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China is starting to enforce a tax on overseas investment gains by the country’s wealthiest citizens, an initiative aimed at both driving gov’t revenue (to help pay for fiscal stimulus) and pursuing Xi’s “common prosperity” initiative. BBG

Xi isn’t looking to massively stimulate demand or ease his iron grip on the country’s economy but instead stave off a financial crisis by providing support to overindebted local governments and bolster the stock market (his shift on policy was more tactical than strategic). WSJ

Chinese banks are set to trim rates on 300 trillion yuan ($42.3 trillion) of deposits as soon as this week after the latest barrage of stimulus policies further squeeze their profitability. BBG

The International Energy Agency trimmed its forecast for this year’s oil-demand growth for the third month in a row, as a rapid slowdown in Chinese consumption weighs on the global outlook. WSJ

Global sovereign debt will hit $100T by the end of 2024, or ~93% of aggregate GDP, with the figure headed to 100% by 2030 as it warned governments will be forced to make difficult fiscal decisions. BBG

Israel has told Washington it will hit Iranian military targets, not oil or nuclear infrastructure, as Netanyahu looks to retaliate without escalating the situation. WaPo

The Swiss financial regulator has ordered UBS to bolster its emergency and recovery plans in light of the added risk it has taken on following its takeover of Credit Suisse last year. FT

Biden administration officials have discussed capping sales of advanced AI chips from Nvidia Corp. and other American companies on a country-specific basis, people familiar with the matter said, a move that would limit some nations’ artificial intelligence capabilities. BBG

Home builders are still offering mortgage rate buydowns to attract buyers, despite falling mortgage rates. The cost of buydowns is eating into home-builder profits, and they might need to turn to other strategies such as price reductions. Home-builder share prices have been rising, but the outlook is more challenging if more previously owned homes come on the market. WSJ

https://twitter.com/zerohedge/status/1846160365429661810

China is starting to enforce a tax on overseas investment gains by the country’s wealthiest citizens, an initiative aimed at both driving gov’t revenue (to help pay for fiscal stimulus) and pursuing Xi’s “common prosperity” initiative. BBG Xi isn’t looking to massively stimulate demand or ease his iron grip on the country’s economy but instead stave off a financial crisis by providing support to overindebted local governments and bolster the stock market (his shift on policy was more tactical than strategic). WSJ Chinese banks are set to trim rates on 300 trillion yuan ($42.3 trillion) of deposits as soon as this week after the latest barrage of stimulus policies further squeeze their profitability. BBG The International Energy Agency trimmed its forecast for this year’s oil-demand growth for the third month in a row, as a rapid slowdown in Chinese consumption weighs on the global outlook. WSJ Global sovereign debt will hit $100T by the end of 2024, or ~93% of aggregate GDP, with the figure headed to 100% by 2030 as it warned governments will be forced to make difficult fiscal decisions. BBG Israel has told Washington it will hit Iranian military targets, not oil or nuclear infrastructure, as Netanyahu looks to retaliate without escalating the situation. WaPo The Swiss financial regulator has ordered UBS to bolster its emergency and recovery plans in light of the added risk it has taken on following its takeover of Credit Suisse last year. FT Biden administration officials have discussed capping sales of advanced AI chips from Nvidia Corp. and other American companies on a country-specific basis, people familiar with the matter said, a move that would limit some nations’ artificial intelligence capabilities. BBG Home builders are still offering mortgage rate buydowns to attract buyers, despite falling mortgage rates. The cost of buydowns is eating into home-builder profits, and they might need to turn to other strategies such as price reductions. Home-builder share prices have been rising, but the outlook is more challenging if more previously owned homes come on the market. WSJ https://twitter.com/zerohedge/status/1846160365429661810
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Oklahoma news was abuzz with news coverage of suspicious devices found across OKC, including at a school. Two of the three were just homeless people's stuff but the one at the school they've been... Suspiciously quiet about "suspicious devices" doesn't tell yu much.