>>21155171 pb
Mr. and Mrs. Potato in 09-0017 C32A departed Harrisburg and arrived at JBA
https://rollcall.com/factbase/biden/calendar/
BUILD37 E6B Mercury out from Pax River and was offshore-currently over Delaware
>>21154721 pb
RCH123 C17 Globey arrived at Dover AFB after stopping at Bragg from it’s Port Au Prince depart earlier
>>21155509 pb
SAM310 G5 headed across the Atlantic from it’s S. Arkansas Regional Airport stop and then depart
Economic Schedule for Week of July 7-Sunday Market News
The key report this week is June CPI. Fed Chair Powell testifies on the Semiannual Monetary Policy Report to Congress.
Keep an eye on muh yen still as they are doing smaller interventions…one on Weds >>21131807 pb that slowed the momentum and set off right at 162/$ and then one on Thursday- can see it in the chart cap #2 weekly https://tradingeconomics.com/japan/currencyview.
Atlanta Fed updates it’s hilarious GDPNOW (on Weds.) narrative but it’s nao closer to reality however it was over 4% as recently as mid May: Latest estimate: 1.5 percent – July 03, 2024
Lowered from 1.7% last Monday.
https://www.atlantafed.org/cqer/research/gdpnow
Euro falls after French exit poll points to hung parliament
https://www.reuters.com/markets/currencies/euro-falls-after-french-exit-poll-points-hung-parliament-2024-07-07/
This week in Asia
Modi meets Putin, Samsung faces strike, Philippines-Japan '2-plus-2'
MONDAY
India's Modi visits Moscow
Samsung labor union gears up for strike
Japan and Philippines hold 2-plus-2 talks
Second anniversary of Shinzo Abe's assassination
TUESDAY
NATO summit kicks off in Washington
Monetary policy: Malaysia
WEDNESDAY
Japan-Arab Economic Forum
China CPI
THURSDAY
Earnings: Fast Retailing (Uniqlo owner)
FRIDAY
China trade stats
GDP: Singapore Q2
Earnings: Ryohin Keikaku (Muji owner)
https://asia.nikkei.com/Spotlight/Your-Week-in-Asia/Modi-meets-Putin-Samsung-faces-strike-Philippines-Japan-2-plus-2
Monday, July 8th -
No major economic releases scheduled.
Tuesday, July 9th -
6:00 AM ET: NFIB Small Business Optimism Index for June.
10:00 AM: Testimony, Fed Chair Jerome Powell, Semiannual Monetary Policy Report to Congress, Before the U.S. Senate Committee on Banking, Housing, and Urban Affairs (Watch the Algos take the markets up for no reason whatsoever-unless he changes the ‘higher for longer’ BS…markets are demanding a Sept cut of 25bp and they get what they want…they are all dealing with this and the extend and pretend period is just about over: >>21154917 pb
Big Banks Are Taking Hits From Commercial Real Estate
CME FEDWatch cap#3
https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html
Two of SF’s largest hotels plunge $1B in value in eight years
https://therealdeal.com/sanfrancisco/2024/07/02/two-of-sfs-largest-hotels-drop-1b-in-value-in-eight-years/
Wednesday, July 10th -
7:00 AM ET: The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.
10:00 AM: Testimony, Fed Chair Jerome Powell, Semiannual Monetary Policy Report to Congress, Before the U.S. House Financial Services Committee
2:00 PM: the Federal Reserve Beige Book, an informal review by the Federal Reserve Banks of current economic conditions in their Districts.
Thursday, July 11th -
8:30 AM: The Consumer Price Index for June from the BLS. The consensus is for a 0.1% increase in CPI, and a 0.2% increase in core CPI. The consensus is for CPI to be up 3.1% year-over-year and core CPI to be up 3.4% YoY.
8:30 AM: The initial weekly unemployment claims report will be released. The consensus is for 242 thousand initial claims, up from 238 thousand last week.
Friday, July 12th -
8:30 AM: The Producer Price Index for June from the BLS. The consensus is for a 0.1% increase in PPI, and a 0.2% increase in core PPI.
10:00 AM: University of Michigan's Consumer sentiment index (Preliminary for July).
https://www.calculatedriskblog.com/2024/07/schedule-for-week-of-july-7-2024.html
Japan Pushes for Greater Use of Protections on Corporate Bonds
Japan expects corporate bond issuers to start adding investor protection as it pushes the use of covenants, opening the way for lower-rated companies to enter the debt market. Japan expects corporate bond issuers to start adding investor protection as it pushes the use of covenants, opening the way for lower-rated companies to enter the debt market.
A working group led by the Japan Securities Dealers Association finished a series of monthly meetings in June that discussed details of applying covenants to local corporate notes with lower ratings.
The group agreed on applying Change of Control clauses and reporting covenants on bonds of BBB and lower, while keeping conditions flexible, according to an official at JSDA. The former clauses protect investors when there’s a shift in company ownership, while the latter oblige issuers to notify investors when the likelihood of default rises. The discussion of covenants in the Japanese credit market resurfaced after investors became frustrated with a lack of protection on a debt default by hotel chain Unizo Holdings last year.JSDA’s goal is to first apply covenants on lower rated companies in order to encourage them to sell bonds, diversifying the market and providing a wider range of investment opportunities.(translated: they need moar debt flowing through the markets because the end of paper based finance is in its last stages do the shit companies that didn’t make the cut before are given new guidelines to “qualify”)
“We want to lower the bar for investors to buy bonds from lower rated companies by providing covenants,” Yoshiko Nishimura, senior general manager of the bonds and financial products division at JSDA, said in an interview with Bloomberg on Thursday. While Nishimura said that she hopes all lower rated companies to carry such covenants, “there are some flexible measures that can be taken,” she said. While the securities association would like to see all bonds rated BBB and below have Change of Control clauses, there may be exceptions, she said. For instance, if the investor is protected in a different way such as providing a debt administrator or giving collateral in place of Change of Control, the notes may not necessarily need to have that clause, Nishimura added. JSDA will compile and announce a report later this month, and working groups consisting of underwriters will further discuss details from September onward, she said.
https://www.bloomberg.com/news/articles/2024-07-07/japan-pushes-for-greater-use-of-protections-on-corporate-bonds
>>21157085 Japan Pushes for Greater Use of Protections on Corporate Bonds
So it can have protections from the shit level debt it needs to pass in to markets
SAM341 C40B NE from JBA
This is a WH NSO AC and also Janet Yellen uses it as well.
>>21156727 Economic Schedule for Week of July 7-Sunday Market News