Credit Bubble Bulletin

Presented by Doug Noland since 2012

Credit Bubble Daily
Thursday, July 24, 2025
[CNBC] S&P 500 futures are little changed after Alphabet, Tesla post earnings: Live updates [AP] US applications for jobless benefits fall for sixth straight week, remain at historically low level [AP] Trump to visit Federal Reserve headquarters as feud with its chair continues [Reuters] Conditions as loose as 2021 call into question more Fed cuts [Yahoo/Bloomberg] Microsoft Hack Hits Hundreds of Firms, Agencies as Damage Spreads [Axios] What meme stock mania says about the market rally [Axios] Trump's "Russiagate" crusade enters fraught new territory [AP] European Central Bank leaves interest rates unchanged as it assesses impact of Trump tariffs [Reuters] China's Xi warns EU to 'make correct strategic choices' at tense summit [AP] Europe and China holding scaled-back summit with expectations low for major agreements [Yahoo/Reuters] Japan's factory activity slips into contraction in July, PMI shows [Yahoo/Bloomberg] HK Arrests 18-Year-Old Over ‘Seditious Words’ in Bathroom [Bloomberg] The Fed Needs to Tread Carefully With This Strange Dollar [Bloomberg] Euro-Zone Private Sector Grows at Fastest Pace in Almost a Year [Bloomberg] Europe’s Junk Loan Market Shows Rare Sign of Investor Fatigue [Bloomberg] China’s 30-Year Bond Auction Draws Highest Yield Since March [NYT] The Stock Market’s Most Unserious Season Is Back and Dorkier Than Before [NYT] Trade Deal Could Give Japanese Cars a Leg Up in U.S. Market [NYT] The Chatbot Culture Wars Are Here [WSJ] Trump to Tour Federal Reserve, Ramping Up Pressure Campaign on Powell [WSJ] Trump’s New Trade Standard Takes Shape With 15% Tariff Deal [WSJ] Global Economies Show Resilience Despite Tariff Fears, Surveys Show [WSJ] The West’s Insatiable Demand for Missiles Is Boosting U.S. Weapons Makers [FT] Donald Trump to visit Federal Reserve after attacking $2.5bn renovation [FT] Nvidia AI chips worth $1bn smuggled to China after Trump export controls [FT] Thai fighter jets strike Cambodia as border clashes erupt
Thursday, July 24, 2025
[CNBC] S&P 500 futures are little changed after Alphabet, Tesla post earnings: Live updates [AP] US applications for jobless benefits fall for sixth straight week, remain at historically low level [AP] Trump to visit Federal Reserve headquarters as feud with its chair continues [Reuters] Conditions as loose as 2021 call into question more Fed cuts [Yahoo/Bloomberg] Microsoft Hack Hits Hundreds of Firms, Agencies as Damage Spreads [Axios] What meme stock mania says about the market rally [Axios] Trump's "Russiagate" crusade enters fraught new territory [AP] European Central Bank leaves interest rates unchanged as it assesses impact of Trump tariffs [Reuters] China's Xi warns EU to 'make correct strategic choices' at tense summit [AP] Europe and China holding scaled-back summit with expectations low for major agreements [Yahoo/Reuters] Japan's factory activity slips into contraction in July, PMI shows [Yahoo/Bloomberg] HK Arrests 18-Year-Old Over ‘Seditious Words’ in Bathroom [Bloomberg] The Fed Needs to Tread Carefully With This Strange Dollar [Bloomberg] Euro-Zone Private Sector Grows at Fastest Pace in Almost a Year [Bloomberg] Europe’s Junk Loan Market Shows Rare Sign of Investor Fatigue [Bloomberg] China’s 30-Year Bond Auction Draws Highest Yield Since March [NYT] The Stock Market’s Most Unserious Season Is Back and Dorkier Than Before [NYT] Trade Deal Could Give Japanese Cars a Leg Up in U.S. Market [NYT] The Chatbot Culture Wars Are Here [WSJ] Trump to Tour Federal Reserve, Ramping Up Pressure Campaign on Powell [WSJ] Trump’s New Trade Standard Takes Shape With 15% Tariff Deal [WSJ] Global Economies Show Resilience Despite Tariff Fears, Surveys Show [WSJ] The West’s Insatiable Demand for Missiles Is Boosting U.S. Weapons Makers [FT] Donald Trump to visit Federal Reserve after attacking $2.5bn renovation [FT] Nvidia AI chips worth $1bn smuggled to China after Trump export controls [FT] Thai fighter jets strike Cambodia as border clashes erupt
Wednesday, July 23, 2025
[CNBC] Dow pops after Trump announces Japan trade deal: Live updates [CNBC] GoPro, Krispy Kreme join the meme party as Wall Street speculation ramps up [Reuters] Buyers flee Japanese bonds as political, fiscal risks rise [AP] Asian markets gain, with Japan’s Nikkei up more than 3%, lifted by deal on Trump’s tariffs [CNBC] Mortgage demand flatlines at low levels, as mortgage rates hit 4-week high [AP] Trump announces trade deal with Japan that lowers threatened tariff to 15% [Yahoo/Reuters] Key facts on the US-Japan tariff deal [Yahoo/Reuters] Japan, US agree to keep current 50% tariff on steel, aluminium, NHK reports [Yahoo/Reuters] Trump administration not in a rush to replace Powell, Treasury chief Bessent says [Yahoo/Bloomberg] US Nuclear Weapons Agency Breached in Microsoft SharePoint Hack [Axios] OpenAI's data center ambitions collide with reality [Yahoo/Bloomberg] JPMorgan Warns of Stocks Complacency as Earnings Outlook Dims [Yahoo/Bloomberg] Defiant Ishiba Seeks to Prolong Premiership After US-Japan Deal [Yahoo/Reuters] BOJ paints gloomy view on economy, signalling go-slow on rate hikes [Bloomberg] Fed Legend Paul Volcker Would Shrug Over This Attack [Bloomberg] Japan 40-Year Bond Auction Sees Weakest Demand Ratio Since 2011 [Bloomberg] Tally of Microsoft Victims Surges to 400 as Hackers Capitalize on SharePoint Flaw [Bloomberg] GoPro, Krispy Kreme Surge as Markets Abuzz About Meme Stocks [Bloomberg] EU Readies €100 Billion No-Deal Plan to Match US 30% Tariff [Bloomberg] China’s Long Bonds Join Global Drop as US Trade Tensions Ease [NYT] As the Dollar Slides, the Euro Is Picking Up Speed [NYT] Behind Japan’s Trade Deal: 8 Rounds of Talks and ‘Hurrying Slowly’ [WSJ] Trump Goes to Bat for Big Tech in Global Trade Talks [WSJ] Trump’s Fixation With Greenland Has Ended Denmark’s Love Affair With the U.S. [FT] Germany and France push EU to prepare trade reprisals against US [FT] Demand for long-dated Japanese bonds hits 14-year low on PM resignation fears [FT] Emerging market borrowing premium over US falls to nearly lowest since 2007 [FT] Companies increase lobbying to try to shape Washington’s AI policy
Tuesday, July 22, 2025
[CNBC] Stocks little changed after S&P 500 posts another record close: Live updates [Reuters] Oil falls as trade war concerns increase worries about fuel demand [Reuters] Bessent says he will meet Chinese officials, discuss tariff deadline extension [Yahoo/Reuters] US Treasury chief: No need for Fed's Powell to step down right now [Yahoo/Reuters] Bessent says he will meet Chinese officials, discuss tariff deadline extension [Axios] AI's anything-goes moment [Yahoo/Bloomberg] Japan’s Ishiba Tries to Buy Time as Calls Mount for New Leader [AP] Why a far-right party in Japan made big gains [Yahoo/Reuters] Analysis-How Japan's election outcome muddles the BOJ's policy path [Politico] Stop playing nice with Trump on trade, France tells Brussels [Yahoo/Bloomberg] Asia Hedge Fund New Silk Road Shuts After US Investor Pullback [Bloomberg] Trump Targeting Trade Loopholes Risks 70% of China Exports to US [Bloomberg] Banks Ready Fresh Push Against Tighter US Capital Rules [Bloomberg] Trump NATO Envoy Warns China Over ‘Subsidizing’ Russia’s War [Bloomberg] UK Borrows Billions More Than Expected as Debt Costs Surge [WSJ] Why Are Stocks Up? Nobody Knows [WSJ] The Global Economy Is Powering Through a Historic Increase in Tariffs [WSJ] How China Curbed Its Oil Addiction—and Blunted a U.S. Pressure Point [WSJ] See How Drones Are Dominating Every Corner of the War in Ukraine [FT] Why a $2.5bn refurbishment of the Federal Reserve could be Jay Powell’s undoing [FT] ‘Make Ishiba Go Away’: Japan’s LDP reels after historic defeat [FT] JPMorgan explores lending against clients’ cryptocurrency [FT] Trump — emperor of Brazil [FT] China moves to widen influence at UN and fill US power vacuum [FT] Asset managers launch active ETFs at record pace
Monday, July 21, 2025
[CNBC] Stocks move higher as traders await big tech earnings, eye trade developments: Live updates [Yahoo/Bloomberg] Gold Rises With US Interest-Rate Cuts and Tariff Agenda in Focus [Yahoo/Bloomberg] Yen firms as investors gird for political uncertainty [Yahoo/Reuters] US not rushing trade deals ahead of August deadline, will talk with China, Bessent says [CNBC] U.S. plays hardball on tariffs deadline as EU battles for a deal [Yahoo/Reuters] US Treasury's Bessent says Federal Reserve needs to be examined as an institution [Yahoo/Reuters] Brazil acknowledges possibility of no US trade deal by August 1 [Yahoo/Bloomberg] Biggest US Power Sale to Offer Glimpse of AI’s Cost to Consumers [Yahoo/Reuters] U.S. homebuilders head into back half of 2025 with rising costs, tariff uncertainty [Yahoo/Bloomberg] How Climate Change Is Raising Your Grocery Bill [Yahoo/Bloomberg] Japan’s Ishiba Tries to Buy Time After Historic Election Setback [Yahoo/Bloomberg] China Rare-Earth Magnet Exports Jump 158% After Trade Truce [AP] Russia launches a major aerial attack on Kyiv hours before high-level talks on support for Ukraine [Bloomberg] Japan Right-Wing Party’s Gains Risk Unnerving Global Investors [Bloomberg] What’s Behind the New Violence and Israeli Strikes in Syria [Bloomberg] Heat Wave Scorching Italy and Greece Tests Grids, Sparks Alerts [WSJ] After Pledging to Keep Prices Low, Amazon Hiked Them on Hundreds of Essentials [WSJ] Extreme Weather Is Driving Global Food-Price Spikes, Report Says [WSJ] What Chip-Stock Investors Are Missing About Tariffs [WSJ] Blank-Check Company Strikes Cryptocurrency Deal [FT] The threat to central banks from ‘fiscal populism’ [FT] US embassy in China warns exit bans risk straining bilateral relations [FT] China land sales in smaller cities hit lowest level in a decade [FT] Top central banker defends climate work after US pushback
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