🚨Bloomberg's James Seyffart: Canary Fund Litecoin ETF filing is due for a decision (possibly a delay) by Monday 5/5. SEC went early & delayed a bunch of filings but not this. If any asset has a chance of early approval it's Litecoin.

@bullcase

Corporations have fallen for the macro FUD and aren't investing at the moment. As soon as tariff uncertainties are resolved, there will be a massive catch-up effect.

@bullcase

Tether CEO Paolo Ardoino has announced Tether AI, a fully open-source AI runtime designed to run on any hardware or device, requiring no API keys and having no central point of failure. It is fully modular and composable. Notably, the AI runtime will integrate WDK (presumably Tether’s developer kit) to support payments using USDT and Bitcoin. -announcement

@bullcase

Taiwan office of trade negotiations: tariff talks with US Last week did not discuss exchange rate, did not include Taiwan's central bank.

@bullcase

Today so far pre-bell:
📉S&P 500 & Nasdaq 100 futures down 0.7% after a 9-day rally streak.
💵USD weakens as Japan hints at using US Treasuries as leverage in trade talks.
🛢Oil plunges 5% to $55.81 on rising Middle East supply & demand fears.

@bullcase

Sentiment and positioning remain ultrabearish on the dollar.

@bullcase

Moody's Ratings: We assume flare-ups will occur periodically between India, Pakistan but they will not lead to an outright, broad-based military conflict.

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Eurozone investor sentiment stabilizing following last month's shock over US tariff policy. Economic expectations are rebounding, with signs of recovery in both current conditions and outlook.

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🚨PBOC's Pan: We call on regional countries together to deal with tariffs. Global economic uncertainties are rising.

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Taiwan central bank: US did not ask Taiwan dollar to appreciate [Sure, sure.]

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Spot gold up 1%

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🚨PBOC Governor Pan chairs ASEAN+3 finance ministers and central bank governors' meeting. Pan urges regional unity against US tariff impact, outlines China’s macro policy response.

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🚨ASEAN+3 agree to launch rapid financing tool under CMIM, funded in RMB and other freely usable currencies

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🚨ASEAN+3's CMIM unveils $240 billion USD financial safety net

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Goldman Sachs: 'We reiterate our structural bullish gold view with a base case of $3,700/toz by year-end and of $4,000 by mid-2026. In extreme tail scenarios where market focus on risks of Fed subordination or of changes in US reserve policy was to grow, estimate gold could plausibly trade near $4,500/toz by end-2025. [Thank you for confirming gold has topped, GS.]

@bullcase

Spot gold up nearly 2% intraday to $3,300/oz for first time since Apr 30.

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Taiwan's president: Taiwan's trade surplus with the United States has nothing to do with the exchange rate.

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EU's von der Leyen announces new 500m euro package for 2025–2027 'to make Europe a magnet for researchers.' [Yes, bring them all to Europe to celebrate their birthdays with plastic glasses in the lab]

@bullcase

Von der Leyen: We have to make it easier and more attractive to come to Europe for research. We want EU member states to reach the 3% GDP target for investment in research and development by 2030.

@bullcase

🚨Chinese manufacturing PMI took a big leg down in April, dropping from to 49.0 from 50.5, with new export orders falling below 45 for the first time since 2022's lockdown chaos, about 1 standard deviation below the average level for both indicators.

Gavekal: The culprit behind the weak PMI is the imposition of massive new US tariffs on Chinese imports, which are starting to affect shipping volumes, whose decline was preceded by a material slowdown in new orders as customers started to hold off in the hope of a deal.