WH Sr Advisor Hassett: We're making enormous progress on tariff talks with EU. White House is concerned about China period. I am 100% not expecting a recession.

Short term inflation swaps just surged again

NVIDIA Blackwell chips have started production at TSMC's chip plants in Phoenix, Arizona. [⬆️inflation]

NVIDIA building supercomputer manufacturing plants in Texas, with Foxconn in Houston and with Wistron in Dallas.

NVIDIA: Mass production at Texas plants to ramp up in 12-15 months.

Global gold ETFs saw US$4.7bn (~52 tonnes) of net inflows last week. North American and Asian funds accounted for the bulk; the latter seeing its largest weekly inflow on record. YTD net inflows now over US$27bn (~293 tonnes).

NVIDIA UP NEARLY 4% PREMARKET

S&P 500 OPENS 1.6% HIGHER, NASDAQ RISES 2.15%

APPLE SHARES JUMP 7.2% AFTER TARIFF EXEMPTIONS ON SMARTPHONES, COMPUTERS

Treasury yields coming down.

History strongly suggests both the Nasdaq 100 and SP500 should rally over the next 50 trading days, and by double digits.

Cross asset Volatility all over the place. [BTFD!]

Bitcoin has outperformed the S&P 500 over the past 1-, 2-, 3-, 4-, 5-, 6-, 7-, 8-, 9-, 10-, 11-, 12-, 13-, and 14-year periods.

Deutsche Bank now expects the Fed to deliver a 25 BPS interest rate cut in December vs prior their forecast of no cut in 2025.

China's global trade surplus in the first 3 months of 2025 reached a stunning $273 bn. That's an order of magnitude higher than any previous surplus in the first 3 months of the year.

China’s President Xi calls on China and Vietnam to jointly oppose unilateral bullying - Xinhua

Canada is readying spot Solana ETFs to launch this week. ETFs will include staking.

VIX falling

The SEC delays its decision on permitting staking in Grayscale's ETH spot ETFs.

China surpasses US in Gold ETF inflows as investors seek safe-haven amid global trade war. Investment flows into Chinese physically backed gold ETFs so far this month have exceeded those for the whole of Q1 and overtaken inflows registered by US listed funds -World Gold Council [crypto is an even better inflation/uncertainty hedge because there are no quotas for crypto in China]