🇷🇺 Russia finds vast oil and gas reserves in British Antarctic territory

The discovery is estimated at 511 BILLION barrels of oil – about 10x the North Sea’s entire 50-year output.

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🇺🇸U.S. ECONOMIC DATA THIS WEEK:

PPI INFLATION (TUES.)
CPI INFLATION (WED.)
RETAIL SALES (WED.)
NY FED MANUFACTURING INDEX (WED.)
JOBLESS CLAIMS (THURS.)
PHILLY FED MANUFACTURING INDEX (THURS.)
BUILDING PERMITS (THURS.)
HOUSING STARTS (THURS.)
INDUSTRIAL PRODUCTION (THURS.)

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🇺🇸 Donald Trump promises major tax cuts for all Americans if elected president. 

"Instead of a Biden tax hike, I'll give you a Trump middle class, lower class, business class, big tax cut. You're gonna have the biggest tax cut.".

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🇷🇺 Russian firms purchased $4 billion worth of weapons from India and paid in 🇮🇳 Indian rupees, reflecting a move towards de-dollarization.

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🇺🇸 58% of Americans say that they disapprove of President Biden's handling of the economy, according to a Financial Times poll.

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📣 HSBC expects Fed to cut interest rates once this year

HSBC: The Fed's forecast for interest rate cuts this year is revised from 75bp (3 times) to 25bp (1 time).

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🚨🚨🚨 Gamestop, $GME, short sellers have lost $1 billion in the first hour of trading today - CNBC

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BREAKING: 🚨 Thousands of users are reporting that E-Trade is down just as Gamestop, $GME, rises over 100%.

Many users have been unable to log into their accounts since the stock market opened.

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✈️ Emirates airline reports a RECORD profit of $4.6 billion

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🇯🇵 SoftBank Vision Fund posts first annual gain in 3 years, up $4.6 billion

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BREAKING: 🚨🚨 Short sellers have now lost $1.8 BILLION on $GME and $AMC short positions over the last 2 weeks.

Short seller losses on today’s move alone were $1.2 billion.

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📣 OpenAI just said more than 100 Million people using ChatGPT

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📣 Indeed plans to cut about 1,000 employees, or roughly 8% of its workforce, the job-search website’s second culling in two years - Bloomberg

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BREAKING: 🚨🚨 Short sellers of $GME and $AMC are down $3.5 billion today.

This puts 2-day short seller losses at $5 billion.

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🇺🇸 SUMMARY OF FED CHAIR POWELL'S COMMENTS (5/14/24):

1. "Overall a good picture looking at US economic data"

2. Inflation was notable in Q1 for the lack of further progress

3. Housing inflation has been a bit of a puzzle for the Fed

4. Restrictive policy may take longer than expected to lower inflation

5. Unlikely the Fed's next move will be an interest rate hike

6. "Credibility is everything for central banks"

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🇺🇸 US threatened possible sanctions against 🇮🇳 India after India and 🇮🇷 Iran signed the Chabahar Port deal

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📣 World's largest cruise company 'Carnival' announces 100% of its ships are now equipped with Elon Musk's Starlink internet.

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