the ECB warning of collapse due to massive unbacked gold derivative exposure. Follow the show on Kick and watch live every weekday 9:00am EST – 12:00pm EST https://kick.com/davidknightshow Money should have intrinsic value AND transactional privacy: Go to https://davidknight.gold/ for great deals on physical gold/silver For 10% off Gerald Celente's prescient Trends Journal, go to https://trendsjournal.com/ and enter the code KNIGHT Find out more about the show and where you can watch it at TheDavidKnightShow.comIf you would like to support the show and our family please consider subscribing monthly here: SubscribeStar https://www.subscribestar.com/the-david-knight-showOr you can send a donation throughMail: David Knight POB 994 Kodak, TN 37764Zelle: @DavidKnightShow@protonmail.comCash App at: $davidknightshowBTC to: bc1qkuec29hkuye4xse9unh7nptvu3y9qmv24vanh7Become a supporter of this podcast: https://www.spreaker.com/podcast/the-real-david-knight-show--5282736/support.

Crisis Cycle: Challenges, Evolution, and Future of the Euro (Princeton UP, 2025) John Cochrane Luis Garicano Klaus Masuch PRINCETON UNIVERSITY PRESS, 2025 Launched 26 years ago, the euro was never expected to have an easy life but it wasn't supposed to be this hard. A three-year solvency crisis, a string of bailouts, and a rescue by the European Central Bank (ECB) was followed by threats of deflation, negative interest rates, massive purchases of government debt, a global pandemic, a European land war, and an inflation surge. The euro area emerged from these tests but may not survive the next without reforms during this period of relative calm. In Crisis Cycle, economists John Cochrane, Luis Garicano, and Klaus Masuch call for critical reforms to rebuild the system's incentive structure and stop the ECB's unsought mission creep. "A beautiful ship was constructed," they write. "Out at sea, it ran into severe storms. Its captain and crew patched the holes as best they could. Now though it is time to return to the dry dock and fix the ship properly". John Cochrane is a professor of economics at Stanford University, best-known for his work on asset prices and the fiscal theory of the price level. Luis Garicano is an economics professor at the London School of Economics and former vice-chair of the Renew group in the European Parliament. Klaus Masuch recently retired from the ECB, where he was head of the monetary policy strategy department and a negotiator for the "Troika" of official creditors during the sovereign-debt crisis. To see the authors' own book recommendations, click here. Tim Gwynn Jones is an economic and political-risk analyst at Medley Advisors, who also writes 242.news on Substack. Learn more about your ad choices. Visit megaphone.fm/adchoices Support our show by becoming a premium member! https://newbooksnetwork.supportingcast.fm/new-books-network

Crisis Cycle: Challenges, Evolution, and Future of the Euro (Princeton UP, 2025) John Cochrane Luis Garicano Klaus Masuch PRINCETON UNIVERSITY PRESS, 2025 Launched 26 years ago, the euro was never expected to have an easy life but it wasn't supposed to be this hard. A three-year solvency crisis, a string of bailouts, and a rescue by the European Central Bank (ECB) was followed by threats of deflation, negative interest rates, massive purchases of government debt, a global pandemic, a European land war, and an inflation surge. The euro area emerged from these tests but may not survive the next without reforms during this period of relative calm. In Crisis Cycle, economists John Cochrane, Luis Garicano, and Klaus Masuch call for critical reforms to rebuild the system's incentive structure and stop the ECB's unsought mission creep. "A beautiful ship was constructed," they write. "Out at sea, it ran into severe storms. Its captain and crew patched the holes as best they could. Now though it is time to return to the dry dock and fix the ship properly". John Cochrane is a professor of economics at Stanford University, best-known for his work on asset prices and the fiscal theory of the price level. Luis Garicano is an economics professor at the London School of Economics and former vice-chair of the Renew group in the European Parliament. Klaus Masuch recently retired from the ECB, where he was head of the monetary policy strategy department and a negotiator for the "Troika" of official creditors during the sovereign-debt crisis. To see the authors' own book recommendations, click here. Tim Gwynn Jones is an economic and political-risk analyst at Medley Advisors, who also writes 242.news on Substack.

Crisis Cycle: Challenges, Evolution, and Future of the Euro (Princeton UP, 2025) John Cochrane Luis Garicano Klaus Masuch PRINCETON UNIVERSITY PRESS, 2025 Launched 26 years ago, the euro was never expected to have an easy life but it wasn't supposed to be this hard. A three-year solvency crisis, a string of bailouts, and a rescue by the European Central Bank (ECB) was followed by threats of deflation, negative interest rates, massive purchases of government debt, a global pandemic, a European land war, and an inflation surge. The euro area emerged from these tests but may not survive the next without reforms during this period of relative calm. In Crisis Cycle, economists John Cochrane, Luis Garicano, and Klaus Masuch call for critical reforms to rebuild the system's incentive structure and stop the ECB's unsought mission creep. "A beautiful ship was constructed," they write. "Out at sea, it ran into severe storms. Its captain and crew patched the holes as best they could. Now though it is time to return to the dry dock and fix the ship properly". John Cochrane is a professor of economics at Stanford University, best-known for his work on asset prices and the fiscal theory of the price level. Luis Garicano is an economics professor at the London School of Economics and former vice-chair of the Renew group in the European Parliament. Klaus Masuch recently retired from the ECB, where he was head of the monetary policy strategy department and a negotiator for the "Troika" of official creditors during the sovereign-debt crisis. To see the authors' own book recommendations, click here. Tim Gwynn Jones is an economic and political-risk analyst at Medley Advisors, who also writes 242.news on Substack. Learn more about your ad choices. Visit megaphone.fm/adchoices

Crisis Cycle: Challenges, Evolution, and Future of the Euro (Princeton UP, 2025) John Cochrane Luis Garicano Klaus Masuch PRINCETON UNIVERSITY PRESS, 2025 Launched 26 years ago, the euro was never expected to have an easy life but it wasn't supposed to be this hard. A three-year solvency crisis, a string of bailouts, and a rescue by the European Central Bank (ECB) was followed by threats of deflation, negative interest rates, massive purchases of government debt, a global pandemic, a European land war, and an inflation surge. The euro area emerged from these tests but may not survive the next without reforms during this period of relative calm. In Crisis Cycle, economists John Cochrane, Luis Garicano, and Klaus Masuch call for critical reforms to rebuild the system's incentive structure and stop the ECB's unsought mission creep. "A beautiful ship was constructed," they write. "Out at sea, it ran into severe storms. Its captain and crew patched the holes as best they could. Now though it is time to return to the dry dock and fix the ship properly". John Cochrane is a professor of economics at Stanford University, best-known for his work on asset prices and the fiscal theory of the price level. Luis Garicano is an economics professor at the London School of Economics and former vice-chair of the Renew group in the European Parliament. Klaus Masuch recently retired from the ECB, where he was head of the monetary policy strategy department and a negotiator for the "Troika" of official creditors during the sovereign-debt crisis. To see the authors' own book recommendations, click here. Tim Gwynn Jones is an economic and political-risk analyst at Medley Advisors, who also writes 242.news on Substack. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, we dive into why 98% of online store visitors don't buy and how to fix it. Our guest, Matthew Stafford, is a veteran e-commerce expert and managing partner at Build Growth Scale. He shares simple strategies to boost conversions, build trust, and grow your store. Topics discussed in this episode:  Why fixing conversions matters more than more traffic. What theme mistakes silently hurt your sales. Why clarity beats persuasion in e-commerce. How filters and menus boost category conversions. What checkout tweaks lift sales fast. How one post-purchase question reveals issues. Why AI boosts teams, not replaces them. How customer language improves descriptions. What a $60M growth story teaches about scaling. Why now is the best time to start e-commerce. Links & Resources Website: https://buildgrowscale.com/book-a-call LinkedIn: https://www.linkedin.com/in/matthewstafforddotcom X/Twitter: https://x.com/BuildGrowScale Instagram: https://www.instagram.com/build.grow.scale Get access to more free resources by visiting the show notes athttps://tinyurl.com/367rhzxy MORE RESOURCES Subscribe to our FREE Newsletter: https://newsletter.ecommercecoffeebreak.com/ Free Store Optimization Beginners Guide: Instant PDF Download!

Israel and Iran launched fresh attacks on each other's major cities, with exchanges of fire continuing into a third day on Sunday, according to multiple media outlets.Israeli drones on Saturday targeted the South Pars Gas Refinery and the Fajr Jam Gas Refinery, according to Tasnim News Agency.US President Trump posted on Truth Social on Sunday: "Iran and Israel should make a deal, and will make a deal, we will have PEACE, soon, between Israel and Iran! Many calls and meetings now taking place."US President Trump said the US might get involved in the Israel-Iran war, according to ABC. The US is not currently considering joining the war against Iran to eliminate its nuclear program, according to an ABC News report.European equity futures are indicative of a mildly softer open with the Euro Stoxx 50 future -0.2% after cash closed lower by 1.3% on Friday.Looking ahead, highlights include the G7 meeting, US NY Fed Manufacturing, OPEC MOMR, Speakers include ECB's Cipollone & Nagel, and Supply from the US.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

Irish mortgage rates are on average the fifth highest across the 19 states in the Euro Zone, there is a new flex mortgage with Avant and the ECB rate is now 2% but will it go lower? Our expert today was Sean Corbett, Director of SYS Mortgages.All with thanks to Hidden Hearing.

Katya Witney chats to Linsey Smith about her journey back to the England side, while Lauren Winfield-Hill joins Yas Rana to discuss player safety and the latest from the T20 Blast. 0:00 Intro / 1:01 Linsey Smith intro / 6:10 Linsey Smith interview / 21:55 Lauren Winfield-Hill / 40:31 Outro The Metro Bank Girls in Cricket Fund in collaboration with the ECB aims to triple the number of girls' cricket teams by breaking down barriers and creating supportive and inclusive spaces. Help transform the game, head to https://www.metrobankonline.co.uk/cricket/ to champion the future of girls' cricket.

Ongoing trade deal developments remain the largest driver of global markets right now. Our focus next week will be on the G7 Summit in Canada, to see if there are any further trade developments. We look ahead to central bank meetings in Indonesia, the Philippines, Taiwan and Japan, as well as fresh ECB communication and policy meetings across the UK, Switzerland, Sweden and Norway. Chapters: US (01:48), China (07:39), Europe (11:31), Japan (14:31), Rest of Asia (18:22), Australia & New Zealand (21:37).

APAC stocks traded lower and US equity futures were pressured amid the worsening geopolitical situation in the Middle East.Israel conducted pre-emptive strikes on Iranian nuclear and military targets; Iran warned that Israel and the US will pay a heavy price.European equity futures indicate a lower cash market open with Euro Stoxx 50 future down 1.9% after the cash market closed with losses of 0.6% on Thursday.DXY has been boosted by geopolitical risk, antipodeans hit, EUR/USD is back on a 1.15 handle.Crude futures have rallied, given geopolitics; Iran says refining facilities and oil storage did not sustain damage in the Israeli attack.Looking ahead, highlights include UoM Sentiment (Prelim), S&P to Review Germany's Credit Rating, ECB's Panetta & EldersonRead the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

Israel conducted pre-emptive strikes on Iranian nuclear and military targets; Iran warned that Israel and the US will pay a heavy price.Iran's President to speak on the subject soon; US President Trump urged Iran to "make a deal, before there is nothing left".Geopolitics driving all price action with crude posting significant gains & equities under pressure; ES -1.2%, Euro Stoxx 50 -1.4%FTQ ensued overnight, supporting fixed income and XAU; gold remains near best, but fixed has pulled back to Thursday's parameters.DXY on the front foot, but shy of Thursday's high, as the USD benefits from its haven status. JPY surprisingly softer vs USD. EUR and GBP both hit, antipodeans lag.Looking ahead, highlights include UoM Sentiment (Prelim), S&P to Review Germany's Credit Rating, Speakers including ECB's Panetta & Elderson. Click for the Newsquawk Week Ahead.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

Our analysts Andrew Sheets and Aron Becker explain why European credit markets' performance for the rest of 2025 could be tied to U.S. growth. Read more insights from Morgan Stanley.----- Transcript -----Andrew Sheets: Welcome to Thoughts on the Market. I'm Andrew Sheets, Head of Corporate Credit Research at Morgan Stanley.Aron Becker: And I'm Aron Becker, Head of European Credit Strategy.Andrew Sheets: And today on the program, we're continuing a series of conversations covering the outlook for credit around the world. Morgan Stanley has recently updated its forecast for the next 12 months, and here we're going to bring you the latest views on what matters for European credit.It's Thursday, June 12th at 2pm in London.So, Aron, it's great to have this conversation with you. Today we're going to be talking about the European credit outlook. We talked with our colleague Vishwas in the other week about the U.S. credit outlook. But let's really dive into Europe and how that looks from the perspective of a credit investor.And maybe the place to start is, from your perspective, how do you see the economic backdrop in Europe, and what do you think that means for credit?Aron Becker: Right. So, on the European side, our growth expectations remain somewhat more challenging. Our economists are expecting growth after a fairly strong start to slow down in the back half of this year. The German fiscal package that was announced earlier this year will take time to lift growth further out in 2026. So, in the near term, we see a softening backdrop for the domestic economy.But I think what's important to emphasize here is that U.S. growth, as Vishwas and you have talked about last time around, is also set to decelerate on our economists forecast more meaningfully. And that matters for Europe.Two reasons why I think the U.S. growth outlook matters for European credit. One, nearly a quarter of European companies' revenues are generated in the U.S. And two, U.S. companies themselves have been very actively tapping the European corporate bond markets. And in fact, if you look at the outstanding notion of bonds in the euro benchmarks, the largest country by far is U.S. issuers. And so, I do think that we need to think about the outlook on the macro side, more in a global perspective, when we think about the outlook for European credit. And if we look at history, what we can deduct from the simple correlation between growth and credit spreads is current credit valuations imply growth would be around 3 percent. And that's a stark contrast to our economists' forecast where both Europe and U.S. is decelerating to below 1 percent over the next 12 months.Andrew Sheets: But Aron, you know, you talked about the slow growth, here in Europe. You talked about a slower growth picture in the U.S. You talked about, you know, pretty extensive exposure of European companies into the U.S. story. All of which sound like pretty challenging things. And yet, if one looks at your forecasts for credit spreads, we think they remain relatively tight, especially in investment grade.So, how does one square that? What's driving what might look like, kind of, a more optimistic forecast picture despite those macro challenges?Aron Becker: Right. That's a very important question. I think that it's not all about the growth, and there are a number of factors that I think can alleviate the pressures from the macro side. The first is that unlike in the U.S., in Europe we are expecting inflation to decelerate more meaningfully over the coming year. And we do think that the ECB and the Bank of England will continue to ease policy. That's good for the economy and the eventual rebound. And we also think that it's good for demand for credit products. For yield buyers where the cash alternative is getting less and less compelling, I think they will see yields on corporate credit much more attractive. And I do think that credit yields right now in Europe are actually quite attractive.Andrew Sheets: So, Aron, you know, another question I had is, if you think about some of those dynamics. The fact that interest rates are above where they've been over the last 10 years. You think about a growth environment in Europe, which is; it's not a recession, but growth is, kind of, 1 percent or a little bit below.I mean, some ways this is very similar to the dynamic we had last year. So, what do you think is similar and what do you think is different, in terms of how investors should think about, say, the next 12 months – versus where we've been?Aron Becker: Right. So, what's really similar is, for example, the yield, like I just mentioned. I think the yield is attractive. That hasn't really changed over the past 12 months. If you just think about credit as a carry product, you're still getting around between 3-3.5 percent on an IG corporate bond today.What's really different is that over the same period, the ECB has already lowered front-end rates by 200 basis points. And at the same time, if you think about the fiscal developments in Germany or broader rates dynamics, we've seen a sharp steepening of yield curves; and curves are actually at the steepest levels in two years now. And what this leaves us with is not only high carry from the yield on corporate bonds, but also investors are now rolling down on a much steeper curve if they buy bonds today, especially further out the curve.So, by our estimate, if you aggregate the two figures in terms of your expected total return, credit offers actually total returns much higher than over the past 12 months, and closer to where we were in the LDI crisis in 2022.Andrew Sheets: So, Aron, another development I wanted to ask you about is, if you look at our forecast for the year ahead, our global forecast. One theme is that on the government side there's projected to be a lot more borrowing. There's more borrowing in Germany, and then there's more borrowing in the U.S., especially under certain versions of the current budget proposals being debated. So, you know, it does seem like you have this contrast between more borrowing and kind of a worsening fiscal picture in governments, a better fiscal picture among corporates. We talk about the spread. The spread is the difference between that corporate and government borrowing.So, I guess looking forward first, do you think European companies are going to be borrowing more money? And certainly more money on a relative, incremental basis at these yield levels, which are higher than what they're used to in the past. And, secondly, how do you think about the relative valuation of European credit versus some of the sovereign issuers in Europe, which is often a debate that we'll have with investors?Aron Becker: Big picture? We have seen companies be very active in tapping the corporate bond markets this year. We had a record issuance in May in terms of supply. Now I would push back on the view that that's negative for investors, and expectations for spreads to widen as a result for a number of reasons. One is a lot of gross issuance tends to be good for investors who want to pick up some new issue premiums – as these new bonds do come a little bit cheap to what's out there in terms of available secondary bonds.And second, it creates a lot of liquidity for investors to actually deploy capital, when they do want to enter the bond market to invest. And what we really need to remember here is all this strong issuance activity is coming against very high maturing, volumes of bonds. Redemptions this year are rising by close to 20 percent versus last year. And so, even though we are projecting this year to be a record year for growth issuance from investment grade companies, we think net supply will be lower year-on-year as a result of those elevated, maturities.So overall, I think that's going to be a fairly positive technical backdrop. And as you alluded to it, that's a stark contrast to what the sovereign market is facing at the moment.Andrew Sheets: So, on that net basis, on the amount that they're issuing relative to what they're paying back, that actually is probably looking lower than last year, on your numbers.Aron Becker: Exactly.Andrew Sheets: And finally, Aron, you know, so we've talked a bit about the market dynamics, we've talked about the economic backdrop, we've talked about the issuance backdrop. Where does this leave your thoughts for investors? What do you think looks, kind of, most attractive for those who are looking at the European credit space?Aron Becker: Opportunities are abound, but I think you need to be quite selective of where to actually increase your risk exposure, in my view. One part which we are quite out of consensus on here at Morgan Stanley is our recommendation in European credit to extend duration further out the curve.This goes back to the point I made earlier, that curves are very steep and a lot of that carry and roll down that I think look particularly attractive; you do need to extend duration for that. But there are a number of reasons why I think that that type of trade can work in this backdrop.For one, like I said, valuations are attractive. Two, I also think that from an issuer perspective, it is expensive to tap very long dated bonds now because of that yield dynamic, and I don't necessarily see a lot of supply coming through further out the curve. Three, our rates team do expect curves to bull steepen on the rate side and historically that has tended to favor excess returns further out the curve.And fourth is, a word we love to throw around – convexity. Cash prices further out the curve are very low in investment grade credit. That tends to be actually quite attractive because then even if you get the name wrong, for example, and there are some credit challenges down the line for some of these issuers, your loss given default may be more muted if you entered the bond at a lower cash price.Andrew Sheets: Aron, thanks for taking the time to talk.Aron Becker: Thanks, Andrew. Andrew Sheets: And to our listeners, thank you for sharing a few minutes of your day with us. If you enjoy the show, leave us a review wherever you listen to this podcast and share Thoughts on the Market with a friend or colleague today.

In this episode, we dive into how website building can be simple for anyone, even if you're not a tech expert. Discover how modern tools help small businesses and Shopify store owners create professional webpages without hiring developers. You'll hear from Bogdan Condurache, Co-founder and Chief Product Officer at Brizy, as he shares his mission to make pro-level design tools simple and accessible for everyone. Topics discussed in this episode:  Why building websites is hard for beginners—and how Brizy makes it easy. How Brizy lets anyone design sites with drag-and-drop, no coding needed. What Brizy's Shopify app adds beyond basic themes and templates. Why Brizy Cloud is a cheaper, simpler alternative to Shopify. How Brizy uses AI and Google data to build full sites in seconds. Why built-in popups and marketing tools give Brizy an edge. What Brizy does to keep websites fast and SEO-friendly. How agencies use Brizy's white-label tools for their clients. Why syncing content across WordPress, Cloud, and Shopify matters. What's stopping you from launching—Brizy helps you start fast. Links & Resources Website: https://www.brizy.io/ Shopify App Store: https://apps.shopify.com/brizy-1 LinkedIn: https://www.linkedin.com/in/bogdan-condurache-31ba747/ Get access to more free resources by visiting the show notes athttps://tinyurl.com/y46r68hs SUPPORT OUR SPONSORThis episode is sponsored by Ahrefs — the all-in-one marketing intelligence platform trusted by SEO professionals, content creators, and digital marketers around the world. Whether you're doing keyword research, checking backlinks, or analyzing competitors, Ahrefs gives you the tools to make smarter marketing decisions.

APAC stocks traded mixed following the subdued handover from Wall St; Europe primed for a lower open (Eurostoxx 50 future -0.7%)US President Trump said he would be willing to extend the trade talks deadline but doesn't think it will be necessaryUS President Trump is planning to send letters in a week and a half for countries to take it or leave it regarding a trade deal.US evacuated non-emergency US government personnel from several Middle Eastern countries due to heightened regional tensionsUS officials were told that Israel is fully ready for an Iran operation, according to CBSDXY has extended losses, EUR/USD has made its way onto a 1.15 handle, USD/JPY is sub-144Looking ahead, highlights include UK GDP Estimate, US Initial Jobless Claims & PPI, ECB's Schnabel, de Guindos & Elderson, Supply from Italy & US.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

US President Trump said at a certain point, they will send letters out for countries to take or leave and will send those letters out in a week and a half.Geopolitics is driving newsflow as Iran was judged to have violated IAEA rules. An update which has sparked increasingly escalatory rhetoric.Given the above, equities are in the red with the DXY pressured and havens leading FX while EUR/USD hits a new YTD peak and XAU climbs.Crude pressured despite the above, given the gains seen on Tuesday, Trump's tariff rhetoric, ongoing OPEC+ action and the lack of specificity on what the Iranian response will be.EGBs benefiting from the risk tone, Gilts outperform after soft GDP. USTs in-fitting but with magnitudes more contained into data.Air India flight AI171 to the UK from Ahmedabad, India crashed outside the airport after takeoff. Craft was a Boeing (BA) 787-8 Dreamliner; Boeing lower by as much as 8% in pre-market trade.Looking ahead, highlights include US Initial Jobless Claims & PPI, ECB's de Guindos & Elderson, Supply from the US, Earnings from Adobe & Carnival.Click for the Newsquawk Week Ahead.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

US Commerce Secretary Lutnick said they have reached a framework to implement the Geneva consensus; will return to the US to see if Trump approves.Chinese Vice Commerce Minister Li Chenggang said the two sides reached a consensus regarding the Geneva meeting; will report on the framework to leaders.European bourses are firmer this morning, though with Retail lagging; Stateside, futures are just into the red into CPI.DXY choppy but contained within Tuesday's parameters so far. Fixed benchmarks pressured into CPI, Gilts lag.Crude has seen notable two-way action on reporting around Iran. XAU edges higher, base metals mixed. Looking ahead, highlights include US CPI & Weekly Earnings, UK Spending Review, Speakers including ECB's Cipollone, Supply from the US, Earnings from Oracle.Click for the Newsquawk Week Ahead.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

APAC stocks were mostly higher amid the recent trade-related optimism stemming from the US-China trade talks in London which have now concluded.US Commerce Secretary Lutnick said they have reached a framework to implement the Geneva consensus; will return to the US to see if Trump approves.Chinese Vice Commerce Minister Li Chenggang said the two sides reached a consensus regarding the Geneva meeting; will report on the framework to leaders.European equity futures indicate a lower cash market open with Euro Stoxx 50 futures down 0.4% after the cash market closed with losses of 0.1% on Tuesday.USD is broadly firmer vs. peers, EUR/USD is retaining a 1.14 handle, USD/JPY is oscillating around the 145 mark, GBP eyes the UK spending review.Looking ahead, highlights include ECB Wage Tracker, US CPI & Weekly Earnings, UK Spending Review, Speakers including ECB's Lagarde, Lane & Cipollone, Supply from Australia, UK, Germany & US, Earnings from Oracle and Inditex.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

APAC stocks traded mostly higher with risk sentiment underpinned amid some optimism surrounding US-China talks; to resume 10:00BST.US Treasury Secretary Bessent said it was a 'good meeting' with China, Commerce Secretary Lutnick said talks were "fruitful".European equity futures indicate a marginally negative cash market open with Euro Stoxx 50 future down 0.2% after the cash market closed with losses of 0.2% on Monday.USD is net positive vs. peers, EUR/USD sits around the 1.14 mark, JPY sits towards the bottom of the pile.Bunds are off lows but with the rebound relatively limited, crude futures are supported by the positive risk tone.Looking ahead, highlights include UK Employment & Average Earnings, ECB Survey of Monetary Analysts, EIA STEO, US-China Talks in London, US-Iran Nuclear deal "counter offer", ECB's Rehn, Supply from Netherlands, Germany & US.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

Credit globally recovered to nearly where it was as trade tensions eased, with various trade deals or tariff pauses while rate cuts are priced for central banks, especially the ECB and BOE but not the Fed. The big question is how to play credit after this recovery. In this episode of our Credit Crunch podcast, Mahesh Bhimalingam, Global Head of Credit Strategy at Bloomberg Intelligence, and Craig Scordellis, CIO of Credit at CQS UK, discuss how alternative credit and leveraged finance offer opportunities after the spread rally. They discuss tariffs, their effect on global inflation and currencies, central bank policy and outlook, state of credit fundamentals and default views for the next year across Europe and the US.

Het was de kortste presentatie sinds de aankondiging van de iPhone. De eerste iPhone wel te verstaan. In ongeveer anderhalf uur vloog topman Tim Cook (op de jaarlijkse World Wide Developer Conference) met z'n collega's door de nieuwste bedenksels van Apple heen. En daaruit bleek dat Apple het nog steeds NIET voor elkaar krijgt om hun eigen AI te maken. Het hoogtepunt was een nieuw uiterlijk voor alle Apple-systemen. Maar ook dat ging niet helemaal goed. Want bij de video die Apple erover op YouTube publiceerde stond het YouTube logo over de G en de L van Liquid Glass heen. Waardoor er Liquid Ass stond.Apple werd ineens een grap. Daar hebben we het deze aflevering over. Hoe kon het zo ver komen en hoe komt Apple hieruit? En kan het nog een rol van betekenis spelen op het gebied van AI?Misschien moeten we even bellen met Mark Zuckerberg. Zijn Meta loopt ook hopeloos achter, maar hij heeft de oplossing gevonden! Hij speelt recruiter en is persoonlijk in gesprek met nerds.Verder hebben we het ook over de onderhandelingen tussen de Amerikanen en Chinezen, in Londen. De vorige gesprekken (in Geneve) bevielen de kemphanen zo goed, dat ze ze voortzetten in een ander land. We kijken of het einde van de handelsoorlog nu eindelijk nabij is. De termijn van Klaas Knot komt ook steeds dichterbij. Nog maar drie weken en dan is 'ie baas van De Nederlandsche Bank af. Maar er is nog steeds géén opvolger. En dat heeft gevolgen voor het rentebeleid van de ECB.See omnystudio.com/listener for privacy information.

In this episode, we talk about how to get real Amazon reviews without breaking the rules. Our guest is Adam Melenkivitz, founder of Test Squared, a platform that helps Amazon sellers grow with FTC-compliant reviews. He shares how sellers can earn trust, avoid fake reviews, and stay on the right side of the law—while also getting real feedback that helps improve their products. Topics discussed in this episode:  Why authentic Amazon reviews are more critical than ever for building consumer trust. What the new FTC rule means for Amazon sellers. How TestSquared's matching system works without breaking Amazon's rules. Why most reviews aren't five-star ratings and that's actually beneficial. What product categories work best for authentic review programs. How the 35-day review timeline varies by product type. Why 20 authentic reviews is the magic number for Amazon's algorithm. How proper vetting prevents fake testers from gaming the system. What the affiliate program offers for referral partners. Why being unconventional in marketing helps generate organic reviews. Links & Resources Website: https://www.testsquared.com/ Affiliate link: https://www.testsquared.com/affiliate LinkedIn: https://www.linkedin.com/in/adammelenkivitz/ Get access to more free resources by visiting the show notes athttps://tinyurl.com/4h9sdwtn SUPPORT OUR SPONSORThis episode is sponsored by Ahrefs — the all-in-one marketing intelligence platform trusted by SEO professionals, content creators, and digital marketers around the world. Whether you're doing keyword research, checking backlinks, or analyzing competitors, Ahrefs gives you the tools to make smarter marketing decisions.

Lauren Winfield-Hill, Katya Witney, Ben Gardner and Yas Rana reflect on another comprehensive series win for England, this time in the ODIs. 0:00 Intro / 0:55 England vs West Indies / 13:38 Lauren Winfield-Hill / 32:12 Outro The Metro Bank Girls in Cricket Fund in collaboration with the ECB aims to triple the number of girls' cricket teams by breaking down barriers and creating supportive and inclusive spaces. Help transform the game, head to https://www.metrobankonline.co.uk/cricket/ to champion the future of girls' cricket.

US President Trump said they are very far advanced on a China deal ahead of high-level talks in London on Monday.US President Trump said he is thinking about the next Fed Chair and it is coming out very soon.European bourses are modestly lower in holiday-thinned trade; ES/NQ trade around the unchanged mark whilst the RTY outperforms.USD is on the backfoot, giving back some of Friday's NFP induced gains, Antipodeans lead.Bunds surge in early trade, dragging global fixed income higher.Crude is essentially flat with catalysts light, focus on Iran's counter offer to the US nuclear proposal.Looking ahead, ECB's Elderson, Holiday Closures in Switzerland, Norway, Hungary, Greece & Cyprus.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

APAC stocks traded mostly higher following last Friday's gains on Wall St; participants also digested mixed Chinese data.Chinese Y/Y CPI remained in deflationary territory, trade data saw imports and exports fall short of expectations.US President Trump said they are very far advanced on a China deal ahead of high-level talks in London on Monday.US President Trump said he is thinking about the next Fed Chair and it is coming out very soon.European equity futures indicate a slightly lower cash market open with Euro Stoxx 50 future down 0.2% after the cash market finished with gains of 0.4% on Friday.DXY has pulled back a touch after gaining on Friday, antipodeans lead, EUR/USD has returned to a 1.14 handle.Looking ahead, highlights include ECB's Elderson, Holiday Closures in Switzerland, Norway, Hungary, Greece & Cyprus.Read the full report covering Equities, Forex, Fixed Income, Commodites and more on Newsquawk

Trade policy uncertainty continues to weigh on the US dollar, with even the euro gaining against the dollar despite last week's rate cut by the ECB. Chief Investment Strategist of Investec Wealth & Investment International, Chris Holdsworth looks at how currencies are taking their cue from growth trajectories, rather than interest rate differentials. Investec Focus Radio SA

① What's driving China's 2.5% rise in foreign trade over the first five months? (00:48)② UNESCO expert emphasizes global cooperation, China's leadership in ocean governance. (13:42)③ What's fueling the unrest in Los Angeles—and where is it headed next? (23:39)④ The ECB lowers rates for the eighth time as trade tensions threaten growth. (34:07)⑤ China's tourism industry could hit one trillion yuan by 2026: Citi. (45:05)

On today's show we are looking at the economy and trying to figure out if the global economy is growing or shrinking, and by extension how the economy will be affected in North America.Thursday this week the ECB announced  another 0.25% rate cut while at the same time signalling that they are nearing the end of their rate cutting. --------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [podcast@victorjm.com](mailto:podcast@victorjm.com)  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  

Eight times now. The ECB is trying to say it might be one now, yet no one is listening least of all the economy. What everyone really wants to know is, when is the Fed going to follow along? In addition to all these other central banks acting, the latest reports from the Fed itself show that rejoining the global rate race might be a lot closer than everyone thinks. Eurodollar University's Money & Macro AnalysisECB Press Conference Statement https://www.ecb.europa.eu/press/press_conference/monetary-policy-statement/2025/html/ecb.is250605~f00a36ef2b.en.htmlBloomberg US Initial Jobless Claims Rise to Highest Level Since Octoberhttps://www.bloomberg.com/news/articles/2025-06-05/us-initial-jobless-claims-rise-to-highest-level-since-octoberFed Beige Book May 2025https://www.federalreserve.gov/monetarypolicy/files/BeigeBook_20250604.pdfhttps://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU

US President Donald Trump and China's leader Xi Jinping agreed to launch a new round of high-level trade talks, the European Central Bank cut interest rates by a quarter point and Europe is being flooded with steel diverted from the US because of high tariffs. Plus, the FT's Aanu Adeoye explains how a Russia-backed junta leader in Burkina Faso became an icon across Africa. Mentioned in this podcast:Donald Trump and Xi Jinping agree to launch new round of trade talksChristine Lagarde signals ECB rate-cutting ‘nearly concluded'‘The cult of Saint Traoré': how a Russia-backed junta leader became an iconEU hit by surge in steel imports as US tariffs divert shipmentsToday's FT News Briefing was produced by Sonja Hutson, Kasia Broussalian, Henry Larson, Fiona Symon, and Marc Filippino. Additional help from Sam Giovinco, Michael Lello and David da Silva. Our intern is Michaela Seah. The show's theme song is by Metaphor Music. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

US equity futures are firmer following Thursday's mixed close. European equities opened flat, while Asian markets ended mixed with modest moves. Trump and Xi agreed to launch a new round of trade talks, though China's readout urged the US to remove sanctions and show prudence on Taiwan. ECB cut rates by 25 bp for the eighth time, but signaled a likely pause in July. White House aides reportedly scheduled a Friday call as they seek to deescalate the feud between Trump and Musk, with both signaling openness to reconciliation. Focus turning to today's US May employment report, where NFP is expected to rise 125K and unemployment rate expected to hold steady at 4.2%.Companies Mentioned: Tesla, Blackrock, Peloton Interactive

THIS IS NOT INVESTMENT ADVICE. INVESTING IS RISKY AND OFTEN PAINFUL. DO YOUR OWN RESEARCH.This week, we learned a few things.First, we learned the big round of central bank easing is probably over. For assets in general (stocks and bonds) to go up, the total amount of printing (easing) needs to increase. While the Fed wasn't easing, most other central banks were. This week, the Bank of Canada and the European Central Bank said they don't see the need to ease further (though the ECB cut rates). There is no pressure on the Bank of Japan to ease. Moreover, a report today on US unemployment was fine, which means there is no urgency for the Fed to cut rates. We went from central bank easing (COVID), to tightening (2022), to easing (2024–now), to today's no expected easing. There had been a broad belief that erratic White House policy would deal a blow to the US and global economy, forcing the Fed to ease. So far, policy seems to have dealt a significant blow to all of our attention spans but not the economy. This is miraculous, but the data suggests it is true. There is a lot of second-tier data showing slowing hiring, but not enough to move the Fed, which means we must now wait for another month. Perhaps the deportations are shrinking the available pool of labor and keeping unemployment down?Second, we learned a fiscal bill is almost certain to be passed soon in the US, with the deficit clocking in at somewhere between 6% and 7%. The only entity that can borrow at scale at these interest rates is the US government. To increase private sector borrowing, interest rates must come down. To get interest rates down, government borrowing must decrease, and that doesn't look like it will happen. This bill is going to be passed despite many thoughtful people saying the same thing Musk is, which is that the deficit is too big. The conversation I share here with Pennsylvania Senator David McCormick (and my former boss) sheds light not only on his new book, Who Believed in You? (co-written with his wife, Dina), but also on what the budget debate looks like from the perspective of a US Senator. As he makes clear, President Trump believes he has a clear mandate to cut taxes, so cut taxes he will. This package, combined with the healthy jobs data, suggests that interest rates could move higher. At some point, this hurts the stock market because why take a flier on AI stocks when a 30-year bond pays you 5.5%? And as we figure this out, listen to Dave and Dina's advice and both seek out great mentors and try to provide the same for others. Third, we learned that trade uncertainty is going to last a long time. Remember that US trade partners were supposed to submit their offers on Wednesday? Nothing doing. Many other deadlines have come and gone. The US has less leverage than it appears. The global trading system is complex and has evolved over decades. So, the US can get justifiably upset about fentanyl, but then China finds a lever to hurt the US (rare earths), and the conflict goes slow. Xi made ample time to meet with Belarus's Lukashenko last week and scarce time to talk to Trump. Why rush? China, like Russia, believes it is winning. This trade uncertainty is one more reason why the Fed will do nothing unless unemployment rises sharply. The tariffs are high, well over 10%, so at some point, this should whack spending, as should higher interest rates.Fourth, we learned that billions of dollars in conventional military spending are not effective against drones. If Ukraine can take out Russia's bombers with drones, then the same can happen to any other major power. This means in a dangerous world, where conflict in Asia can erupt at any moment, the fundamental techniques of modern warfare are in flux and it is less clear who has the upper hand.Where does this leave me?The AI boom is real and ongoing.The Fed (and other central banks) are on hold until unemployment goes up, which means bond yields will probably go to the upper end of their range.Institutional investors are wary of a pro-risk stance (long stocks, short bonds) because of what happened in April (stocks down 20%) and the ongoing haze of tariffs. This probably makes it more likely for stocks to crawl higher. The value of assets that have little to do with the above, like stable cash flow stocks or idiosyncratic bonds, is high, as are assets that can hedge geopolitical conflict. NOTE TO READERS: I'm at a conference next week, so unlikely I'll have time to post. This document is strictly confidential and is intended for authorized recipients of “A Letter from Paul” (the “Letter”) only. It includes personal opinions that are current as of the date of this Letter and does not represent the official positions of Kate Capital LLC (“Kate Capital”). This letter is presented for discussion purposes only and is not intended as investment advice, an offer, or solicitation with respect to the purchase or sale of any security. Any unauthorized copying, disclosure, or distribution of the material in this presentation is strictly forbidden without the express written consent of Paul Podolsky or Kate Capital LLC.If an investment idea is discussed in the Letter, there is no guarantee that the investment objective will be achieved. Past performance is not indicative of future results, which may vary. Actual results may differ materially from those expressed or implied. Unless otherwise noted, the valuation of the specific investment opportunity contained within this presentation is based upon information and data available as of the date these materials were prepared.An investment with Kate Capital is speculative and involves significant risks, including the potential loss of all or a substantial portion of invested capital, the potential use of leverage, and the lack of liquidity of an investment. Recipients should not assume that securities or any companies identified in this presentation, or otherwise related to the information in this presentation, are, have been or will be, investments held by accounts managed by Kate Capital or that investments in any such securities have been or will be profitable. Please refer to the Private Placement Memorandum, and Kate Capital's Form ADV, available at www.advisorinfo.sec.gov, for important information about an investment with Kate Capital.Any companies identified herein in which Kate Capital is invested do not represent all of the investments made or recommended for any account managed by Kate Capital. Certain information presented herein has been supplied by third parties, including management or agents of the underlying portfolio company. While Kate Capital believes such information to be accurate, it has relied upon such third parties to provide accurate information and has not independently verified such information.The graphs, charts, and other visual aids are provided for informational purposes only. None of these graphs, charts, or visual aids can of themselves be used to make investment decisions. No representation is made that these will assist any person in making investment decisions and no graph, chart or other visual aid can capture all factors and variables required in making such decisions. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit paulpodolsky.substack.com

In this podcast, Francis Diamond, Khagendra Gupta and Matteo Mamprin discuss a range of different European rate market topics covering the recent ECB meeting, thoughts around cross-currency basis and an update on €-SSA markets.   This podcast was recorded on 06 June 2025. This communication is provided for information purposes only. Institutional clients can view the related reports at https://www.jpmm.com/research/content/GPS-5002257-0 https://www.jpmm.com/research/content/GPS-4999113-0 https://www.jpmm.com/research/content/GPS-4999331-0.pdf for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.

This week, our Global FX and EM FX Strategists discuss the strategic dollar view given recent US data, impacts on EUR from the ECB and read-throughs from the US Treasury's currency manipulator report, as well as the second-half 2025 outlook for EM FX.   Speakers Meera Chandan, Global FX Strategy Patrick Locke, Global FX Strategy Saad Siddiqui, Head of EM Rates and FX Strategy   This podcast was recorded on June 6, 2025. This communication is provided for information purposes only. Institutional clients can view the related report at  https://www.jpmm.com/research/content/GPS-5001181-0  and https://www.jpmm.com/research/content/GPS-4996209-0  for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.

Watch The X22 Report On Video No videos found (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:17532056201798502,size:[0, 0],id:"ld-9437-3289"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="https://cdn2.decide.dev/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs");pt> Click On Picture To See Larger Picture The [DS]/[CB] are trying to convince the people that the earth axis are out of balance and people are causing it. ECB cut rates again, Fed is not. Trump slaps China back into place in regards to tariffs. Elon is going hard against Trump, Trump responds. OBBB didn't have the votes, this will change everything. Trump trapped the [CB]/[DS],RINOs and the D's. The [DS] has been going after Elon since Trump brought him in. Since Elon aligned with Trump federal lawsuits have been filed against him and his companies, the [DS] is trying to destroy him, by going against Trump the D's will most likely backoff. Elon by attacking Trump will push the RINOS and the D's to release Epstein files and others. Trump and Elon are creating chaos, welcome to the information war. Trump specifically mentioned Elon's black eye, he sent a message.   Economy https://twitter.com/disclosetv/status/1930537022164291824  this is part of its natural, long-term cycles. The tilt of Earth's axis, currently about 23.5 degrees, undergoes a slow variation known as obliquity over a cycle of approximately 41,000 years. This tilt oscillates between roughly 22.1 and 24.5 degrees, driven by gravitational interactions with other planets, primarily Jupiter and Saturn. Right now, we're in a phase where the tilt is gradually decreasing, moving toward the lower end of that range over thousands of years. There's no evidence of sudden or anomalous tilting outside these cycles.   ECB Cuts Rates Again, Widening Gap With Federal Reserve Source: wsj.com (function(w,d,s,i){w.ldAdInit=w.ldAdInit||[];w.ldAdInit.push({slot:18510697282300316,size:[0, 0],id:"ld-8599-9832"});if(!d.getElementById(i)){var j=d.createElement(s),p=d.getElementsByTagName(s)[0];j.async=true;j.src="https://cdn2.decide.dev/_js/ajs.js";j.id=i;p.parentNode.insertBefore(j,p);}})(window,document,"script","ld-ajs"); China deploys rare earths as economic weapon As U.S. tariffs tighten the screws on China's export machine, Beijing is striking back with strategic precision. Export restrictions on rare earths are now Beijing's latest move to break down European trade barriers and push back against escalating pressure from Washington.   Source: americanthinker.com    Bessent, Secretary of Commerce Howard Lutnick, and United States Trade Representative, Ambassador Jamieson Greer. During the conversation, President Xi graciously invited the First Lady and me to visit China, and I reciprocated. As Presidents of two Great Nations, this is something that we both look forward to doing. The conversation was focused almost entirely on TRADE. Nothing was discussed concerning Russia/Ukraine, or Iran. We will inform the Media as to scheduling and location of the soon to be meeting. Thank you for your attention to this matter! https://twitter.com/JamesBlairUSA/status/1930392677226557565   deal with Schumer & Democrats - who will charge a generational fortune in spending and policy in return for their votes. But then he could avoid a tough vote. That's all it's about. https://twitter.com/StephenM/status/1930451665305428231 https://twitter.com/elonmusk/status/1930390978436968869 https://twitter.com/elonmusk/status/1930667063313633635 https://twitter.com/KobeissiLetter/status/1930590279163167003 https://twitter.com/BasedMikeLee/status/1930454376000217304   US Trade Deficit Shrinks By Most On Record In April As Imports Plunged  As the front-running of tariffs abruptly ended,

Tom discusses the ISM services report data, ECB rate cuts, and Trump's travel ban. For information on how to join the Zoom calls live each morning at 8:30 EST, visit:https://www.narwhal.com/blog/daily-market-briefingsPlease see disclosures:https://www.narwhal.com/disclosure

A total of 52 out of 52 surveyed economists expect a quarter point ECB rate reduction today. How could so many economists possibly be wrong?

US equity futures slightly weaker. European markets opened flat to slightly higher, while most Asian markets ended in positive territory with Kospi outperforming. Markets focused on trade and central bank updates. The ECB is expected to cut rates by 25 bps today amid cooling inflation. Uncertainty remains over the timing of a potential Trump-Xi call, with reports citing reluctance from China's side. Institutional investors reportedly shifting away from US markets due to debt and trade concerns, with Europe seen as a relative beneficiary. Weaker-than-expected US ADP and ISM Services data added to Fed policy scrutiny ahead of Friday's jobs report. US fiscal concerns also back in focus, with the CBO projecting a $2.42T deficit increase from the reconciliation bill.Companies Mentioned: NVIDIA, Amazon, Citigroup

S&P Futures are trading slightly higher this morning ahead of some important economic announcements. The ECB is expected to announce a rate cut this morning of 0.25%. Jobless Claims & data on the U.S. trade deficit are due out this morning. President Trump will be meeting with German Chancellor Merz today, discussions will likely focus on NATO, Ukraine, tariffs & trade relations. The Senate is preparing to make major changes to the Reconciliation bill. KMB is nearing a sale of its tissues business to a Brazilian firm. On the earnings front, LE, MDB & FIVE are higher after earnings reports After the bell today, AVGO, LULU & DOCU are scheduled to release earnings.

Kevin Green chimes in on several factors taking center stage, including metals moving higher, the ECB signaling a potential end to its cutting cycle, and reports of a phone call held between President Trump & China President Xi Jinping. For the S&P 500 (SPX), KG continues to highlight the consolidation pattern underneath 6,000 as a focal point for investors with 5,700 as an area of support. Later, KG dives into MongoDB (MDB) earnings and Procter & Gamble's (PG) latest job cuts.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

US equity futures are little changed. European markets are firmer, while most Asian markets gained. US-China trade tensions remain in focus, with Trump-Xi call reportedly expected Friday, though no confirmation yet. China's restrictions on rare earths getting more attention with press highlighting growing concern among car makers that shortage of magnets could grind auto production to halt within weeks. Moreover, US Steel tariffs come into effect today, but a temporary 25% tariff remains for the UK until its trade deal comes into force. Korea's Lee Jae-myung won the presidential election, pledging economic stimulus and renewed trade talks. Markets also eye ECB's Thursday meeting following soft Eurozone inflation and await US jobs data to gauge Fed's rate path.Companies Mentioned: BioNTech

If you are in any way interested in precious metals,  you need to see what today's video sponsor, Monetary Metals, is doing with them at the link below: http://www.monetary-metals.com/Snider/Several more countries around the world are reporting contractions in GDP even before getting to trade wars and any tariff impacts. The latest cluster around Scandinavia and have European banks overall behaving in very curious ways. So much so, the typically hands-off ECB is writing letters to them and threatening on-site visits to get some answers before the economy really takes its turn. Eurodollar University's Money & Macro AnalysisBloomberg Sweden's Surprise Economic Contraction Boosts Rate Cut Oddshttps://www.bloomberg.com/news/articles/2025-05-30/swedish-economy-unexpectedly-shrinks-weighed-down-by-investmentBloomberg ECB Steps Up Scrutiny of Banks' Exposure to Private Marketshttps://www.bloomberg.com/news/articles/2025-05-30/ecb-intensifies-scrutiny-of-banks-exposure-to-private-marketshttps://www.eurodollar.universityTwitter: https://twitter.com/JeffSnider_EDU