SpaceX eyes $1.75T IPO 🚀, Iran war jolts Asia FX 💲, BTC relies on Saylor ₿

Around 70% of SpaceX's business is Starlink.

Hiring strengthened for a second week according to latest @ADP data … private payrolls added an average of 42,250k jobs per week for four-weeks ending May 2

🇪🇺 Oil/fuel demand destruction has arrived in Europe, in strong contrast to the US French toll road operator Vinci reports a 5% traffic decline due to the "sharp rise in fuel prices"

Tokenized assets have never been more popular. The distributed asset value of real-world tokenized assets is now up to a record $33.8 billion. This represents a +1,600% increase over the last 2 years and adoption is only accelerating. Growth in these assets gained momentum after onchain platforms like Jupiter began listing tokenized assets through partnerships with Securitize, xStocks, and Ondo finance, prompting +34% week-over-week volume growth. Meanwhile, Bloomberg reported this week that the SEC is leaning toward allowing the trading of tokenized assets in a "surprise move." This would mark one of the US' biggest shifts into crypto infrastructure yet. Tokenization is taking over.

Fastest visible onshore oil inventory draws in history.

BoA GFMS: In sector allocation, investors increased their relative overweight in cyclicals (tech & industrials) vs defensives (healthcare & staples) to the highest level since Jan’18.

Dr Sultan Al Jaber CEO @ADNOCGroup to @CroftHelima at Atlantic Council Event: - this is the biggest supply shock on record - will take 4 months for global oil flow to recover - new land pipeline is 50% complete - global oil demand to stay >100mbd into 2040s - ADNOC still actively pursuing opportunities in the US, particularly in gas

"Charts of the Day: How Expensive Are the Markets?" This and other commentary on the blog tab of https://seabreezepartnerslp.com

Nvidia is now using the majority of its cash flow to invest in startups to help preserve Nvidia’s chip dominance

The latest CoT data shows speculators are short equity futures across the S&P 500, Nasdaq-100 (most net short since Apr'23), S&P 400, and Russell 2000. via @bespokeinvest

"Since the start of the current bull market, only two of the 11 S&P 500 sectors have outperformed the index's 107.0% gain" @yardeni

📌 Bonds CTAs' overall allocation to bonds sits in the 8th percentile, indicating little appetite for rates risk. Fixed income is simply not where they want exposure right now 👉 https://www.isabelnet.com/blog/ h/t @DeutscheBank #yield #yields #treasuries #bonds

Across the developed markets, bond markets are staging a slow-motion car wreck. Even Japan is joining in now, and the phenomenon is truly globa @johnauthers

BREAKING: After 7 failed attempts, the US Senate has advanced a measure that would require congressional approval for continued military strikes on Iran. In a 50-47 vote, the Senate has now officially advanced the Iran War Powers Resolution.

Leveraged Bets on Korean Stocks have soared to an all-time high 🚨🚨 Traders are all in 🤑

The Meager Half Life of A Japanese Intervention Japan spent more than $50bln defending the yen, yet the currency has largely reversed the impact as global yields have risen. Just another example showing fundamentals overpower intervention. https://bobeunlimited.substack.com/p/the-meager-half-life-of-a-japanese

🇨🇳 China imports record volume of Palladium Palladium prices have plunged -17% YTD. We remain short in $PALL terms

Total crude inventories (including Strategic Petroleum Reserve) shed 17.8 million barrels last week, largest drop on record

Food is set to become even more expensive: World fertilizer prices have surged +44% since the start of the Iran War, to the highest since 2022. This comes as ~33% of globally traded fertilizers pass through the Strait of Hormuz, which remains effectively closed. This includes 23% of global ammonia, 34% of urea, the world's most widely used nitrogen fertilizer, and nearly 20% of global phosphate supply. Furthermore, the Bloomberg Agriculture Subindex has increased ~9% since the Iran war. The index tracks the futures prices of key agricultural commodities, including wheat, corn, soybeans, sugar, coffee, and cotton. In the past, world fertilizer prices have acted as a leading indicator for agricultural output prices, as rising production costs eventually force farmers to reduce supply, pushing crop prices higher. A new wave of global food inflation is imminent.

JUST IN: Binance says it prevented over $10,000,000,000 in fraud using 100+ AI models.