🚨 SOMETHING REALLY BAD IS HAPPENING AROUND THE WORLD, AND MOST PEOPLE HAVE NO IDEA. • Iran says it has intelligence that a major new U.S. or allied attack is being prepared and warns it would retaliate against U.S. bases and regional allies. • The Strait of Hormuz remains largely blocked, while Houthi advances now threaten shipping through Bab el-Mandeb too. • Houthis launched fresh missile and drone attacks, while also claiming attacks on oil infrastructure. • Houthis are now warning Turkey and Pakistan of a “decisive and painful response” if they militarily intervene alongside the Middle East. • France is calling for an emergency G7 discussion on the energy crisis, including possible releases from strategic reserves. • Ukraine struck one of Russia’s major oil refineries, forcing the 300,000-barrel-per-day Yaroslavl refinery to halt crude processing. • European leaders are warning about growing Russian hybrid attacks, while fears of a wider Russia-NATO confrontation are rising. Two major wars. Two critical shipping chokepoints under threat. Oil infrastructure being attacked. And more countries are getting pulled in. This looks like the beginning of something terrible.

🚨EUROPEAN BOND MARKET IS IMPLODING 🇫🇷 France's 10Y bond yield hits 4.16%, the highest since 2008. 🇩🇪 Germany's 10Y bond yield hits 3.31%, the highest since 2011. 🇵🇹 Portugal's 10Y bond yield hits 3.665%, the highest since 2023. 🇮🇹 Italy's 10Y bond yield hits 4.15%, the highest since 2024. 🇪🇸 Spain's 10Y bond yield hits 3.76%, the highest since 2024. First Japan, then the US, and now Europe, the bond market is indicating a major global crisis is imminent.

BREAKING: 🇨🇳 China's 5Y bond yield crashed 7% today and hit a 20-month low. The 5Y yield is now just 2.5 bps away from hitting a record low. While other bond markets are selling off, investors are pouring money into Chinese bonds.

🚨 LIQUIDITY IS MOVING INTO CHINESE BONDS Just now, the Chinese 10Y bond yield hit a 12-month low of 1.68%. Bond yields going lower means bond prices are rising, which means liquidity is exiting the other bond markets, like the US and Japan, and moving into China.