The Shanghai index lost -0.40%, the Hang Seng fell -0.46%, and the Nikkei 225 was even. Russia/Ukraine peace talks ended in two hours with no meaningful developments. The DAX added +0.30%, the Stoxx 600 gained +0.42% and the FTSE 100 was up +0.59%. 10-year Bunds yield 2.587%. April Housing Starts went from 1.339M annualized to 1.361M (up +1.6%) vs. 1.362M est., with Permits sinking from 1.481M to 1.412M (down -4.7%) vs. 1.450M est. April Import Prices increased from -0.4% prior to +0.1% vs. -0.3% exp., and Export Prices held at +0.1% vs. est. of -0.3%. May Consumer Sentiment (prelim) printed at 50.8, falling from 52.2 prior, vs. 53.0 est., with Consumer Expectations at 46.5 the lowest since 1980. Year-ahead Inflation Expectations rose from +6.5% to +7.3% (highest since 1981) vs. +6.6% est. (see Looking Ahead). 10-Yr T-Notes yield 4.449%. The June US$ index gained +0.20% to 100.930. The WH says they are getting close to a new Iranian nuclear deal. July crude oil recovered +1.40% to $62.48. June gold (Marketwatch.com quoted our very own Mike Armbruster on gold.) fell -1.02% to $3,193.70. Pres. Trump said 150 countries want to make tariff deals with the U.S., and that “We’re going to be fair.” With $1.7T in OpEx today, markets moved mechanically higher to end positive near highs.

The Shanghai index lost -0.68%, the Hang Seng fell -0.79%, and the Nikkei 225 sank -0.98%. The DAX printed a +0.72% gain, the Stoxx 600 strengthened +0.56% and the FTSE 100 added +0.57%. 10-year Bunds yields are 2.622%. For the week of 5/10 Initial Jobless Claims were nearly unchanged near consensus of 229K. April PPI printed -0.5%, down from -0.4% prior, and lower than +0.2% est., (largest decline since 2020). April Retail Sales sank from +1.7% to +0.1%, as est. The May Philly Fed Mfg. Index improved from -26.4 to -4.0 vs. -10.0 est., and the Empire St. Mfg. Index fell from -8.1 to -9.2 vs. -7.5 est. April Industrial Prod. gained from -0.3% prior to 0.0% vs. +0.2% est. March Bus. Inventories dipped from +0.3% to +0.1% vs. +0.2% est. The May Housing Market Index fell from 40 to 34 (lowest since late 2023) vs. 40 est. 10-Yr T-Notes yield 4.449%. The June US$ index retreated -0.22% to 100.650. The WH says they are getting close to a new Iranian nuclear deal. June crude sank-2.15% to $61.79. June gold gained a strong +1.50% to $3,236.10. Shares of UNH sank -14%. Pres. Trump told Apple CEO Cook that he wasn’t pleased with them shifting iPhone production from China to India (vs. the U.S.). WMT earnings beat “the street” but shares dipped. After-hours U.S. stock index futures retreated, then opened quietly. After inching higher most of the day the ES closed positive with the NQ near even.

China is complaining that the UK/US trade deal with freeze out China from UK opportunities. Japan’s 30-Yr bond yield hit 2.96% its highest in 25 years. The Shanghai index gained +0.86%, the Hang Seng surged +2.30%, but the Nikkei 225 faded -0.14%. The DAX retreated -0.47%, the Stoxx 600 drifted -0.24% lower and the FTSE 100 dipped -0.21%. 10-year Bunds yields are up to 2.700%. For the week of 5/9 MBA Mortgage Application Composite Index fell from 11.0% prior to 1.1%, with the Purchase Index dropping from 11.1% to 2.3% and the Refinance Index declining from 11.1% to -0.4%. 10-Yr T-Note yields were up to 4.544% (highest since Feb. 20). The June US$ index edged higher +0.13% to 100.955. For the week of 5/9 the EIA Petroleum Status Report showed Crude Oil inventories increasing from -2.0M bbls to +3.5M bbls. OPEC will add another 411K bbd supply as it unwinds production cuts. June crude pulled back -1.3% to $62.84. June gold sank again, by -2.04% to $3,181.50. WH econ. advisor Hassett says the admin has 20-25 trade deals going and Pres. Trump will announce them upon his return from overseas. U.S. stock index futures seesawed overnight near unchanged. The choppy consolidation continued in the day with the ES ending fractionally higher.