Have a super day
Indications
Nickel 3 month $7.772
Cash Last $7.694
Euro 1.147
Yen 162.90
gold $4977.71
silver $58.20
Copper LME $ 6.263
Copper Comex $6.423
Cobalt $ 27.50-30.40
Zinc $ 1.661
Tin $ 24.54
Crude $ 83.82 down .91%
Dow Jones down 2.19 %
FTSE 100 up .37%
Dax up .25%
Hang Seng up .20%
Nikkei up .71%
U.S. Dollar index 100.68
Quote of the Day
Facts do not cease to exist because they are ignored.— Aldous Huxley
Word of the Day
Abdicate : To give up power, duties or obligations
Trivia
In Greek mythology, who was the god of the sea?
Answer: at bottom of page under good read.
News of Interest
- Markets: Investors did not have a happy hump day. As bond yields rose yesterday following the Fed’s decision to keep interest rates steady despite inflation (more on that below), stocks plunged, giving the Dow its worst day since April 2025.
(S&P 500 -1.5%, Dow -2.2%, Nasdaq -1.7%) (More)
- US Central Command announced that it had launched a “heavy wave” of strikes on Iran during the early hours of Thursday local time, in retaliation for the attacks Iran initiated on Wednesday against US forces and allies in the region.
Saudi Arabia Steps In
Saudi Arabia confirmed yesterday it publicly joined the US' military campaign against Iran. The kingdom participated in a joint strike on Iranian-backed militias in Iraq, reportedly killing at least 20 combatants.
In announcing the strikes, the kingdom's Ministry of Defense cited Iranian attacks on its oil industry: Saudi Arabia blames Iraqi militias for up to half of the nearly 1,000 drone strikes it has weathered since February. Earlier this week, drones and missiles struck Saudi Arabia's Abqaiq oil facility (see map).
While announcing yesterday that interest rates are staying unchanged, Fed Chair Kevin Warsh continued with his tight-lipped approach to communicating future rate expectations.
But…if one were to guess from the few clues out there, it looks like rate hikes could be on the horizon:
- Yesterday’s decision to keep rates stable wasn’t unanimous. Three regional Fed presidents—out of 12 total members on the committee that sets borrowing costs—voted to hike rates.
- Investors largely expect the Fed to hike rates at its next meeting in September, with some analysts saying surging oil prices reaccelerating inflation will necessitate the move.
For now, though, the Fed held its benchmark rate steady in a range of 3.5% to 3.75%.
🤐 Fauci takes the Fifth. Dr. Anthony Fauci, the infectious disease expert who led the US response to the Covid-19 pandemic, repeatedly refused to answer questions during a tense Senate hearing yesterday, invoking his Fifth Amendment rights more than 100 times
Cash burn has become the main theme in this earnings season for the big U.S. AI "hyperscalers". Meta reported a 91% drop in second-quarter free cash flow after the bell on Wednesday, underscoring the financial strain of the social media giant's costly AI buildout amid growing doubts about its eventual payoff.
The Facebook and Instagram parent company reported free cash flow of $784 million in the second quarter, down from $8.55 billion a year earlier, sending its shares down by as much as 10% in extended trading overnight.
Nickel & Related Metal News
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Good Read
Answer to today's trivia question: Poseidon
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Get ready for a thrill. A Six Flags theme park in New Jersey unveiled plans to build a new roller coaster it says will break six world records. The park says that when the coaster, named Bakunawa after a serpent from Philippine legend, opens next year, it will be the world’s: 1) fastest spinning coaster (zooming 100 miles per hour) 2) fastest inversion 3) first upside down launch 4) longest stall inversion 5) tallest spinning coaster and 6) first floorless spinning coaster. We don’t know if there’s a world record for getting sickest on an amusement park ride, but we bet we could break that one, too, if we get the chance to visit. |