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Bill Gates Tells Congress That Epstein Exploited Knowledge Of His Adultery

Zero Rss
1 week 2 days ago
Bill Gates Tells Congress That Epstein Exploited Knowledge Of His Adultery

Microsoft founder and mega-billionaire philanthropist Bill Gates told Congress that Jeffrey Epstein exploited knowledge of Gates' multiple marital infidelities. Gates insists, however, that he committed no crimes and that the women he had adulterous sexual relations with were not associated with Epstein. Nonetheless, Gates' highlighting of Epstein's leveraging of Gates' sexual secrets fans suspicions that he sought to exploit similar secrets of other powerful people. 

"I never witnessed nor had any indication that Epstein was engaged in ongoing criminal conduct. I never went to his island, his ranch, or his Florida home. I have never victimized anyone. While he may have sought to foster a personal relationship, I was never interested in that and never reciprocated," Gates said in his opening remarks, which were published by the House Oversight committee. His testimony on Wednesday was given behind closed doors. 

Bill Gates with an unidentified but manifestly well-proportioned brunette number, in a photo from the Epstein files (House Oversight Committee)

Gates told legislators that Epstein became aware of Gates' serial philandering with three different women via a mutual acquaintance.  “Based on what has been released in the files, Epstein was working to use information about my infidelities—in addition to many lies that he layered on top—to pressure me to re-engage with him,” Gates said. “He was unsuccessful in this effort, but it shows some of the ways he tried to leverage his interactions with me to further his agenda.”

The three women were two Russians and another woman who's been described as a doctor, according to a leak of Gates testimony leaked to the Wall Street Journal. Committee Democrats held a press conference in which they said Gates acknowledged having been in the company of women that were abused by Epstein or his colleagues. It's expected that the Oversight Committee will release a transcript of Gates' give-and-take with lawmakers, which reportedly became combative at times. 

Documents from the Epstein files revealed that Epstein and Gates met on several occasions after Epstein's 2008 conviction. Gates told the House committee that he met Epstein through "people I trusted in my professional and philanthropic work," and that Epstein promoted his ability to give tax and estate guidance. Gates expressed regret for not vetting Epstein. "I recall being aware that Epstein had faced prior legal issues, but I did not fully understand the extent of the crimes he committed. I accepted the introduction without applying the scrutiny I should have," said Gates in his opening remarks. He said he stopped communicating or meeting with Epstein in December 2014, after concluding that Epstein "would never deliver on his promises" of reeling in donors for the Gates Foundation.  

In an undated photo, Gates appears with Jeffrey Epstein's pilot, Lawrence Visoski (House Oversight Committee Democrats via USA Today)

Tapping a tiny sliver of his net worth of more than $100 billion, Gates went to truly extraordinary lengths to prepare for his appearance on the Hill -- even assembling a mockup of the room in which he would testify. That replica was put together in Palm Desert, California, near his home, the Journal reported:

The replica included a podium on one side with wood paneled furniture flanked by gold curtains to display where lawmakers would traditionally sit. The other side featured a large wooden table for the person responding to questions, along with microphones and several cameras, to mimic the space in Washington. 

Defying President Trump's wishes, the Epstein files were forced into public view by House representatives led by Republican Thomas Massie and Democrat Ro Khanna. Massie used a "discharge petition" to force a vote on legislation requiring the release of the documents. Last month, Massie lost a primary challenge funded by pro-Israel billionaires whose involvement in the contest made it the most expensive primary race in US history.  

Thomas Massie says he will publicly read the names of Epstein clients before leaving Congress.

Massie also says there will be no high-level arrests while Todd Blanche and Kash Patel remain in power. pic.twitter.com/bICUDSvgPD

— Clash Report (@clashreport) May 24, 2026

On a recent Meet the Press appearance, Massie said there are many files still hidden from the public, and he accused the acting US attorney general of violating the Epstein Files Transparency Act: "Todd Blanche is violating the law. There's still millions of files they haven't released." Massie promised to name more people whose identities are still redacted in the Epstein files. He also made an intriguing reference to Trump's First Lady: 

"I don't think it's possible to get to convictions with Todd Blanche at the top and with the FBI director, Kash Patel, at the top, because they have effectively both perjured themselves by saying there's nobody else in the files. Even Melania doesn't believe that. The First Lady knows that Jeffrey Epstein didn't act alone."

Massie has another seven months to help us understand exactly what that means -- a time during which he's empowered to spill Epstein-file secrets on the House floor with impunity, thanks to the Constitution's Speech and Debate Clause.  

Tyler Durden Thu, 06/11/2026 - 08:45
Tyler Durden

Core Producer Prices Cooler Than Expected In April, Goods Costs Jump Most On Record

Zero Rss
1 week 2 days ago
Core Producer Prices Cooler Than Expected In April, Goods Costs Jump Most On Record

After yesterday's mixed bag from consumer prices (headline in-line but core cooler than expected and goods deflating), US Producer Prices were expected to keep accelerating higher (on a YoY basis) in May and they did... by more than expected.

Headline PPI rose 1.1% MoM in May (much hotter than the 0.7% MoM exp) but April's 1.4% MoM rise was revised down to +1.1% MoM. This left producer prices up 6.5% YoY (vs 6.4% exp and up from revised lower 5.7% in April)...

Source: Bloomberg

Services costs are the biggest contributor to the rise in the headline print...

    And, echoing CPI, Core PPI (ex Food and Energy) printed cooler than expected at +0.4% MoM (+0.5% exp) with core PPI up 4.9% YoY (well below the 5.4% YoY exp and flat with April's revised lower 4.9%)...

    Source: Bloomberg

    PPI details:

    Final demand goods: The index for final demand goods moved up 2.8% in May, the largest increase since data were first calculated in December 2009. 80% of the broad-based advance can be traced to a 10.7-percent jump in prices for final demand energy. The indexes for final demand goods less foods and energy and for final demand foods also rose, 0.8% and 0.6%, respectively.

    • Product detail: Over half of the May advance in prices for final demand goods is attributable to a 23.4% increase in the index for gasoline. Prices for diesel fuel, jet fuel, plastic resins and materials, industrial chemicals, and natural gas liquids also rose. In contrast, the index for pork fell 10.1 percent. Prices for residential electric power and for sanitary paper products also declined.

    Final demand services: The index for final demand services moved up 0.3% in May following a 0.7% advance in April. Leading the May increase, prices for final demand services less trade, transportation, and warehousing rose 0.7%. The index for final demand transportation and warehousing services moved up 2.6 percent. Conversely, margins for final demand trade services decreased 1.1 percent. (Trade indexes measure changes in margins received by wholesalers and retailers).

    • Product detail: Over 40% of the May advance in the index for final demand services can be traced to a 4.8-percent rise in prices for portfolio management. The indexes for truck transportation of freight; securities brokerage, dealing, investment advice, and related services; chemicals and allied products wholesaling; food wholesaling; and airline passenger services also increased. In contrast, margins for machinery and equipment wholesaling fell 1.9 percent. The indexes for fuels and lubricants retailing and for residential real estate loans (partial) also moved lower.

    Trade Services dipped 1.1% MoM but Goods prices surged 2.8% MoM (driven by spiking Energy costs)...

    This is the biggest jump in PPI Goods on record...

    Commodity prices are accelerating...

    But, arguably, the Energy component has peaked here...

    And memory prices actually dipped according to PPI data...

    The CPI-PPI spread is signaling increased pressure on corporate margins...

    Source: Bloomberg

    Rate-hike expectations ticked higher on the report (but are stable around one fuill hike in 2026 for now).

    Tyler Durden Thu, 06/11/2026 - 08:40
    Tyler Durden

    ECB Hikes Rates For First Time Since 2023 (As Expected); Cuts Growth, Hikes Inflation Outlook

    Zero Rss
    1 week 2 days ago
    ECB Hikes Rates For First Time Since 2023 (As Expected); Cuts Growth, Hikes Inflation Outlook

    As fully expected, The ECB hiked its key rate by 25bps (for the first time since 2023) as the policymakers battle with the dilemma of economic weakness combined with rising inflation.

    Obviously, raising rates to dampen inflation could further slow the economy, while easing rates to support growth increases the risk that higher inflation becomes persistent.

    Clearly, Lagarde et al went with the former with its well-jawboned baseline having long been a hike in June with risks skewed toward a follow-up move in September (although a move in July can’t be ruled out).

    “The Governing Council is committed to setting monetary policy to ensure that inflation stabilizes at its 2% target in the medium term.

    In line with this commitment, it today decided to raise the three key ECB interest rates by 25 basis points.

    The war in the Middle East is generating inflation pressures, and the decision to raise rates is robust across a range of scenarios mapping out how the shock might evolve and affect the medium-term outlook for the euro area.”

    On the ECB's growth/inflation dilemma, they wrote:

    “The outlook remains uncertain, with upside risks for inflation and downside risks for economic growth.

    The full implications of the war for medium-term inflation and growth will depend on the intensity and duration of the energy price shock, as well as the scale of its indirect and second-round effects.”

    The ECB’s new economic projections revise inflation upwards for 2026 and 2027 due to “a higher path for energy prices, which, to some extent, is expected to feed into food, goods and services inflation.”

    New (higher) inflation forecasts suggest more short-term pain with 2027 and 2028 seeing price pressures ease :

    • *ECB SEES 2026 INFLATION AT 3%; PRIOR FORECAST 2.6%
    • *ECB SEES 2027 INFLATION AT 2.3%; PRIOR FORECAST 2%
    • *ECB SEES 2028 INFLATION AT 2%; PRIOR FORECAST 2.1%

    Growth is seen slowing in the same period due to the impact of the war on commodity prices, real incomes and consumer confidence.

    New (lower) GDP forecasts follow a similar path with short-term weakness rotating into modest improvement in 2027 and 2028 (but not exactly thrilling growth still):

    • *ECB SEES 2026 GDP GROWTH AT 0.8%; PRIOR FORECAST 0.9%
    • *ECB SEES 2027 GDP GROWTH AT 1.2%; PRIOR FORECAST 1.3%
    • *ECB SEES 2028 GDP GROWTH AT 1.5%; PRIOR FORECAST 1.4%

    As Bloomberg's Alessandro Migliaccio notes, the new economic projections paint a grim picture.

    The higher inflation will strengthen the ECB’s conviction that a rate increase was needed to keep to its mandate of price stability.

    The slower growth however, may see some countries grumbling against too much tightening.

    EUR was flat ahead of the ECB decision and the initial market reaction is muted.

    The rate hike was fully priced in, and traders had already anticipated upward revisions to inflation forecasts for 2026 and 2027.

    As expected, and just like in March, the ECB has also produced new scenarios to account for the uncertainty it continues to face. These will be published together with the new projections after the press conference.

    Watch the ECB press conference live here (due to start at 0845ET):

    Tyler Durden Thu, 06/11/2026 - 08:25
    Tyler Durden

    Futures Rise, Oil Drops As US Ends Iran Strikes

    Zero Rss
    1 week 2 days ago
    Futures Rise, Oil Drops As US Ends Iran Strikes

    US equity futures are higher led by tech and small caps, with traders buying the dip in stocks as a swift conclusion to the latest round of US strikes against Iran raised expectations that talks over a peace deal and the reopening of the Strait of Hormuz will get back on track. As of 8:00am ET, S&P futures rise 0.7% to recover from a five-week low after Trump forewarned Iran would be hit “very hard,” followed by swift and superficial strikes; Nasdaq 100 contracts rise 1.1% with all Mag 7 stocks higher led by TSLA (+1.5%) and NVDA (+1.2%); ORCL is down 7% although that’s a better showing than in the postmarket after the company reported quarterly capital expenses that were higher than estimates. Bond yields are 1-3bp lower. Overall, we have seen an escalation in the US/Iran since Tuesday but the escalation is relatively limited given that the US Central Command have declared the operation complete. War jitters promptly faded after US Central Command called an end to “additional self-defense” strikes about four hours after launching attacks on multiple targets in Iran, with Brent reversing gains to trade 1% lower below $92 a barrel. Commodities are mixed: WTI crude fell $1.15 to $88.87; base metals are mostly lower, while previous metals are higher.

    In premarket trading, Mag 7 stocks are all higher (Tesla +1%, Nvidia +0.7%, Amazon +0.5%, Meta +0.2%, Alphabet +0.2%, Apple +0.4%, Microsoft unchanged.)

    • Chipmakers and other AI-related firms rise after Oracle reported quarterly capital expenses that were higher than estimates, driven by increased data center spending.
    • Rocket, satellite and space-linked companies gain, putting the sector on track to rebound after the recent slump.
    • Eaton (ETN) gains 2% after agreeing to merge its mobility business with Dana Inc. in a deal valuing the combined company at roughly $10 billion including debt. Shares of Dana (DAN) are down 2%.
    • Intel (INTC) rises 4% after BofA Global Research raised its recommendation to buy from underperform on expected growth from central processing unit sales.
    • Navan (NAVN) gains 19% after the AI-powered travel and expenses platform boosted its total revenue outlook for the full year.
    • Oracle (ORCL) falls 8% after the company reported quarterly capital expenses that were higher than estimates, raising investor concerns about the profitability of the AI infrastructure business.
    • Stitch Fix (SFIX) rises 3% after the online personal styling platform raised its full-year forecast for net revenue from continuing operations.
    • Voyager Technologies (VOYG) climbs 6% after BTIG started coverage on the space and defense company with a buy rating, citing growth potential.

    In other corporate news, activist investor Elliott hit back at Australia’s biggest gold stock Northern Star Resources by urging the beleaguered miner’s board to take urgent action and reconsider a sale as its valuation flounders. Co-founder of Ben & Jerry’s said the ice cream brand’s new owner Magnum is in the “process of destroying” the Cherry Garcia maker’s future.  Meta has completed an operational split from Manus and halted data sharing between the two companies, taking a pivotal step toward unwinding a $2 billion acquisition opposed by Beijing. Shares of Alibaba and JD.com fell after Chinese regulators scolded leading e-commerce players for what it called misleading promotions. 

    AI takes center stage again, with OpenAI considering drastic token price cuts, Goldman’s renewed estimate of explosive Hyperscaler capex growth, Oracle’s eye-watering spending forecasts and Citadel Securities’ “Tokenomics” report outlining how AI hype has been built on capabilities. The reckoning will focus on costs. 

    Citadel Securities strategist Frank Flight notes the recent decline in token prices may reflect a shift toward cheaper AI models, as even the most powerful technologies must pass through “the prosaic discipline” of cost curves, capacity constraints and marginal returns. OpenAI is said to be considering drastically lowering the prices it charges users for its tokens as it seeks to win customers from its arch-rival Anthropic, according to the WSJ. 

    Coming into Oracle’s results — the first for the new CFO, and with the stock up roughly 50% since April lows — the key question for investors was whether the company could balance growth and demand with capex and financing needs. In a microcosm of the AI bull and bear debate, Oracle delivered solid revenue growth of 20%, but forecast that its capex-to-sales ratio will accelerate to an eye-watering 100% next fiscal year.

    Equities linked to the artificial-intelligence trade have turned volatile in recent days after powering global stocks to all-time highs on the back of strong earnings, with traders questioning whether the rally has run too far.

    “Sentiment trends are shifting very quickly since Friday’s selloff and the market has become much more volatile and much more selective,” said Andrea Tueni, head of sales trading at Saxo Banque France. “Even if the trend remains upward, brace for some more erratic moves ahead.”

    Meanwhile, anticipation is building for the market debut of SpaceX, whose $75 billion first-time share sale is due to price later on Thursday. The offering has attracted demand for more than four times the available shares. The offerings from SpaceX, and potentially others such as OpenAI, are raising questions about whether investors will pull money from existing stocks to fund the deals, or whether they will fuel further enthusiasm for AI shares.

    “There’s nervousness about how markets will react,” said Josh Gilbert, lead analyst for Asia Pacific and the Middle East at Etoro Ltd. “How markets absorb the biggest listing in history at a rich valuation will tell us a lot about whether the appetite for the AI trade is still sky high.”

    Veteran short seller Jim Chanos said SpaceX was a “hopes and dreams IPO,” driven more by investor enthusiasm for Elon Musk and AI than financial fundamentals, arguing its valuation is difficult to justify on any reasonable assumptions. The retail investment excitement is near fever pitch and showing up in pre-IPO trading and a 3x levered SpaceX product is planned.  

    Worries about further Iran war escalation lingered as President Donald Trump told Fox News the US would hit Iran again if its leaders didn’t sign an interim peace deal. Iran’s foreign ministry said the latest attacks rendered the existing ceasefire deal “meaningless.” Traders, however, drew reassurance from the belief that further escalation was to neither side’s advantage. 

    “We’re keeping our overweight equity exposure,” said Christophe Boucher, chief investment officer at ABN Amro Investment Solutions. “The market has taken the view that Trump doesn’t want to escalate further and has no interest in seeing oil prices surge again.”

    The European Central Bank is expected to raise interest rates later on Thursday for the first time since 2023, concluding it can no longer ignore inflationary pressures stemming from the war in Iran. Traders will also follow comments by ECB President Christine Lagarde on policymakers’ outlook for the months ahead. President Christine Lagarde plans a news conference at 8:45am

    European stocks also advance with a pullback in oil prices providing an additional tailwind. Treasuries advance, pushing US 10-year yields down 2bps to 4.53%. The oil price rose, lifting energy shares, after the US military launched strikes against “multiple” targets in Iran. Here are the biggest movers Thursday:

    • Beijer Ref gains as much as 10% after EQT’s Breeze TopCo agreed to sell its entire holding of non-listed A-shares in the Swedish industrial heating and cooling firm to Melker Schorling AB (MSAB) at an undisclosed premium
    • BASF gains as much as 2.1%, rebounding from its lowest level in over two months, after being upgraded at Kepler Cheuvreux, whose analysts raised their earnings expectations for the German chemicals firm
    • Wizz Air rises as much as 6.7% after the airline eked out FY net profit, beating expectations of a €35 million loss. Analysts at Morgan Stanley pointed to signs of normalization in consumer confidence and solid revenue guidance for 1Q 2027
    • Grafton Group rises as much as 3.5%, hitting a one-month high, after the building supplies company outlined medium-term targets ahead of its capital markets day. Analysts said the goals are ambitious but can be delivered
    • Puuilo gains as much as 12% to a record high after the Finnish home goods retailer reported stronger sales. DNB Carnegie says the print shows excellent delivery in the quarter, primarily driven by strong customer traffic
    • Halma falls as much as 15%, the most since 1993, after the UK industrial group’s guidance for its Photonics business fell short of expectations, the key disappointment in an otherwise solid earnings report
    • European software stocks drop after Oracle reported weak sales from its traditional software business; Oracle reported 4Q cloud applications sales that missed consensus estimate
    • Camurus drops as much as 9.6% after the biopharmaceutical firm said it received a complete response letter from the US FDA in relation to its new drug application for Oclaiz, a treatment for patients with a rare hormonal condition
    • Sligro Food Group plunges as much as 13%, marking the sharpest drop in 11 months after being downgraded at Oddo BHF, whose analysts said there are “no mid-term supportive arguments for a bullish investment case”
    • RWS Holdings shares fall as much as 19% to their lowest since April after the British AI company’s earnings noted a £2 million hit from FX swings
    • Voltalia drops as much as 9.7%, the most in five months, as Morgan Stanley downgrades to underweight from equal-weight due to the French renewable-energy producer’s high financial leverage and its impact on growth

    Asian stocks fell as rising oil prices and persistent tensions in the Middle East weighed on sentiment. The MSCI Asia Pacific Index fell as much as 1.7% to its lowest level in three weeks before paring the decline. Alibaba Group and Samsung Electronics were among the biggest drags on the index, following concerns over pricing pressures.  South Korea’s Kospi rebounded and gained by 0.4%, while Indonesia’s benchmark dropped by 0.3%. Benchmarks in Hong Kong and China lead declines in the region. Momentum in regional stocks has weakened, with the Asian benchmark nearing its 50-day moving average. Investors remain jittery as US military launched strikes against multiple targets in Iran for the second straight day, triggering gains in oil prices. 

    Jun Bei Liu, co-founder and lead portfolio manager at hedge fund Ten Cap Investment, said investors were taking profit in tech stocks. “I think this dip will be bought,” she said, adding the market might be getting hopeful that the situation in the Middle East would deescalate after the US military said it had completed its latest strikes in Iran.

    In FX, the Bloomberg Dollar Spot Index edges higher while the euro is little changed ahead of the ECB decision later on Thursday.

    In rates, treasuries are richer across the curve, slightly outperforming European bonds ahead of the ECB rate announcement at 8:15am New York time, with a decision to raise rates for first time since 2023 expected. US yields are 2bp-3bp richer on the day, keeping most curve spreads within 1bp of Wednesday’s close. 10-year, near session low 4.53%, outperforms German and UK counterparts by 0.5bp and 1.5bp. Treasuries have support from lower oil prices as signs of traffic through the Strait of Hormuz offset concern about fresh US attacks on Iran. Focal points of US session include May PPI data and 30-year bond reopening. The Treasury auction cycle concludes with $22 billion 30-year reopening at 1pm, following solid demand for 3- and 10-year note sales over past two days. 30-year WI yield near 5.01% is ~3.6bp richer than the May new-issue result

    In commodities, WTI crude oil futures are down around 1.2% near session low. Brent crude futures fall more than 1% to below 92 with traders seemingly looking past fresh attacks between the US and Iran. Precious metals and Bitcoin also climb

    US economic data calendar includes weekly jobless claims and May PPI (8:30am) and 1Q household change in net worth (12pm)

    Market Snapshot

    Top Overnight News

    • OpenAI is considering drastically lowering the prices it charges users as it seeks to win customers from its rival Anthropic. The company is weighing significant cuts to what it charges for tokens, the unit of measurement artificial-intelligence firms use to bill for their products, according to people familiar with the matter. WSJ
    • Donald Trump told Fox News that the US will launch more attacks on Iran unless it accepts an interim peace deal. His remarks followed another night of clashes between the two countries. Iran told ships with permits to cross the Strait of Hormuz to await guidance, saying it’s closed until further notice. BBG
    • Efforts to reach an interim deal to end hostilities between Iran and the U.S. have intensified, three Iranian sources and a European official told Reuters on Thursday, despite strikes launched by both sides, as the warring parties discuss how to release frozen Iranian funds. RTRS
    • A sharp fall in China’s crude oil imports during the Iran war has been instrumental in holding down oil prices and keeping the global economy humming. Clues are emerging in the mystery of the missing three million barrels—the oil that China would normally be importing but isn’t now. Chinese people are driving fewer gasoline-powered cars and taking trains instead of planes. WSJ
    • SK Hynix plans to double its capacity within 5 years and triple it by 2034. Nikkei
    • Shares of Alibaba and JD.com slid after Chinese regulators scolded leading e-commerce players for what it called misleading promotions. BBG
    • The European Central Bank is all but certain to raise interest rates on Thursday in the hope of nipping higher inflation in the bud before a surge in energy costs triggered by the Iran war spreads ‌more broadly across the euro zone economy. RTRS
    • S&P upgraded Argentina’s credit rating to B-, citing President Javier Milei’s fiscal austerity and improved liquidity access. BBG
    • The Knicks staged the biggest comeback in NBA Finals history, rallying from a 29-point deficit to defeat the San Antonio Spurs 107-106 in Game 4. The win gave New York a 3-1 series lead, one victory away from its first NBA championship since 1973. BBG
    • BofA Total Card Spending (w/e 6th Jun) +6.1% (prev. +5.2% W/W, +4.8% in Apr); entertainment, clothing, HI, furniture and transit saw the biggest acceleration.

    Top Iran News

    • The US carried out fresh strikes against Iran, with US CENTCOM saying that American forces began launching additional self-defence strikes, and then later announcing that it completed the strikes, targeting Iranian military surveillance capabilities, communication systems and air defence sites across Iran. In response, Iran's military command centre announced the Strait of Hormuz would be closed to all vessels, effective immediately, and threatened to hit any vessels crossing the strait. Iran's IRGC also said it launched two waves of retaliatory strikes, hitting and destroying 18 key military targets in US bases in Kuwait and Bahrain.
    • Following the overnight strikes, an Iranian source told Reuters that Iran and the US are still in negotiations over a preliminary deal, which includes a mechanism for unfreezing funds. This followed commentary by the Pakistani Foreign Minister stating that we remain engaged with a degree of optimism. The minister added that channels of communication remain open and Pakistan and Qatar remain engaged in mediation efforts. To add, CNN reported first, citing a source, stating that US-Iran talks still continue despite US-Iran military exchange.
    • US President Trump said on Wednesday evening that fighter jets were operating over the skies of Iran, and he spoke directly with Iranian officials. Trump added that Iranians asked him to stop bombing, while he said the bombing will stop shortly, but left the option open for more strikes. Trump also stated that Israelis were not involved in Iran strikes and that the US fired 49 Tomahawk missiles, as well as noting that Iran must choose between war or a new deal and warned 'we'll bomb them to rubble tomorrow night' if there is no deal.
    • Tasnim cited a reliable source stating that Trump's claim that Iranian officials spoke with him directly and wanted the bombing to stop is completely false, while the source added that no contact has been established with Trump and that Iran responds to aggression with military action.
    • US President Trump held a Situation Room meeting on Iran strike options, while sources said one option Trump was considering was launching an operation that is big in scale but short in duration, according to Axios. However, NYT later reported that officials held a Situation Room meeting regarding the Epstein files and that the meeting was held without Trump.
    • US Secretary of War Hegseth said Central Command would be busy overnight and that the US would hit Iran hard, with the US to bomb key facilities in Iran, and strikes would be strong and clear.
    • IRGC Navy said vessels approaching the Strait of Hormuz is considered cooperation with the enemy and "We warn that no vessel should leave its anchorage in the Persian Gulf and the Sea of Oman", ISNA reported.
    • Iran said applicants who have received a transit permit are asked to be patient and await further guidance from the PGSA, IRIB reported and repeated that the Strait remains closed until further notice.
    • UKMTO received a report of an incident 21NM Northeast of Sohar, Oman. Iran's Sirik Governor later said the US projectile hit a cargo boat in the Gulf of Oman.
    • A 7th vessel carrying Qatari LNG is understood to have transited the Strait of Hormuz, Kpler's Bakr reported.
    • India's embassy within Oman said they were informed on Thursday of an incident that involved a vessel in proximity to the Shinas port.
    • Israeli airstrike targets a facility in Western Bekaa, central Lebanon, Al Hadath reported.
    • Israeli airstrikes reported on towns in southern Lebanon, Al Mayadeen reported.**

    A more detailed look at global markets courtesy of Newsquawk

    APAC stocks declined in a continuation of the recent tech reversal, and as the US conducted strikes on Iran for a second consecutive day, which prompted Iran to retaliate by targeting US bases in the region and ships near the Strait of Hormuz. Iran also declared the waterway closed to all vessels. However, stocks then gradually pared losses given that the fresh strikes were widely telegraphed beforehand and with relief also seen after CENTCOM announced that US forces completed the strikes. ASX 200 was pressured with the downside led by underperformance in tech and the top-weighted financials sector, although losses were stemmed by resilience in energy and defensives. Nikkei 225 slumped at the open owing to the fresh hostilities in the Middle East, with headwinds seen amid higher oil prices and upside in yields, although the index then staged a recovery and returned to flat territory before a renewed bout of selling persisted. Hang Seng and Shanghai Comp followed suit to the weakness across global markets, with several tech stocks clustered among the list of worst performers.

    Top Asian News

    • Japan PM Takaichi and US President Trump are arranging a meeting during the G7, Nikkei reported.
    • Japanese Chief Cabinet Secretary Kihara said he doesn't think BoJ Governor Ueda's temporary hospitalisation will affect the BoJ's policy conduct and cooperation with the government.
    • PBoC Governor Pan reiterated the depth and breadth of China's financial market, provide key allocation opportunities for overseas institutional investors.

    European bourses (STOXX 600 +0.6%) trade with broad gains despite another round of US-Iran strikes. The US targeted Iranian military surveillance capabilities, communication systems and air defence sites across Iran, while Iran's IRGC said it launched two waves of retaliatory strikes, hitting and destroying 18 key military targets in US bases in Kuwait and Bahrain. Germany's DAX 40 (U/C) underperforms, weighed on by losses in SAP (-4.4%) following Oracle's earnings. European sectors trade mixed. Utilities (+1.3%) tops the list, with Energy (+1.2%) and Banks (+1.2%) round out the top 3. Autos (-0.4%), Real Estate (-0.4%) and Telecoms (-1.0%) are the underperformers.

    Top European News

    • France and Germany are discussing proposals for a radical overhaul of the EU’s diplomatic service in an attempt to improve the response to geopolitical crises, according to FT.

    FX

    • G10s are mixed against the Buck in relatively thin trade into the ECB meeting and US PPI.
    • A busy morning in terms of newsflow, has not translated into price action/vol for G10s which are mixed against the flat Buck. Gradual weakness in Crude benchmarks seen among slew of optimistic US-Iran updates (see feed from 08:21-38 BST), did little to move DXY from its 100.00 handle despite Brent edging to session lows under USD 92/bbl. In short, it appears negotiations continue despite the recent exchange of fire. The Greenback seems less sensitive to geopolitical headlines as markets interpret recent US data with PPI ahead.
    • CAD is the worst G10 performers as energy weakness pressures the Loonie. On Wednesday, the BoC held rates at 2.25% with some dovish undertones. Although release and accompanying remarks from Macklem/Rogers were a repeat from April, ING notes its use of language such as “excess supply” and “looking through” inflation may have offered the Loonie. Amid the recent weakness in energy benchmarks, USD/CAD could approach the 1.40 level should US PPI print hot.
    • The main EUR event today will be the ECB meeting, where the Governing Council is expected to hike by 25bps, taking the Deposit Rate to 2.25%. This is justified by the assessment that the ECB is past the March baseline and is closer to the adverse scenario. Attention will be on language regarding a July move, where interest rate futures currently assign a 30% probability of tightening. EUR has been moving lower on account for recent USD upside as mentioned above. EUR/USD trades within recent parameters in the middle of a 1.15-16 band. If the ECB indicates further tightening, that could see the pair test resistance at 1.1570/80, whereas a dovish council may see recent lows of 1.15 tested, in conjunction with hot US PPI.

    Fixed Income

    • Global fixed benchmarks are trading tentatively on either side of the unchanged mark. This comes amidst another US strike on Iranian military targets, which led to retaliation from the Iranians. This led energy higher overnight, but then came off best levels as CENTCOM announced the latest bout of attacks are completed. Thereafter, energy benchmarks turned negative after CNN reported that US-Iran talks are continuing. This helped global fixed paper to clamber off worst levels, with the complex generally sitting towards highs.
    • USTs (+2 ticks) trade towards the upper end of a 108-27 to 109-06+ range. The trough of the day was formed overnight, which coincided with the peaks in the energy complex. Thereafter, US paper clambered off worst levels, as the geopolitical environment eased. Domestically, focus will be on the US PPI report, which, together with Wednesday's broadly in-line CPI report, will be used as a key determinant for next week’s Fed policy announcement. The policy rate is unlikely to be adjusted, but focus will be on comments pertaining to the easing bias removal. Also on the docket today is a 30yr auction, which follows on from a decent 3yr outing and a strong 10yr auction. This notably comes despite the ongoing volatility and hawkish Fed repricing.
    • Bunds (+9 ticks) are trading towards the upper end of a 124.88 to 125.29 range, currently driven by events in the Middle East, though focus will come back to Europe where the ECB is set to deliver a 25bps hike this afternoon. Given markets widely expect a hike, focus will be on the accompanying statement and President Lagarde to see if/how hawkish the Bank shifts. The likelihood is that Lagarde will keep optionality; ING opines that she will want to avoid “sounding too dovish”.
    • Gilts (-3 ticks) are essentially flat and trade within a 87.39 to 87.60 range. Ultimately, moving at the whim of geopolitical developments. Domestic newsflow has been light, with some focus on Burnham comments where he suggested he would support Waspi Women, a compensation scheme believed to cost upwards of GBP 10bln. With the UK newsflow light, Gilts will likely take leads from this afternoon’s US PPI and ECB announcement.
    • UK sells GBP 5.0bln 2029 Gilt: b/c 3.60x (prev. 3.35x), average yield 4.419% (prev. 4.238%), tail 0.2bps (prev. 0.2bps).
    • Italy sells EUR 4.0bln vs exp. EUR 3.5-4.0bln 3.00% 2029 BTP: b/c 1.62x, average yield 3.03%.

    Commodities

    • The US carried out fresh strikes against Iran, with US CENTCOM saying that American forces began launching additional self-defence strikes, and then later announcing that it completed the strikes, targeting Iranian military surveillance capabilities, communication systems and air defence sites across Iran. In response, Iran's shut the Strait of Hormuz and launched its own attack on some Gulf nations.
    • Despite these strikes, an Iranian source tells Reuters that Iran and the US are still in negotiations over a preliminary deal, including a mechanism over unfreezing funds, while the Pakistan Foreign Minister said they remain engaged with a degree of optimism. Prior to that, CNN sources outlined that US-Iran talks continue, despite the US-Iran military exchange.
    • Crude futures have completely pared the earlier gains. WTI Jul'26 reversed at the 50-SMA (USD 93.48/bbl) and currently trades at the lower end of its USD 88.77-93.64/bbl range. For Brent Aug'26, the benchmark has slipped below USD 92/bbl (USD 91.72-95.50/bbl range).
    • Precious metals rebound following the drop in the last few days, action driven by several previously discussed factors. Spot gold dipped below the March 26th low of USD 4099/oz in Wednesday's session and extended to a trough of USD 4024/oz early in the Asia-Pac day. Since then, the yellow metal has bid higher and now trades at the upper end of its USD 4024-4118/oz range.
    • 3M LME Copper gapped lower at the start of trade, following the selloff in APAC equities, but has since oscillated in a USD 13.39k-13.52k/t range.
    • Japan's PM Takaichi said that she expects to secure 100% of crude in July, without passing the Strait of Hormuz.
    • Shanghai Futures Exchange has adjusted daily price-limit bands and trading margin ratios for gold and silver futures contracts

    US Eco Calendar

    • 8:30 am: Jun 6 Initial Jobless Claims, est. 220k, prior 225k
    • 8:30 am: May 30 Continuing Claims, est. 1785k, prior 1777k
    • 8:30 am: May PPI Final Demand MoM, est. 0.7%, prior 1.4%
    • 8:30 am: May PPI Ex Food and Energy MoM, est. 0.5%, prior 1%
    • 8:30 am: May PPI Final Demand YoY, est. 6.4%, prior 6%
    • 8:30 am: May PPI Ex Food and Energy YoY, est. 5.4%, prior 5.2%

    DB's Jim Reid concludes the overnight wrap

    The rise in oil prices has continued this morning after the US launched fresh strikes against Iran for a second day running. So investors are increasingly pessimistic that a deal will be reached anytime soon, or that the Strait of Hormuz will reopen. That’s meant Brent crude is up another +1.70% overnight to $94.68/bbl, building on yesterday’s gains. And as a result, global equities are at a one-month low, with the S&P 500 (-1.62%) posting a fresh slump yesterday. Moreover, those losses have shown no sign of easing in Asia, with the Hang Seng (-1.05%), the CSI 300 (-1.07%), the Shanghai Comp (-0.73%) and the Nikkei (-0.19%) all losing ground this morning. The one bright spot is that futures on the S&P 500 (+0.33%) have stabilised overnight, but the overall backdrop is one of mounting volatility as investors have priced a growing chance of further escalation.

    All that follows a day of mounting threats, which culminated in several US strikes overnight. US Central Command framed them as “additional self-defense strikes” on “multiple targets”. Meanwhile, Fox News reported that President Trump had told them he would bomb Iran again today if they didn’t sign an agreement. So fears of a further escalation were very much in focus, and Iran’s Press TV said they’d targeted the US Fifth Fleet in Bahrain using various attack drones.  

    Even before those latest US strikes overnight, markets had already posted fresh declines yesterday as US-Iran tensions continued to mount. The first uptick in oil prices followed a post from President Trump, who said that Iran have “taken too long to negotiate a deal that would have been great for them, now they will have to pay the price!!!” So that raised fears about an escalation, and a few hours later, Trump then said the US would “hit Iran hard again today”, suggesting that further action was on the table.

    Those initial headlines led to a clear jump for oil, with Brent crude (+1.80%) ending the day at $93.10/bbl. Moreover, as investors dialled back the chance of a near-term resolution, longer-dated oil futures also moved higher, with the 6-month Brent future up +1.55% on the day to $85.89/bbl. And on Polymarket, there was increasing doubt that the Strait of Hormuz would reopen anytime soon, with the probability of normal traffic by end-July down to 26% by the close. Admittedly, there were a couple of headlines that were more positive. For instance, Fox News reported a senior White House official on background, who said “the talks still continue”. Meanwhile, Iran’s ISNA reported that a Qatari delegation had arrived in Tehran yesterday, for talks on diplomacy with the US. But for markets, investors have priced out the likelihood of a near-term deal, particularly with the latest strikes overnight.

    With signs of a near-term resolution fading, investors grew more concerned about the stagflationary scenarios again, with bonds and equities selling off on both sides of the Atlantic. Indeed, the S&P 500 (-1.62%) fell to a one-month low, with tech stocks including the NASDAQ (-1.98%) and the Magnificent 7 (-2.23%) leading the way. The selloff was a classic rotation out of growth and cyclicals into defensives as Telecoms (+2.25%), Food & Bev (+1.98%) and Consumer Staple Retail (+1.86%) were the best performing S&P 500 industry groups, while Autos (-3.92%), Capital Goods (-3.88%), and Semiconductors (-3.76%) were the biggest laggards. And over in Europe, it was much the same story, with the STOXX 600 (-0.08%) down for a 4th consecutive session to a three-week low.

    While geopolitics provided the main headlines, there were also developments on the AI-capex front as well. Most notably, Oracle shares fell -10.25% in after-hours trading after they reported higher capex spending than estimated, adding to doubts about the profitability of AI infrastructure like data centres. Otherwise, the company also announced plans to raise another $40bn in equity and debt, including a previously disclosed plan to issue $20bn in shares.   

    For sovereign bonds it was much the same story of losses, with the 10yr Treasury yield up +3.6bps to 4.55% by the close. And that increase came despite the more positive impact from the US CPI print, where monthly core CPI was softer than expected, which helped to dial back some of the speculation about a Fed rate hike this year. So the release showed headline CPI up as expected in May, with a +0.5% monthly print that took the year-on-year reading to +4.2%. But core CPI was softer at +0.2% on the month (vs. +0.3% expected), with the year-on-year measure at +2.9%. But for sovereign bonds, the temporary relief from the CPI print was outweighed by the more negative geopolitical headlines and higher oil prices, so they still lost ground on the day.

    Over in Europe, sovereign bonds also struggled ahead of today’s ECB decision. Once again, that was driven by the geopolitical headlines, with inflation fears ramping up. For instance, the 1yr Euro inflation swap was back up +4.85bps yesterday to 2.98%. And in turn, yields on 10yr bunds (+3.3bps), OATs (+4.1bps) and BTPs (+4.9bps) all moved higher again. That included a few records as well, with the 10yr OAT yield up to a post-2008 high of 3.85%, whilst Germany’s 10yr real yield (+2.7bps) hit a 5-month high of 0.83%.

    Speaking of the ECB, they’ll be announcing their decision at 13:15 London time, where they’re widely expected to deliver a 25bp hike that lifts their deposit rate to 2.25%. That comes as inflation has clearly risen above target, and our European economists think the energy shock has now been large enough for the ECB to act. Indeed, the Euro Area flash CPI print for May was at 3.2%, whilst core CPI was also at a one-year high of 2.5%. In terms of what to look out for, given a hike is widely expected, a big question will be what they signal beyond this meeting about future hikes. Our economists think they’ll want to maintain optionality, and will keep further hikes on the table so markets don’t interpret today as a one-off move. 

    Ahead of that, we also had the Bank of Canada’s latest decision yesterday. They left their policy rate unchanged at 2.25%, as was widely expected, and they kept their options open given the current uncertainty. For instance, Governor Macklem suggested that if higher energy prices led to higher inflation, then “there may be a need for consecutive increases in the policy rate”. But he also suggested that additional US trade restrictions could mean they “may need to cut the policy rate further to support economic growth.” Against that backdrop, Canadian bonds saw a relative outperformance yesterday, with the country’s 10yr yield (+0.9bps) seeing a modest increase to 3.49%.

    Finally, there were fresh tariff headlines as President Trump announced that he would not be reauthorising the country’s USMCA trade pact with Mexico and Canada agreed in his first term. He said “I’m not looking to renew it”, and without an extension, the deal would see rolling annual reviews while remaining in force for the next decade. It’s possible for a country to exit the deal with 6 months’ notice, but Trump did not say if he was considering this.

    Looking at the day ahead, the main highlight will be the ECB’s policy decision and President Lagarde’s subsequent press conference. Otherwise, US data releases include the PPI reading for May, and the weekly initial jobless claims.

    Tyler Durden Thu, 06/11/2026 - 08:19
    Tyler Durden

    A Small Win For Free Speech In UK

    Zero Rss
    1 week 2 days ago
    A Small Win For Free Speech In UK

    Authored by Steve Watson via Modernity,

    South Wales Police has shelved plans to record instances of "anti-Muslim hostility" that strayed beyond what officers considered "legitimate" discussion of Islam.

    The force paused the policy after the Free Speech Union threatened judicial review and Shadow Equalities Minister Claire Coutinho referred it to the Equality and Human Rights Commission. Critics had warned the guidance functioned as a de facto blasphemy law in a country that scrapped such statutes 18 years ago.

    The climbdown represents a tangible check on efforts to police speech through vague, subjective rules that empower authorities to decide what counts as acceptable criticism of one religion.

    ?? FSU Victory!!

    The Free Speech Union has just heard from South Wales Police that it has withdrawn its guidance on "anti-Muslim hostility".

    The force had effectively adopted its own Islamic blasphemy law, instructing officers to record any conversation that went beyond... pic.twitter.com/aEHeGGuxr5

    - The Free Speech Union (@SpeechUnion) June 9, 2026

    Earlier this month, South Wales Police directed staff to log comments about Islam that exceeded the force's view of legitimate discourse. Anything beyond that line risked classification as an anti-social behaviour incident - the rebranded term for non-crime hate incidents. Those records could then appear in enhanced DBS checks, affecting employment prospects for teachers, carers and others in regulated roles.

    The approach effectively "gold-plated" the UK government's March definition of anti-Muslim hostility. While ministers included explicit free speech safeguards stating the definition was not meant to inhibit criticism of Islam or Islamic practices, South Wales Police added its own subjective layer. Officers gained discretion to judge speech on the spot.

    Free Speech Union General Secretary Lord Young highlighted the danger at the time:

    "Our concern is that police forces and other public bodies adopting the definition will gold-plate it, ignoring those safeguards and penalising people for expressing misgivings about Islam, even when those views are rooted in evidence rather than prejudice. In particular, we are concerned that the default police response to reports of anti-Muslim hostility - even where they clearly fall outside the definition - will be to record them as 'anti-social behaviour incidents'... Those records may then be disclosed in enhanced DBS checks."

    Conservative MP Katie Lam warned the framework would "make it harder to talk about Islamist extremism, FGM, and the grooming gangs. They'd rather restrict our right to criticise than deal with these problems head-on. It's putting us all in danger."

    The definition itself emerged from a working group whose members had documented links to Islamist organisations previously avoided by governments. Concerns mounted that public bodies were creating special protections for one faith while documented issues with parallel societies, religious exclusion in housing, and extremism received softer treatment.

    The Free Speech Union wrote directly to South Wales Police demanding withdrawal of the guidance. It argued the policy clashed with data protection rules and free speech protections. The group explicitly threatened judicial review if the force pressed ahead.

    South Wales Police appear to be zealously enforcing their own version of an Islamic blasphemy law.

    Officers have been instructed to record speech that goes beyond what they deem to be "legitimate" discussion of Islam.

    This creates an extraordinarily restrictive category of... https://t.co/aW7PMkVM5c

    - The Free Speech Union (@SpeechUnion) June 8, 2026

    Public exposure of the internal directive triggered swift backlash. Within days the force faced mounting pressure from multiple directions.

    Then the force confirmed Tuesday it was pausing adoption of the bespoke anti-Muslim hostility definition.

    The Free Speech Union noted the guidance would have threatened careers by creating disclosable records for speech that crossed an officer's personal line on Islam discussions. South Wales Police stated it would now seek guidance from the National Police Chiefs' Council before any further decision.

    The Free Speech Union quickly declared victory and warned other forces against similar experiments.

    This episode exposes how easily vague "hostility" frameworks can slide into selective speech monitoring. Officers were positioned as arbiters of acceptable thought on a single religion, with records that follow citizens into job applications.

    Small victories matter. They prove that when civil society groups document the overreach, threaten credible legal action, and coordinate with opposition figures, even police forces reconsider. Other forces reportedly eyeing similar interpretations now have a clear signal: these policies carry real political and legal costs.

    Britain scrapped blasphemy laws because no religion deserves a state-backed shield from criticism. Attempts to recreate that shield through the back door - whether dressed as community cohesion or hostility monitoring - deserve the same resistance. This pause shows such resistance can succeed when applied with precision and persistence.

    Free speech protections exist to cover the difficult, the offensive and the evidence-based alike. When institutions try to carve out exceptions for one ideology, they erode the principle for everyone. The South Wales Police retreat is a reminder that those exceptions remain contestable.

    Tyler Durden Thu, 06/11/2026 - 08:05
    Tyler Durden

    zero rss

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