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The Week Ahead: Mon: * Senate vote on Kevin Warsh's Fed Chair confirmation begins * Circle Earnings Tue: * U.S. April CPI (hot print expect…

The Week Ahead: Mon: * Senate vote on Kevin Warsh's Fed Chair confirmation begins * Circle Earnings Tue: * U.S. April CPI (hot print expected) * Fed’s Williams, Goolsbee speaks Wed: * Senate confirmation vote on Kevin Warsh's Fed Chair nomination expected as early as Wednesday * IEA, OPEC monthly oil market reports * U.S. April PPI (hot print expected) * Fed’s collins, kashkari speaks * Earnings: Alibaba, Tencent, SoftBank * Trump lands in Beijing on wed night local time Thu: * Trump visits China * Senate Banking Committee plans to hold a markup hearing to advance the Clarity Act * Fed’s Schmid, Hammack, Barr speaks Fri: * 13F filings * Trump leaves China ICYMI: DAY 73 OF Gulf WAR: - STRAIT OF HORMUZ (SOH): NACHO: still effectively closed - India’s PM has urged citizens to work from home, limit gold purchases and stop travelling abroad to conserve foreign exchange - Both IRAN–U.S. rejected peace proposals of each other, with each side accusing the other of making unreasonable demands, proposal demands are overall same as before from both sides - In Thailand, Philippines, Bangladesh and Australia, which are the first since the war to enter key sowing periods, farmers are choosing to skip or reduce planting, or cut fertilizer use, which will lower yield. In June, India and Brazil, two of the world’s biggest agricultural producers, will ramp up orders for urea. If, by then, vessels carrying urea are not sailing, there will be “significant yield loss” across many countries. To make matters worse, scientists say the planet is likely to be hit with a super El Niño climate pattern this year, which could result in extreme heat and drought that will deal another blow to harvests. Trump-Xi Talks: * Trump’s struggles to bring the war to a close on his terms have driven him to seek Xi’s support. But the president should expect little from Beijing on Iran because China’s strategy is to appear useful in the conflict while avoiding a costly Middle East entanglement of its own. “Trump comes without leverage he might have had now without tariffs and a war that’s alienating much of the world, handing Xi more than a few points.” * Areas market participants are watching ahead of the summit: - Trade Tariffs - Middle East Conflict - Tech Curbs - Rare Earth - Agriculture Purchases Must Read: Only one of Berkshire Hathaway and SoftBank can survive: ....“Both firms have come to resemble parodies of themselves….Berkshire and SoftBank are refugees in each other’s countries…Only one of the firms’ gambles can pay off….” - The economist
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