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House Of Horrors: Cops Search Epstein's Zorro Ranch For Strangled Girls, 'Human Experimentation'

House Of Horrors: Cops Search Epstein's Zorro Ranch For Strangled Girls, 'Human Experimentation'

Weeks after New Mexico officials launched an investigation into Jeffrey Epstein's Zorro Ranch in New Mexico - which has since been purchased to turn into a Christian retreat, the FBI and local law enforcement descended on the 7,500 acre property in search of dark secrets, including the possible graves of trafficked girls who may have been strangled to death during violent sex sessions on the property. 

For years the rumors have swirled around the isolated estate near the tiny town of Stanley (about 30 miles south of Santa Fe), however the identities of the alleged victims - and whether their bodies are on the property - has remained a mystery. 

The search - conducted on Monday and into Tuesday, is part of a planned state “truth commission” established by New Mexico lawmakers last month to investigate allegations surrounding Epstein’s activities at the ranch because the feds have dropped the ball. 

The operation began just a day after hundreds of protesters gathered outside the ranch on International Women’s Day to show support for victims of sexual abuse, the Daily Mail reports.

Danny Wilson, the brother of Epstein victim Virginia Giuffre, spoke at the protest held outside Zorro Ranch on Sunday, International Women's Day

“We have heard years of allegations and rumors about Epstein’s activities in New Mexico, but unfortunately, federal investigations have failed to put together an official record,” said New Mexico state Rep. Andrea Romero, who pushed to create the commission.

“With this truth commission, we can finally fill in the gaps by investigating the failures that led to the horrific allegations of abuse and crime at Zorro Ranch, so we can learn from them and prevent such atrocities from taking place in our state going forward,” Romero said.

One Epstein Files email references a woman who claimed Epstein offered her money to 'birth babies for black market use.'

Via @blueapples

In another Epstein file, a former staff member at Zorro allegedly claimed that "somewhere in the hills outside Zorro, two foreign girls were buried on orders of Jeffrey and Madam G" - referring to Ghislaine Maxwell. 

According to the Daily Mail, witnesses have begun claiming that Epstein may have also used the secluded ranch for disturbing medical procedures tied to his reported interest in eugenics.

“We have people coming forward saying they were drugged, had sex organs and sperm harvested from their bodies, and woke up around medical equipment not knowing where they were or what happened to them,” Romero told the Daily Mail.

New Mexico state Representative Andrea Romero is one of several lawmakers now calling for a sweeping investigation into what really happened at Zorro Ranch, following a recent influx of tips 

In addition to the allegedly strangled women, one of the most disturbing threads surrounding Jeffrey Epstein’s New Mexico estate involves allegations that the ranch may have been tied to his unusual fascination with human experimentation - particularly eugenics and genetic engineering, ideas he reportedly discussed with scientists and wealthy associates. According to accounts cited by various outlets, Epstein spoke openly about a plan to use the remote property as a kind of “baby ranch,” where women would be impregnated with his sperm in order to create a genetically “superior” bloodline.

Investigators and journalists say Epstein had a long-standing interest in transhumanism and eugenics - the controversial belief that the human race can be improved through selective breeding - and he surrounded himself with scientists and academics for frequent discussions. 

In another document from the Epstein dump, a victim writes a coded diary where she describes being a 'human incubator' who was forced to give birth to a child that was taken from her.

Eft a 02731361 by Zerohedge Janitor

Romero acknowledged that the allegations sound unusual but said investigators must examine the claims.

“It’s so dark and perplexing, and I know that if you mention this to someone, it sounds very conspiratorial,” Romero said. “But we need to get down to the truth of what really happened here in our own backyard.”

The property was bought by Epstein in 1993 from former New Mexico governor Bruce King. It spans roughly 13 square miles of high desert and includes a massive luxury hacienda, guest lodges, staff dwellings, horse stables, a private airstrip, hangar and helipad. Epstein owned the ranch until his death (or escape) in (from) a New York federal jail cell in 2019 while awaiting trial on federal sex-trafficking charges. After his death (or escape), the ranch was listed for sale for $27.5 million in 2021 before the price was reduced to $18 million. The property was eventually sold in 2023 to a limited liability corporation that renamed it San Rafael Ranch.

New Mexico DOJ spokesman Lauren Rodriguez said the current owners - the family of Texas real-estate developer Don Huffines - granted investigators access to search the property and nearby public land.

Epstein’s ranch has long been alleged to have served as one of several locations where the financier trafficked and abused young women, alongside properties in New York, Florida and the U.S. Virgin Islands. Civil filings have claimed that prominent guests visited the compound, including Britain’s (former) Prince Andrew, who was accused by Epstein accuser Virginia Giuffre of being one of the men she was trafficked to. Andrew has denied wrongdoing. There have also been unverified claims by contractors and journalists that former President Bill Clinton and other prominent figures spent time at the ranch, although Clinton denied being there during a deposition before Congress.

Accuser Maria Farmer has said she and her younger sister Annie were brought to Zorro Ranch in 1996 under the pretense of working on an art project. Maria has alleged that she was sexually assaulted by Epstein and his associate Ghislaine Maxwell, who was convicted in 2021 of child sex trafficking and is currently serving a 20-year federal prison sentence. Annie Farmer has said she was 15 when she was flown to the ranch and directed by Epstein and Maxwell “to take off all her clothes and get on a massage table.”

Since plans for the Truth Commission were announced, Romero said lawmakers have received between 25 and 30 tips from people claiming to have information about activities at the ranch.

“We have this massive international story in New Mexico and all these potential conspiracies, horrible things that have happened there,” she said. “We don't know what's fact from fiction, but owe it to the people of our state to sort through these threads of information and get answers.”

Republican state Rep. Andrea Reeb, a former prosecutor who plans to sit on the commission, said the state has not done enough to examine what happened at the ranch.

“Zorro Ranch has given New Mexico a black eye. We as a state haven't been aggressive enough on figuring out what happened there,” Reeb said.

“My main interest is to see if we can bring justice to some of the victims.”

Tyler Durden Tue, 03/10/2026 - 12:20

House Of Horrors: Cops Search Epstein's Zorro Ranch For Strangled Girls, 'Human Experimentation'

House Of Horrors: Cops Search Epstein's Zorro Ranch For Strangled Girls, 'Human Experimentation'

Weeks after New Mexico officials launched an investigation into Jeffrey Epstein's Zorro Ranch in New Mexico - which has since been purchased to turn into a Christian retreat, the FBI and local law enforcement descended on the 7,500 acre property in search of dark secrets, including the possible graves of trafficked girls who may have been strangled to death during violent sex sessions on the property. 

For years the rumors have swirled around the isolated estate near the tiny town of Stanley (about 30 miles south of Santa Fe), however the identities of the alleged victims - and whether their bodies are on the property - has remained a mystery. 

The search - conducted on Monday and into Tuesday, is part of a planned state “truth commission” established by New Mexico lawmakers last month to investigate allegations surrounding Epstein’s activities at the ranch because the feds have dropped the ball. 

The operation began just a day after hundreds of protesters gathered outside the ranch on International Women’s Day to show support for victims of sexual abuse, the Daily Mail reports.

Danny Wilson, the brother of Epstein victim Virginia Giuffre, spoke at the protest held outside Zorro Ranch on Sunday, International Women's Day

“We have heard years of allegations and rumors about Epstein’s activities in New Mexico, but unfortunately, federal investigations have failed to put together an official record,” said New Mexico state Rep. Andrea Romero, who pushed to create the commission.

“With this truth commission, we can finally fill in the gaps by investigating the failures that led to the horrific allegations of abuse and crime at Zorro Ranch, so we can learn from them and prevent such atrocities from taking place in our state going forward,” Romero said.

One Epstein Files email references a woman who claimed Epstein offered her money to 'birth babies for black market use.'

Via @blueapples

In another Epstein file, a former staff member at Zorro allegedly claimed that "somewhere in the hills outside Zorro, two foreign girls were buried on orders of Jeffrey and Madam G" - referring to Ghislaine Maxwell. 

According to the Daily Mail, witnesses have begun claiming that Epstein may have also used the secluded ranch for disturbing medical procedures tied to his reported interest in eugenics.

“We have people coming forward saying they were drugged, had sex organs and sperm harvested from their bodies, and woke up around medical equipment not knowing where they were or what happened to them,” Romero told the Daily Mail.

New Mexico state Representative Andrea Romero is one of several lawmakers now calling for a sweeping investigation into what really happened at Zorro Ranch, following a recent influx of tips 

In addition to the allegedly strangled women, one of the most disturbing threads surrounding Jeffrey Epstein’s New Mexico estate involves allegations that the ranch may have been tied to his unusual fascination with human experimentation - particularly eugenics and genetic engineering, ideas he reportedly discussed with scientists and wealthy associates. According to accounts cited by various outlets, Epstein spoke openly about a plan to use the remote property as a kind of “baby ranch,” where women would be impregnated with his sperm in order to create a genetically “superior” bloodline.

Investigators and journalists say Epstein had a long-standing interest in transhumanism and eugenics - the controversial belief that the human race can be improved through selective breeding - and he surrounded himself with scientists and academics for frequent discussions. 

In another document from the Epstein dump, a victim writes a coded diary where she describes being a 'human incubator' who was forced to give birth to a child that was taken from her.

Eft a 02731361 by Zerohedge Janitor

Romero acknowledged that the allegations sound unusual but said investigators must examine the claims.

“It’s so dark and perplexing, and I know that if you mention this to someone, it sounds very conspiratorial,” Romero said. “But we need to get down to the truth of what really happened here in our own backyard.”

The property was bought by Epstein in 1993 from former New Mexico governor Bruce King. It spans roughly 13 square miles of high desert and includes a massive luxury hacienda, guest lodges, staff dwellings, horse stables, a private airstrip, hangar and helipad. Epstein owned the ranch until his death (or escape) in (from) a New York federal jail cell in 2019 while awaiting trial on federal sex-trafficking charges. After his death (or escape), the ranch was listed for sale for $27.5 million in 2021 before the price was reduced to $18 million. The property was eventually sold in 2023 to a limited liability corporation that renamed it San Rafael Ranch.

New Mexico DOJ spokesman Lauren Rodriguez said the current owners - the family of Texas real-estate developer Don Huffines - granted investigators access to search the property and nearby public land.

Epstein’s ranch has long been alleged to have served as one of several locations where the financier trafficked and abused young women, alongside properties in New York, Florida and the U.S. Virgin Islands. Civil filings have claimed that prominent guests visited the compound, including Britain’s (former) Prince Andrew, who was accused by Epstein accuser Virginia Giuffre of being one of the men she was trafficked to. Andrew has denied wrongdoing. There have also been unverified claims by contractors and journalists that former President Bill Clinton and other prominent figures spent time at the ranch, although Clinton denied being there during a deposition before Congress.

Accuser Maria Farmer has said she and her younger sister Annie were brought to Zorro Ranch in 1996 under the pretense of working on an art project. Maria has alleged that she was sexually assaulted by Epstein and his associate Ghislaine Maxwell, who was convicted in 2021 of child sex trafficking and is currently serving a 20-year federal prison sentence. Annie Farmer has said she was 15 when she was flown to the ranch and directed by Epstein and Maxwell “to take off all her clothes and get on a massage table.”

Since plans for the Truth Commission were announced, Romero said lawmakers have received between 25 and 30 tips from people claiming to have information about activities at the ranch.

“We have this massive international story in New Mexico and all these potential conspiracies, horrible things that have happened there,” she said. “We don't know what's fact from fiction, but owe it to the people of our state to sort through these threads of information and get answers.”

Republican state Rep. Andrea Reeb, a former prosecutor who plans to sit on the commission, said the state has not done enough to examine what happened at the ranch.

“Zorro Ranch has given New Mexico a black eye. We as a state haven't been aggressive enough on figuring out what happened there,” Reeb said.

“My main interest is to see if we can bring justice to some of the victims.”

Tyler Durden Tue, 03/10/2026 - 12:20

First Deutsche Bank, Now UBS Warns U.S. Airlines "Nearly 100% Unhedged" Against Energy Shock

First Deutsche Bank, Now UBS Warns U.S. Airlines "Nearly 100% Unhedged" Against Energy Shock

Building on Deutsche Bank analyst Michael Linenberg’s warning last week that surging jet fuel prices pose an "existential threat" to airlines, analysts at UBS offered their own take on the unfolding energy shock set to unleash turbulence across the industry, noting that U.S. airlines are "nearly 100% unhedged" against jet fuel costs above $4 per gallon.

"US airlines are nearly 100% unhedged, with only DAL's refinery providing it a partial hedge against jet crack spreads. As such, the earnings degradation at $4+ fuel is likely to be significant and widespread," analyst Atul Maheswari wrote in a note on Monday.

Maheswari said Delta, United, and Southwest could still deliver a "meager profit" with Jet A fuel prices over $4, but "none of the other airlines will make money if fuel remains at these levels, with some airlines likely to be deep in the red."

The hit to airlines' first-quarter results will be noticeable but somewhat muted because the energy shock is coming late in the quarter, and airlines typically carry two weeks of inventory.

Maheswari said the real deterioration will come in the second quarter:

We note the impact on 1Q, while material, is cushioned by the fact the fuel spike happened late in 1Q and that airlines tend to carry 2 weeks of inventory. The impact on 2Q, though, could be significant. We continue to believe that DAL, UAL, and LUV are relatively better positioned to navigate higher fuel. AAL and several smaller airlines are more vulnerable.

Based on our math, fuel sustaining at these levels through 2Q could push DAL's 2Q EPS to $1.13, down 55% versus our current $2.49 estimate. For LUV, our 2Q EPS would go to $0.57 vs. $1.81 currently. UAL's 2Q EPS has potential to move lower to $0.96, down 80% vs. our $4.78 estimate. AAL would turn to a 2Q loss of -$0.31 vs. our current forecast of +$1.39. ALK would have a modest 2Q loss, while JBLU, ALGT, and ULCC are likely to generate a significant 2Q loss.

We assumed current fuel price (Gulf Coast $3.82/gallon) and added an incremental spread for distribution and other items based on the average historical spread reported by each for 2025. We also assumed 200 bps higher RASM relative to our published current estimate for 2Q in our analysis.

In an unlikely scenario where jet fuel stays at these levels in 2H'26 as well, it would imply about $3 in FY'26 EPS for DAL (vs. UBSe $7.17). LUV's EPS could be about $1.60 (vs. UBSe $5.05), and UAL's $2.35 (vs. UBSe $13.56). This is after assuming 200 bps higher RASM relative to our current estimates. AAL, ALK, and other smaller airlines would witness losses for FY'26 in this scenario. Full details on the impact for each airline by quarter are in figure 1.

The result of the energy shock will be "earnings degradation" that will force airlines to "quickly move to cut capacity," the analyst said. This warning echoes DB's Linenberg warning last Friday that the "financially weakest carriers could halt operations." Read the note here.

UBS Chartbook on airlines:

EPS drag from higher fuel - US Airlines

Gulf Coast Fuel Prices

FY'25 Fuel as a Percentage of Sales - by Airlines

Feb-April of 2022 - Airline stock analysis during the fuel hike of 2022

The S&P 500 Airlines Index has erased much of the November-to-February gains.

This is incredibly bad news for U.S. travelers, as capacity cuts by the weakest airlines will only lead to higher ticket prices.

Professional subscribers can read the UBS note here at our new Marketdesk.ai portal

Tyler Durden Tue, 03/10/2026 - 12:00

First Deutsche Bank, Now UBS Warns U.S. Airlines "Nearly 100% Unhedged" Against Energy Shock

First Deutsche Bank, Now UBS Warns U.S. Airlines "Nearly 100% Unhedged" Against Energy Shock

Building on Deutsche Bank analyst Michael Linenberg’s warning last week that surging jet fuel prices pose an "existential threat" to airlines, analysts at UBS offered their own take on the unfolding energy shock set to unleash turbulence across the industry, noting that U.S. airlines are "nearly 100% unhedged" against jet fuel costs above $4 per gallon.

"US airlines are nearly 100% unhedged, with only DAL's refinery providing it a partial hedge against jet crack spreads. As such, the earnings degradation at $4+ fuel is likely to be significant and widespread," analyst Atul Maheswari wrote in a note on Monday.

Maheswari said Delta, United, and Southwest could still deliver a "meager profit" with Jet A fuel prices over $4, but "none of the other airlines will make money if fuel remains at these levels, with some airlines likely to be deep in the red."

The hit to airlines' first-quarter results will be noticeable but somewhat muted because the energy shock is coming late in the quarter, and airlines typically carry two weeks of inventory.

Maheswari said the real deterioration will come in the second quarter:

We note the impact on 1Q, while material, is cushioned by the fact the fuel spike happened late in 1Q and that airlines tend to carry 2 weeks of inventory. The impact on 2Q, though, could be significant. We continue to believe that DAL, UAL, and LUV are relatively better positioned to navigate higher fuel. AAL and several smaller airlines are more vulnerable.

Based on our math, fuel sustaining at these levels through 2Q could push DAL's 2Q EPS to $1.13, down 55% versus our current $2.49 estimate. For LUV, our 2Q EPS would go to $0.57 vs. $1.81 currently. UAL's 2Q EPS has potential to move lower to $0.96, down 80% vs. our $4.78 estimate. AAL would turn to a 2Q loss of -$0.31 vs. our current forecast of +$1.39. ALK would have a modest 2Q loss, while JBLU, ALGT, and ULCC are likely to generate a significant 2Q loss.

We assumed current fuel price (Gulf Coast $3.82/gallon) and added an incremental spread for distribution and other items based on the average historical spread reported by each for 2025. We also assumed 200 bps higher RASM relative to our published current estimate for 2Q in our analysis.

In an unlikely scenario where jet fuel stays at these levels in 2H'26 as well, it would imply about $3 in FY'26 EPS for DAL (vs. UBSe $7.17). LUV's EPS could be about $1.60 (vs. UBSe $5.05), and UAL's $2.35 (vs. UBSe $13.56). This is after assuming 200 bps higher RASM relative to our current estimates. AAL, ALK, and other smaller airlines would witness losses for FY'26 in this scenario. Full details on the impact for each airline by quarter are in figure 1.

The result of the energy shock will be "earnings degradation" that will force airlines to "quickly move to cut capacity," the analyst said. This warning echoes DB's Linenberg warning last Friday that the "financially weakest carriers could halt operations." Read the note here.

UBS Chartbook on airlines:

EPS drag from higher fuel - US Airlines

Gulf Coast Fuel Prices

FY'25 Fuel as a Percentage of Sales - by Airlines

Feb-April of 2022 - Airline stock analysis during the fuel hike of 2022

The S&P 500 Airlines Index has erased much of the November-to-February gains.

This is incredibly bad news for U.S. travelers, as capacity cuts by the weakest airlines will only lead to higher ticket prices.

Professional subscribers can read the UBS note here at our new Marketdesk.ai portal

Tyler Durden Tue, 03/10/2026 - 12:00

Shots Fired At U.S. Consulate In Toronto As Iran War Fuels Terror Fears

Shots Fired At U.S. Consulate In Toronto As Iran War Fuels Terror Fears

Submitted by The Bureau's Sam Cooper,

Police responded at 5:29 a.m. Tuesday to reports that someone fired shots at the American Consulate at University Avenue and Queen Street West in the heart of Toronto, in an incident that comes as Western security agencies confront growing fears that the Iran war is triggering retaliatory violence far beyond the Middle East.

In a public statement posted by Toronto Police Operations, police said they had located evidence of a firearm discharge, that no injuries were reported, and that officers remained on scene investigating. CityNews reported damage to a consulate door and about 10 shell casings outside the building.

On Monday, ABC News reported that a federal alert sent to law enforcement agencies said the United States had intercepted encrypted communications believed to have originated in Iran that may serve as “an operational trigger” for “sleeper assets” outside the country. According to ABC, the alert cited “preliminary signals analysis” of a transmission “likely of Iranian origin” relayed across multiple countries shortly after the death of Ayatollah Ali Khamenei in the Feb. 28 U.S.-Israeli strike. ABC further reported that the encoded transmission appeared intended for “clandestine recipients” holding the proper encryption key, potentially to convey instructions to “covert operatives or sleeper assets” without using internet or cellular networks.

That warning aligns with a Department of Homeland Security threat assessment reviewed by Reuters, which said Iran and its proxies “probably” pose a persistent threat of targeted attacks in the Homeland, even though a large-scale physical attack is considered unlikely.

In Toronto, the consulate incident follows a string of shootings that has deepened fears of ideologically driven or conflict-linked violence.

The city has seen multiple Jewish institutions struck by gunfire in recent days, alongside a separate shooting at a boxing gym reportedly tied to an Iranian-Canadian critic of Tehran. Authorities have not publicly connected those incidents to the consulate shooting, but the pattern has heightened concern across the city.

Reflecting that alarm, Canadian newspaper columnist Brian Lilley wrote on X: “This is in the heart of Toronto. I know people who work in that [Consulate] building. Many of them are non-partisan civil servants who may not agree with this war. Political violence in Toronto has been normalized.”

The pattern is not confined to Canada. In Oslo, Reuters reported that a loud explosion struck the U.S. embassy early Sunday, causing minor damage but no injuries, in what Norwegian police said may have been a deliberate attack linked to the crisis in the Middle East. Reuters quoted Oslo police saying one hypothesis was terrorism, while other possibilities were also being explored. Investigators said they were searching for one or several perpetrators.

*   *   * 

Reminding readers that Jared Cohen, President of Global Affairs and Co-Head of the Goldman Sachs Global Institute, warned investors on the GS Weekend Macro Call, the Islamic Revolutionary Guard Corps maintains cells across multiple emerging market countries and could begin activating them.

"What I am looking for next is that they have meaningful cells in the Tri-Border Area of Latin America, West Africa, and elsewhere. They could hit an embassy, they could hit a consulate, or they could hit a cultural center in any one of the twelve countries they have already attacked," Cohen explained. 

Read the report here. 

Tyler Durden Tue, 03/10/2026 - 11:40

Shots Fired At U.S. Consulate In Toronto As Iran War Fuels Terror Fears

Shots Fired At U.S. Consulate In Toronto As Iran War Fuels Terror Fears

Submitted by The Bureau's Sam Cooper,

Police responded at 5:29 a.m. Tuesday to reports that someone fired shots at the American Consulate at University Avenue and Queen Street West in the heart of Toronto, in an incident that comes as Western security agencies confront growing fears that the Iran war is triggering retaliatory violence far beyond the Middle East.

In a public statement posted by Toronto Police Operations, police said they had located evidence of a firearm discharge, that no injuries were reported, and that officers remained on scene investigating. CityNews reported damage to a consulate door and about 10 shell casings outside the building.

On Monday, ABC News reported that a federal alert sent to law enforcement agencies said the United States had intercepted encrypted communications believed to have originated in Iran that may serve as “an operational trigger” for “sleeper assets” outside the country. According to ABC, the alert cited “preliminary signals analysis” of a transmission “likely of Iranian origin” relayed across multiple countries shortly after the death of Ayatollah Ali Khamenei in the Feb. 28 U.S.-Israeli strike. ABC further reported that the encoded transmission appeared intended for “clandestine recipients” holding the proper encryption key, potentially to convey instructions to “covert operatives or sleeper assets” without using internet or cellular networks.

That warning aligns with a Department of Homeland Security threat assessment reviewed by Reuters, which said Iran and its proxies “probably” pose a persistent threat of targeted attacks in the Homeland, even though a large-scale physical attack is considered unlikely.

In Toronto, the consulate incident follows a string of shootings that has deepened fears of ideologically driven or conflict-linked violence.

The city has seen multiple Jewish institutions struck by gunfire in recent days, alongside a separate shooting at a boxing gym reportedly tied to an Iranian-Canadian critic of Tehran. Authorities have not publicly connected those incidents to the consulate shooting, but the pattern has heightened concern across the city.

Reflecting that alarm, Canadian newspaper columnist Brian Lilley wrote on X: “This is in the heart of Toronto. I know people who work in that [Consulate] building. Many of them are non-partisan civil servants who may not agree with this war. Political violence in Toronto has been normalized.”

The pattern is not confined to Canada. In Oslo, Reuters reported that a loud explosion struck the U.S. embassy early Sunday, causing minor damage but no injuries, in what Norwegian police said may have been a deliberate attack linked to the crisis in the Middle East. Reuters quoted Oslo police saying one hypothesis was terrorism, while other possibilities were also being explored. Investigators said they were searching for one or several perpetrators.

*   *   * 

Reminding readers that Jared Cohen, President of Global Affairs and Co-Head of the Goldman Sachs Global Institute, warned investors on the GS Weekend Macro Call, the Islamic Revolutionary Guard Corps maintains cells across multiple emerging market countries and could begin activating them.

"What I am looking for next is that they have meaningful cells in the Tri-Border Area of Latin America, West Africa, and elsewhere. They could hit an embassy, they could hit a consulate, or they could hit a cultural center in any one of the twelve countries they have already attacked," Cohen explained. 

Read the report here. 

Tyler Durden Tue, 03/10/2026 - 11:40

Boeing Slides After Wiring Flaw Discovery Set To Delay Some 737 Max Deliveries

Boeing Slides After Wiring Flaw Discovery Set To Delay Some 737 Max Deliveries

Boeing shares fell a little more than 3% in late-morning trading in New York after a new report from The Wall Street Journal stated that deliveries of some narrow-body 737 MAX jets would be delayed following the discovery of scratched wiring on newly built aircraft.

Boeing told the WSJ that each affected jet can be fixed within days and that the wiring flaw will not derail its target of delivering about 500 737 MAX jets this year, though March deliveries could be slowed.

The wiring issue is yet another manufacturing setback as Boeing tries to demonstrate to FAA regulators that it has improved quality control following the January 2024 midair door-plug blowout, the two 737 MAX crashes, and other quality-related issues related to the narrow-body jet.

Boeing shares fell 3.3% following the report, leaving the stock roughly flat on the year." 

Last week, a Bloomberg report cited people familiar with the talks as saying that the planemaker and China could agree to a 500-plane order for 737 MAX jets at the Trump-Xi summit later this month.

Goldman analysts led by Noah Poponak recently shared an aircraft delivery tracker with clients showing Boeing deliveries tracking at around 52 for February, including 43 737 MAX jets and 3 787s.

The WSJ report made no reference to which systems the flawed wiring affected. Hopefully, it was not critical flight systems.

Tyler Durden Tue, 03/10/2026 - 11:21

Boeing Slides After Wiring Flaw Discovery Set To Delay Some 737 Max Deliveries

Boeing Slides After Wiring Flaw Discovery Set To Delay Some 737 Max Deliveries

Boeing shares fell a little more than 3% in late-morning trading in New York after a new report from The Wall Street Journal stated that deliveries of some narrow-body 737 MAX jets would be delayed following the discovery of scratched wiring on newly built aircraft.

Boeing told the WSJ that each affected jet can be fixed within days and that the wiring flaw will not derail its target of delivering about 500 737 MAX jets this year, though March deliveries could be slowed.

The wiring issue is yet another manufacturing setback as Boeing tries to demonstrate to FAA regulators that it has improved quality control following the January 2024 midair door-plug blowout, the two 737 MAX crashes, and other quality-related issues related to the narrow-body jet.

Boeing shares fell 3.3% following the report, leaving the stock roughly flat on the year." 

Last week, a Bloomberg report cited people familiar with the talks as saying that the planemaker and China could agree to a 500-plane order for 737 MAX jets at the Trump-Xi summit later this month.

Goldman analysts led by Noah Poponak recently shared an aircraft delivery tracker with clients showing Boeing deliveries tracking at around 52 for February, including 43 737 MAX jets and 3 787s.

The WSJ report made no reference to which systems the flawed wiring affected. Hopefully, it was not critical flight systems.

Tyler Durden Tue, 03/10/2026 - 11:21

World's Biggest Hedge Funds Crushed By Oil Price Surge

World's Biggest Hedge Funds Crushed By Oil Price Surge

We knew something was off when Bloomberg reported yesterday that Balyasny's chief commodities strategist, Damien Courvalin, whom the multi-strat hedge fund poached from Goldman in 2023 after a 16-year span at the bank where he led the bank’s oil research and become one of the most prominent oil analysts on Wall Street, had left the hedge fund where he oversaw the fimr's central commodities intelligence effort, including implementation in cross-commodity portfolios, after the rollercoaster moves in oil.

We are just guessing, but Courvalin may have been just a bit bearish on oil: after all, he led Goldman’s research when the bank predicted, correctly, a price plunge in early 2020, just before oil prices fell below zero. He also covered gold, agriculture, natural gas and commodity asset allocation through his tenure at the bank.

There is another reason why Courvalin was likely bearish: according to Bloomberg, his (now former) employer Balyasny Asset Management declined by 3.5% last week after a 0.4% increase in the two months through February.

It wasn't just Balysani: according to Bloomberg, some of the world’s biggest hedge funds suffered hundreds of millions of dollars in losses last week after the war against Iran sent oil prices surging and triggered wild market moves, suggesting that short oil was among the most consensus trades within the hedge fund world, something we warned about in late 2025.

According to the report, Citadel’s main Wellington hedge fund lost 2% last week, with its macro business suffering declines. The fund was up 2.9% through February. ExodusPoint’s multistrategy hedge fund last week gave away all the gains it had notched up for the year; it had been up 2.6% in the first two months.

Other multi-strats also got crushed: Izzy Englander's Millennium Management, which manages  $86.7 billion, lost about $1.5 billion in the week through March 6, leaving it up just 0.75% this year through March 6. It had advanced 2% in the first two months. At Steve Cohen's Point72, the 1.1% decline during the week cut its advance this year through March 6 to 3.4%. Marshall Wace’s flagship Eureka hedge fund was down 3.7% last week, paring gains for the year to 2.4%, according to another person.

The Iran war sparked general market mayhem, as stocks, bonds and other asset classes saw a broad selloff since the US and Israel launched a series of strikes on Iran on Feb. 28, targeting the country’s leadership and strategic sites. Crude oil touched almost $120 a barrel earlier this week on concerns of output cuts as the conflict escalated before declining on Trump’s assurance that the war would resolve “very soon.” A weak jobs report out of the US and renewed anxiety about the private-credit industry also weighed on investor sentiment.

Hedge funds also suffered a blow from their bets on the UK rates market as well, as the strife in the Middle East forced a dramatic reassessment of Bank of England policy expectations and led to the worst week in more than three years. The policy-sensitive two-year gilt yield rocketed about 35 basis points in the five days through March 6 and continued to soar further on Monday.

As extreme market volatility continues, expect to see more bad news for funds who are not prepared for this kind of trading environment. The question is whether the degrossing associated with adapting to a surge in the vix will also lead to a reduction in the huge basis trade which has long been the biggest driver of profit for the multi-strat community, and whose blow up in March 2020 forced the Fed to step in with massive bailouts. 

Tyler Durden Tue, 03/10/2026 - 11:20

World's Biggest Hedge Funds Crushed By Oil Price Surge

World's Biggest Hedge Funds Crushed By Oil Price Surge

We knew something was off when Bloomberg reported yesterday that Balyasny's chief commodities strategist, Damien Courvalin, whom the multi-strat hedge fund poached from Goldman in 2023 after a 16-year span at the bank where he led the bank’s oil research and become one of the most prominent oil analysts on Wall Street, had left the hedge fund where he oversaw the fimr's central commodities intelligence effort, including implementation in cross-commodity portfolios, after the rollercoaster moves in oil.

We are just guessing, but Courvalin may have been just a bit bearish on oil: after all, he led Goldman’s research when the bank predicted, correctly, a price plunge in early 2020, just before oil prices fell below zero. He also covered gold, agriculture, natural gas and commodity asset allocation through his tenure at the bank.

There is another reason why Courvalin was likely bearish: according to Bloomberg, his (now former) employer Balyasny Asset Management declined by 3.5% last week after a 0.4% increase in the two months through February.

It wasn't just Balysani: according to Bloomberg, some of the world’s biggest hedge funds suffered hundreds of millions of dollars in losses last week after the war against Iran sent oil prices surging and triggered wild market moves, suggesting that short oil was among the most consensus trades within the hedge fund world, something we warned about in late 2025.

According to the report, Citadel’s main Wellington hedge fund lost 2% last week, with its macro business suffering declines. The fund was up 2.9% through February. ExodusPoint’s multistrategy hedge fund last week gave away all the gains it had notched up for the year; it had been up 2.6% in the first two months.

Other multi-strats also got crushed: Izzy Englander's Millennium Management, which manages  $86.7 billion, lost about $1.5 billion in the week through March 6, leaving it up just 0.75% this year through March 6. It had advanced 2% in the first two months. At Steve Cohen's Point72, the 1.1% decline during the week cut its advance this year through March 6 to 3.4%. Marshall Wace’s flagship Eureka hedge fund was down 3.7% last week, paring gains for the year to 2.4%, according to another person.

The Iran war sparked general market mayhem, as stocks, bonds and other asset classes saw a broad selloff since the US and Israel launched a series of strikes on Iran on Feb. 28, targeting the country’s leadership and strategic sites. Crude oil touched almost $120 a barrel earlier this week on concerns of output cuts as the conflict escalated before declining on Trump’s assurance that the war would resolve “very soon.” A weak jobs report out of the US and renewed anxiety about the private-credit industry also weighed on investor sentiment.

Hedge funds also suffered a blow from their bets on the UK rates market as well, as the strife in the Middle East forced a dramatic reassessment of Bank of England policy expectations and led to the worst week in more than three years. The policy-sensitive two-year gilt yield rocketed about 35 basis points in the five days through March 6 and continued to soar further on Monday.

As extreme market volatility continues, expect to see more bad news for funds who are not prepared for this kind of trading environment. The question is whether the degrossing associated with adapting to a surge in the vix will also lead to a reduction in the huge basis trade which has long been the biggest driver of profit for the multi-strat community, and whose blow up in March 2020 forced the Fed to step in with massive bailouts. 

Tyler Durden Tue, 03/10/2026 - 11:20

Archer Accuses Flying Taxi Rival Joby Of Depending On Chinese Suppliers

Archer Accuses Flying Taxi Rival Joby Of Depending On Chinese Suppliers

Authored by Andrew Moran via The Epoch Times,

Flying taxi maker Archer Aviation has alleged that its rival Joby Aviation has been misleading regulators and investors for years by hiding its connections to China.

In a March 9 filing in federal court in California, Archer accused Joby of running a manufacturing unit in Shenzhen, China, for more than a decade that received government grants intended to spur technological development and of carrying out fraudulent business practices that gave it an improper competitive edge.

“Joby has falsely presented itself as a domestically rooted, American-made, fully vertically integrated aviation company while covertly relying on its Chinese manufacturing subsidiary,” Archer alleged in the filing.

The lawsuit alleges that the company later hid aerospace components shipped from that facility by falsely labeling thousands of pounds of imported components as mundane consumer goods such as hair clips, napkins, socks, and similar products.

This approach, the suit alleges, allowed Joby to “evade U.S. tariffs, distort competition, improperly secure government contracts and strategic partnerships, and circumvent national-security oversight.”

Archer’s counterclaim, filed in a lawsuit initiated by Joby, further argues that Joby secured at least $131 million in U.S. Air Force contracts while marketing its aircraft as committed to American innovation, raising national security concerns in areas in which Chinese supply chain dependencies were not fully disclosed.

Alex Spiro, an attorney for Joby, said in a statement to The Epoch Times that the company “doesn’t respond to nonsense.”

“Archer’s constant legal issues and flailing business operations have left it no choice but to resort to invented nonsensical theories,” Spiro said in a statement. “We will see them in court.”

The latest legal development is part of a counterclaim to Joby’s November 2025 lawsuit against Archer.

Joby accused its competitor of using stolen information from a former employee to secure a partnership deal with a real estate development company.

The air taxi maker called it “corporate espionage, planned, and premeditated.”

This is not the first time that Archer has been involved in a legal dispute.

A Joby Aviation air taxi outside of the New York Stock Exchange ahead of its listing in the Manhattan borough of New York City, on Aug. 11, 2021. Andrew Kelly/Reuters

In August 2023, Archer settled a case against Boeing-owned Wisk Aero over alleged trade-secret theft.

In February, Archer filed suit in the U.S. District Court for the Eastern District of Texas, alleging that rival Vertical Aerospace recently redesigned its air taxi concept in a manner that infringes upon Archer’s patents.

Although the stocks of both Archer (ACHR) and Joby (JOBY) had a terrific 2025, they have struggled this year, with share prices falling by nearly 30 percent.

An Industry Taking Off

Flying taxis—also called electric vertical take-off and landing aircraft—have become a major industry worldwide, including in the United States and China.

The current market is valued at about $6.3 billion and is forecast to reach nearly $76 billion by 2035, according to Precedence Research analysts.

Although they are viewed as modes of transportation for wealthy clients, experts said they believe that they could eventually become a tool for individuals traveling to and from work.

“Flying taxis will be the fastest mode of transportation with lower traffic conjunctions and it gives a hassle-free experience to the consumers,” the analysts said in a Jan. 6 research note.

In summer 2025, President Donald Trump signed executive orders to “create a pilot program testing flying cars,” including air taxis.

Archer said on March 9 that the Department of Transportation and Federal Aviation Administration selected its partners in Florida, New York, and Texas to participate in the White House’s pilot program to bring electric air taxis to market.

Similar to nationwide robotaxi pilot initiatives, this initiative will allow Archer to collaborate with federal and state regulators and communities to “build trust and establish the playbook for safely scaling electric air taxis across the country.”

Joby said in February that it is partnering with Uber to launch a battery-powered aircraft ride-hailing service in Dubai, United Arab Emirates, this year.

Tyler Durden Tue, 03/10/2026 - 11:00

Archer Accuses Flying Taxi Rival Joby Of Depending On Chinese Suppliers

Archer Accuses Flying Taxi Rival Joby Of Depending On Chinese Suppliers

Authored by Andrew Moran via The Epoch Times,

Flying taxi maker Archer Aviation has alleged that its rival Joby Aviation has been misleading regulators and investors for years by hiding its connections to China.

In a March 9 filing in federal court in California, Archer accused Joby of running a manufacturing unit in Shenzhen, China, for more than a decade that received government grants intended to spur technological development and of carrying out fraudulent business practices that gave it an improper competitive edge.

“Joby has falsely presented itself as a domestically rooted, American-made, fully vertically integrated aviation company while covertly relying on its Chinese manufacturing subsidiary,” Archer alleged in the filing.

The lawsuit alleges that the company later hid aerospace components shipped from that facility by falsely labeling thousands of pounds of imported components as mundane consumer goods such as hair clips, napkins, socks, and similar products.

This approach, the suit alleges, allowed Joby to “evade U.S. tariffs, distort competition, improperly secure government contracts and strategic partnerships, and circumvent national-security oversight.”

Archer’s counterclaim, filed in a lawsuit initiated by Joby, further argues that Joby secured at least $131 million in U.S. Air Force contracts while marketing its aircraft as committed to American innovation, raising national security concerns in areas in which Chinese supply chain dependencies were not fully disclosed.

Alex Spiro, an attorney for Joby, said in a statement to The Epoch Times that the company “doesn’t respond to nonsense.”

“Archer’s constant legal issues and flailing business operations have left it no choice but to resort to invented nonsensical theories,” Spiro said in a statement. “We will see them in court.”

The latest legal development is part of a counterclaim to Joby’s November 2025 lawsuit against Archer.

Joby accused its competitor of using stolen information from a former employee to secure a partnership deal with a real estate development company.

The air taxi maker called it “corporate espionage, planned, and premeditated.”

This is not the first time that Archer has been involved in a legal dispute.

A Joby Aviation air taxi outside of the New York Stock Exchange ahead of its listing in the Manhattan borough of New York City, on Aug. 11, 2021. Andrew Kelly/Reuters

In August 2023, Archer settled a case against Boeing-owned Wisk Aero over alleged trade-secret theft.

In February, Archer filed suit in the U.S. District Court for the Eastern District of Texas, alleging that rival Vertical Aerospace recently redesigned its air taxi concept in a manner that infringes upon Archer’s patents.

Although the stocks of both Archer (ACHR) and Joby (JOBY) had a terrific 2025, they have struggled this year, with share prices falling by nearly 30 percent.

An Industry Taking Off

Flying taxis—also called electric vertical take-off and landing aircraft—have become a major industry worldwide, including in the United States and China.

The current market is valued at about $6.3 billion and is forecast to reach nearly $76 billion by 2035, according to Precedence Research analysts.

Although they are viewed as modes of transportation for wealthy clients, experts said they believe that they could eventually become a tool for individuals traveling to and from work.

“Flying taxis will be the fastest mode of transportation with lower traffic conjunctions and it gives a hassle-free experience to the consumers,” the analysts said in a Jan. 6 research note.

In summer 2025, President Donald Trump signed executive orders to “create a pilot program testing flying cars,” including air taxis.

Archer said on March 9 that the Department of Transportation and Federal Aviation Administration selected its partners in Florida, New York, and Texas to participate in the White House’s pilot program to bring electric air taxis to market.

Similar to nationwide robotaxi pilot initiatives, this initiative will allow Archer to collaborate with federal and state regulators and communities to “build trust and establish the playbook for safely scaling electric air taxis across the country.”

Joby said in February that it is partnering with Uber to launch a battery-powered aircraft ride-hailing service in Dubai, United Arab Emirates, this year.

Tyler Durden Tue, 03/10/2026 - 11:00

N.C. Medicaid Scammers Sentenced To Over 14 Years In Prison For 'Somali-Style Fraud' Scheme

N.C. Medicaid Scammers Sentenced To Over 14 Years In Prison For 'Somali-Style Fraud' Scheme

Authored by Debra Heine via American Greatness,

A federal judge has sentenced four individuals to more than 14 years in federal prison for running a $12.7 Million “Minnesota-Somali-style fraud” scheme in North Carolina that paid more than $1 Million in kickbacks to drug addicted patients.

The fraudsters, Brandon Eugene Sims, 40; Kimberly Mable Sims, 39; Francine Sims Super, 64; and Keke Komeko Johnson, 53, operated Life Touch, LLC, a now permanently shut down fake substance abuse facility and 1st Choice Healthcare Services, a urine drug screening company.

Between 2018 and 2023,  Johnson and Super reportedly oversaw more than $1 million in illegal kickback payments to drug using Medicaid patients.

The kickbacks were meant “to lure patients to show up for costly substance abuse and lab services that Johnson billed to Medicaid on behalf of Life Touch and 1st Choice,” the Eastern North Carolina U.S. Attorney’s Office stated in a press release.

Inmate Sims, Inmate Super’s daughter, owned 1st Choice Healthcare, and paid Medicaid kickbacks to Inmates Super and Johnson for fake lab services ordered by Life Touch, LLC. Meanwhile, Inmate Brandon Sims, who owned Life Touch and resided in Texas, received Millions in illegal proceeds from the Life Touch operation, but failed to file or pay taxes on that money. The gift card kickback scheme resulted in more than $12.7 Million fake billings to the Medicaid program.

The feds seized $6 million in assets from them in 2023, including cash, cars and homes. After becoming aware of the criminal investigation, Brandon Sims “withdrew more than $1 Million in cash from a bank account, hiding it in a safe at his Texas home.”

Agents executed a search warrant and seized $1.3 million in cash, a 2021 Rolls Royce Cullinan, a 2021 Chevrolet Corvette, and a 2020 Chevrolet Silverado.

Agents seized millions more in other real property, the U.S. Attorney’s Office said.

“This is shocking Minnesota-Somali-style fraud right here in North Carolina,” said U.S. Attorney Ellis Boyle in a statement. “For too long, government has allowed grifters to steal taxpayer dollars with impunity. Here, these vultures exploited particularly susceptible drug abusers trying to recover their lives and dignity. Shameful abuse, no remorse. They better learn, and everyone should get the message. Cheaters. Never. Win.”

The Judge sentenced Johnson, the company’s “Compliance Director,” to six years in federal prison and to pay $15,286,912.91 in restitution to North Carolina Medicaid and $331,851.00 to the IRS.

Johnson pleaded guilty in August 2025 to a health care fraud conspiracy, “including making and receiving illegal payments, making and using materially false documents, and failing to file a tax return.”

The Judge sentenced Super, the “Kinston office manager,” to six years in federal prison, and to pay $15,286,912.91 in restitution to North Carolina Medicaid and $373,810.00 to the IRS.

Super had previously pleaded guilty “to conspiracy to pay illegal kickbacks, healthcare fraud, making and using materially false documents,” and “failure to file a tax return.”

The Judge sentenced Kimberly Sims to two years in federal prison and to pay $1,845,276.95 in restitution to North Carolina Medicaid and $207,383.00 to the IRS.

She previously pleaded guilty to “a conspiracy to paying illegal kickbacks, healthcare fraud, making and using materially false documents, and filing a false tax return.”

The Judge ordered Life Touch, LLC, to pay a $15 Million fine, “to dissolve, and serve five years of probation and repay $12,762,511.30 in restitution to the North Carolina Medicaid program.”

Brandon Sims was sentenced to two and a half years and six months in federal prison, and was ordered to pay $1,892,919.40 in restitution to the IRS.  He has also been ordered to “forfeit all traceable proceeds of the Life Touch scheme to the United States.”

“Healthcare Fraud robs American taxpayers and betrays the very programs meant to protect our most vulnerable citizens. In this case, more than $12 million was stolen by these defendants directly from those who need it most,” said Reid Davis, the FBI Special Agent in Charge North Carolina. “These defendants now face more than 170 months in federal prison, over $30 million in restitution to North Carolina Medicaid, and a $15 million fine. This outcome sends a clear message: those who defraud public healthcare programs will be held accountable.”

“These defendants orchestrated an egregious scheme involving illegal kickbacks, placing greed above patient care. Fraudulent operations like this undermine the availability of federal health care program funds intended to support millions of beneficiaries,” said Special Agent in Charge Kelly Blackmon of the U.S. Department of Health and Human Services Office of Inspector General (HHS‑OIG). “Together with our law enforcement partners, HHS‑OIG will continue to safeguard the integrity of Medicaid and other federally funded health care programs.”

“The people behind this scheme were supposed to help patients,” said N.C. Attorney General Jeff Jackson. “Instead, they developed an elaborate scheme to steal millions in taxpayer dollars. My office and our federal partners will hold accountable anyone who exploits patients and abuses Medicaid for their personal gain.”

Tyler Durden Tue, 03/10/2026 - 10:15

US Existing Home Sales Bounced In February As Mortgage Rates Tumbled

US Existing Home Sales Bounced In February As Mortgage Rates Tumbled

Despite tumbling mortgage rates, existing home sales plunged (the most since COVID) in January, with some blaming 'below-normal temperatures' despite The West suffering the biggest declines (and unaffected by the winter storms).

Consensus was for a modest 0.8% MoM decline in February (again despite an ongoing drop in mortgage rates) but sales actually surprised to the upside, rising 1.7% MoM. Perhaps even more notably, January's 8.4% MoM plunge was revised up to a slightly less crazy 5.9% MoM drop...

Source: Bloomberg

With the beat and upward revision, existing home sales were down just 1.45% YoY but SAAR topped 4mm (4.09mm) once again...

Source: Bloomberg

On the bright side, with mortgage rates at their lowest since 2022, existing home sales look set to continue to improve (unless Trump's war triggers more panic in rates)...

Source: Bloomberg

Mortgage rates fell at the end of last month to 6.09% after President Trump asked Fannie Mae and Freddie Mac to purchase $200 billion in mortgage-backed securities to help lower home-financing costs.

The NAR’s monthly housing affordability gauge, which reflects changes in home prices, median income and borrowing costs, stands at the most-favorable reading since 2022.

“Housing affordability is improving, and consumers are responding,” NAR Chief Economist Lawrence Yun said in a statement.

“Still, there is a long way to go to return to pre-pandemic levels of transaction activity.”

The NAR report showed the median selling price rose 0.3% from a year earlier — one of the smallest advances since the pandemic housing frenzy — to $398,000 last month.

The inventory of previously owned homes increased 4.9% from a year ago to 1.29 million — the most for any February since 2020.

Market analysts see home sales climbing this year, with estimates ranging from 1.7% to 14%, according to a survey by Bloomberg late last year.

Tyler Durden Tue, 03/10/2026 - 10:09

US Existing Home Sales Bounced In February As Mortgage Rates Tumbled

US Existing Home Sales Bounced In February As Mortgage Rates Tumbled

Despite tumbling mortgage rates, existing home sales plunged (the most since COVID) in January, with some blaming 'below-normal temperatures' despite The West suffering the biggest declines (and unaffected by the winter storms).

Consensus was for a modest 0.8% MoM decline in February (again despite an ongoing drop in mortgage rates) but sales actually surprised to the upside, rising 1.7% MoM. Perhaps even more notably, January's 8.4% MoM plunge was revised up to a slightly less crazy 5.9% MoM drop...

Source: Bloomberg

With the beat and upward revision, existing home sales were down just 1.45% YoY but SAAR topped 4mm (4.09mm) once again...

Source: Bloomberg

On the bright side, with mortgage rates at their lowest since 2022, existing home sales look set to continue to improve (unless Trump's war triggers more panic in rates)...

Source: Bloomberg

Mortgage rates fell at the end of last month to 6.09% after President Trump asked Fannie Mae and Freddie Mac to purchase $200 billion in mortgage-backed securities to help lower home-financing costs.

The NAR’s monthly housing affordability gauge, which reflects changes in home prices, median income and borrowing costs, stands at the most-favorable reading since 2022.

“Housing affordability is improving, and consumers are responding,” NAR Chief Economist Lawrence Yun said in a statement.

“Still, there is a long way to go to return to pre-pandemic levels of transaction activity.”

The NAR report showed the median selling price rose 0.3% from a year earlier — one of the smallest advances since the pandemic housing frenzy — to $398,000 last month.

The inventory of previously owned homes increased 4.9% from a year ago to 1.29 million — the most for any February since 2020.

Market analysts see home sales climbing this year, with estimates ranging from 1.7% to 14%, according to a survey by Bloomberg late last year.

Tyler Durden Tue, 03/10/2026 - 10:09

89 Arrested In Florida Human Trafficking Operation, Sheriff's Office Says

89 Arrested In Florida Human Trafficking Operation, Sheriff's Office Says

Authored by Jack Phillips via The Epoch Times (emphasis ours),

A sheriff’s office in Florida announced this week that an undercover operation led to 89 human and sex trafficking-related arrests, resulting in more than 1,200 separate felony charges.

A Hillsborough County Sheriff vehicle as seen in a file photo. Google Maps via The Epoch Times

The Hillsborough County Sheriff’s Office, which includes the Tampa metropolitan area, said that the operation was carried out over several weeks and targeted individuals “seeking to sexually exploit children and purchase sex.”

The suspects arrested allegedly believed they were communicating with underage victims and showed up at agreed upon locations but were instead met by undercover sheriff’s detectives, according to a news release issued by the department.

They also located a missing 17-year-old girl who was being exploited, the news release said, adding that she was rescued, and her trafficker, identified by officials as 23-year-old Armani Hopkins, was arrested and charged in connection with the incident. It’s not clear if Hopkins has legal representation.

Authorities gave more details about other suspects who were arrested by sheriff’s officials.

Stephen Fabic, 41, a math teacher at Hillsborough High School, was arrested after he allegedly “offered to pick up a teenager and bring them to his home to engage in sexual activity during conversations with someone he believed to be a minor,” the office stated.

Fabic was arrested and made a court appearance last month. An attorney speaking on his behalf, Daniel Fischetti, was quoted by local media outlet Fox 13 as saying that “it’s unknown what exactly happened the day of, or what the meeting was going to be, so I ask the court to take that into consideration when setting bond.”

The Epoch Times has contacted his attorney for comment.

John Altieri, 69, was also arrested in the operation after he allegedly “arranged for a ride share to pick up a juvenile from their home and bring them to his residence to perform sexual acts,” the office’s news release stated.

“At the time, Altieri was serving home confinement while on probation in Hernando County for two counts of Possession of a Controlled Substance,” it said, in part. It’s not clear if he has an attorney.

The office said that it safely recovered a 2-year-old child after it received a tip that the child was being exploited. A suspect, 42-year-old Peter Torres, was later arrested and the child was recovered in a safe manner, it said. It’s not clear if Torres has a lawyer.

Hillsborough Sheriff Chad Chronister, a Republican who was tapped by the second Trump administration to lead the Drug Enforcement Administration before he withdrew himself in late 2024, vowed to pursue human traffickers or individuals who seek to sexually exploit minors.

“If you are using a hotel room, a chat app, or a fake profile to pursue a child, we are there,” Chronister said in a statement. “Our detectives will follow the digital trail all the way to your door.”

The arrests took place several months after the FBI, the U.S. Marshals Service, and local law enforcement officials said 122 missing children were found in Florida as part of an operation. The operation, the results of which were announced in November, encompassed much of Central Florida, including the Tampa area.

Tyler Durden Tue, 03/10/2026 - 09:20

After 144 Years In New Jersey, Exxon Asks Shareholders To Back Texas Move To Cut Litigation Risks

After 144 Years In New Jersey, Exxon Asks Shareholders To Back Texas Move To Cut Litigation Risks

Whether it is Chevron, Tesla, Oracle, Caterpillar, CBRE, Fisher Investments, and/or an expanding roster of other major companies, corporate America has spent the better part of the post-Covid era shifting headquarters to Texas for one simple reason: the state offers a much more business-friendly environment than left-leaning blue states.

In a proxy filing on Tuesday, Exxon Mobil asked shareholders to approve moving its legal domicile from New Jersey to Texas after more than a century in New Jersey.

The main reason executives want to move to the red state is its friendlier business climate, which offers more predictable decision-making and could also reduce exposure to frivolous lawsuits.

"The Texas Redomiciliation may reduce the risk of future frivolous litigation against the Texas Corporation and its directors and officers," Exxon wrote in the filing.

If approved at Exxon's May 27 shareholder meeting, the company would be governed by Texas law on issues such as bylaws, director duties, and shareholder rights. Exxon noted that most of its senior leadership and about a third of its global workforce are already based in Texas.

Exxon's evolution from its Standard Oil days has left it incorporated in New Jersey since the 1880s, and its attempt to move is yet another example of corporate America abandoning states run by left-wing politicians pushing a failed green agenda and other destructive progressive policies in favor of red states governed by common sense.

Here's a partial list of physical headquarters moved to Texas:

  • Chevron — from San Ramon, California, to Houston, announced in August 2024.

  • Tesla — from Palo Alto, California, to Austin, announced in 2021.

  • Oracle — from Redwood City, California, to Austin, announced in 2020.

  • Caterpillar — from Illinois to Irving, Texas, announced in 2022.

  • Hewlett Packard Enterprise — from San Jose, California, to Spring, Texas, announced in 2020.

  • CBRE — from Los Angeles to Dallas in 2020.

  • Frontier Communications — from Connecticut to Dallas in 2023.

  • Fisher Investments — from Washington to Plano in 2023.

  • Professional Bull Riders (PBR) — from Colorado to Fort Worth in 2024.

  • Verily Life Sciences — from California to Dallas in 2024.

The Texas governor's office reports that Texas logged 314 headquarters relocations from 2015 to 2024, including 24 in 2024 alone.

Now, Texas is taking on Wall Street with its own exchange, the Texas Stock Exchange.

Tyler Durden Tue, 03/10/2026 - 08:45

ADP Signals Best Job Gains In Almost 4 Months, As BLS Payrolls Plunged

ADP Signals Best Job Gains In Almost 4 Months, As BLS Payrolls Plunged

For the four weeks ending February 21, 2026, ADP reports that private employers added an average of 15,500 jobs a week. 

Employment gains reached their highest since Thanksgiving week last year, holding steady in February after five straight weeks of strengthening. 

This positive labor market signal stands in the face of last week's surprised plunge in non-farm payrolls - driven by a strike-triggered drop in Healthcare jobs and a huge revisions in the labor force as native workers suddenly disappeared.

Combined with the ongoing strength of the jobless claims data, once could argue that the 'no hire, no fire' economy is edging back towards jobs growth.

Tyler Durden Tue, 03/10/2026 - 08:39

Futures Slide, Reversing Overnight Gains As "Off-Ramp Optimism" Fades

Futures Slide, Reversing Overnight Gains As "Off-Ramp Optimism" Fades

S&P futures are unchanged this morning, but approaching session low, following Trump comments that appeared to be the first signs of an off-ramp which however were followed by renewed fighting in the Middle East. While the risk is of re-escalation, JPMorgan writes that we are "seeing a global unwind of war-related trades as the market awaits additional news from US, Israel, Iran" but with headlines like this it will hardly last *IRAN BEGINS NEW WAVE OF MISSILE STRIKES ON NORTHERN ISRAEL: TV.  As of 8:00am, S&P futures are down 0.2%, and Nasdaq futs turn red even as Mag7 and Semis help Tech outperform with AI themes working across regions. TSMC sales worth noting up 30% in the first two months of the year. ORCL post close in focus on the tech/AI front. Global markets snapped higher with the batshit insane KOSPI leading up 535bps one day after being halted limit down (again), Europe rises ~200bps, depending on the market, having yesterday unwound all YTD gains. UK consumer sentiment dropped to a four-month low in March, reversing gains made at the start of the year. WTI is still down -7% but reversing rapidly amid the latest shooting headlines: crude traded in quite a band with WTI touching $120 yesterday as well as $80, setting $89 so far this morning; European gas prices are down 13% to sub $50as well. Copper, gold not really moving. 10-year off yesterday’s lows +3bps to 4.13%, Dollar lower, DXY at $99 and Bitcoin risk on up 250bps to $70.7k.  Today’s macro data focus is on NFIB Small Biz Survey, weekly ADP, and existing home sales. NFIB out early here this morning small step back 98.8 vs. 99.6 survey and 99.3 last month – index has been hovering around these levels since mid-2025 post tariff concerns.

In premarket trading, Mag 7 stocks are mostly higher (Tesla +0.8%, Meta Platforms +0.6%, Amazon +0.3%, Alphabet +0.2%, Nvidia +0.1%, Microsoft unchanged, Apple -0.1%)

  • BioNTech SE ADRs (BNTX) slump 17% after the vaccine maker forecast revenue for 2026 that fell short of Wall Street’s expectations. Also, the company’s founding duo plan to leave to start a new biotech focused on messenger RNA, the technology behind their blockbuster Covid-19 vaccine.
  • Casey’s General Stores (CASY) slips 2% after the convenience-store operator reported revenue for the third quarter that missed the average analyst estimate.
  • Crowdstrike Holdings Inc. (CRWD) gains 2% after Morgan Stanley raised its recommendation to overweight, saying the platform is a winner from AI positioning and its growth outlook is promising.
  • Hewlett Packard Enterprise (HPE) rises 1.6% after the company’s outlook for revenue in the current quarter exceeded analysts’ estimates, a sign the company is benefiting from solid demand for hardware that helps customers run AI workloads.
  • Kohl’s (KSS) falls 7% after reporting worse-than-expected sales for last quarter, as the retailer continues to struggle to revive years of declining results.
  • Teladoc Health (TDOC) rises 8% after Deutsche Bank upgraded the virtual health-care provider to buy, citing a compelling valuation and a potential exit scenario.
  • Vertex Pharmaceuticals (VRTX) rises 6% after the drugmaker gave interim results from a late-stage trial of its experimental therapy for a rare autoimmune kidney disease. William Blair views the data as a “clear win” for the company.
  • Zevra Therapeutics (ZVRA) jumps 15% after the biotech reported adjusted diluted earnings per share for the fourth quarter.

In other corporate news, Disney is said to be close to naming Thomas Mazloum, current head of Disneyland California, as chairman of the company’s parks division. Apple increased iPhone production in India by about 53% last year and now makes a quarter of its marquee devices there. Lego plans to invest heavily in the US, eyeing further gains in market share. Elsewhere on the data front, China’s trade growth accelerated sharply in Jan-Feb (exports +21.8% y/y, imports +19.8% y/y) and came in well above expectations. Chinese nominal exports to major trading partners rose sequentially in Jan-Feb.

Global markets moved risk on in early trading with oil extending declines after Trump’s comments sparked optimism that the war with Iran will end soon. It’s possible that geopolitical risk has peaked, said JPMorgan’s head of International Market Intelligence, but “the tape still feels pretty tentative.” And indeed, futures have since sunk and oil is rebounding following reports this morning of renewed fighting in the Middle East. Trump said he would waive oil-related sanctions and have the Navy escort tankers through the Strait of Hormuz. He’s also said to be weighing options like the release of emergency stockpiles.

“The war in Iran is not over and can intensify again at any moment,” said Joachim Klement, head of strategy at Panmure Liberum. “Any gains will remain limited until there are clear signs of an end to hostilities in the Gulf and shipping through the Strait of Hormuz improves again.”

According to Goldman trader John Flood, while the market has proven it has the ability to move violently in both directions with dealers short gamma right now, right tail (squeeze) risk at the index level is primed to be the most extreme. HF gross leverage is essentially at an all time high driven by continued shorting (hedging) via macro products. Per GSPB short exposure in US Macro Products (Index + ETF) - as % of total US Gross MV on our Prime book - now stands at the highest level since Sep '22 and ranks in the 93rd percentile vs. the past five years. Yet at the same time, Goldman Sachs cross-asset strategists turn tactically neutral on stocks and overweight on cash for three months, citing mounting risks that the Middle East conflict may spark an energy shock comparable to those of the 1970s.

And while investors often focus on the VIX as the main gauge of market fear, Europe’s underperformance versus the US since the Iran strikes has pushed European volatility higher and widened the V2X/VIX spread.

While AI had taken a backseat in markets amid Iran, but there are a few interesting datapoints to note today. TSMC, the go-to chipmaker for Nvidia, reported a 30% jump in sales in the first two months of the year. HPE gave quarterly revenue guidance that beat estimates, showing the company is benefiting from AI hardware demand. Oracle is reporting after the close, with Tech Watch noting that skittish investors are looking for reasons to sell.

In political news, several Senate Democrats are threatening to force numerous war powers votes and disrupt the chamber unless Republicans agree to hold public hearings on the reasons for the attacks on Iran. A key Republican senator said he’s launched an investigation into the FDA’s recent denials of treatments for rare diseases. And a top Pentagon official sees little chance of resuming negotiations with Anthropic.

 

BioNTech and NIO are among companies due to report results before the market open. Focus will be on BioNTech’s outlook for 2026, according to BI. Earnings from Oracle and Franco-Nevada follow later in the day. Oracle might be more susceptible to cost pressures versus hyperscalers according to BI, which expects adjusted gross margin to contract roughly 400-500 bps in fiscal 2026.

Stoxx 600 up by 2.2%, with banks, tech and travel stocks leading the way, while energy stocks lag as crude declines.

Earlier in the session, Asian stocks recovered Tuesday, lifted by an overnight Wall Street rally and easing inflationary risks after President Donald Trump signaled that the Iran war may end soon. The MSCI Asia Pacific Index rose as much as 3.4%, retracing yesterday’s losses. Chipmakers TSMC, Samsung and SK Hynix led the region’s advance, while Australia’s Woodside Energy paced decliners. Equity markets across the region are holding onto fresh optimism after Trump said the war with Iran would be resolved “very soon.” Tuesday’s rebound highlights how quickly markets react to headlines from the Middle East, while cross-asset volatility shows little sign of easing in a fast-moving geopolitical environment. Oil prices plunged in Asia trading following Trump’s comments.

In FX, the Bloomberg Dollar Spot Index slipped 0.3% on Tuesday, following US President Donald Trump’s comments that the war with Iran would be resolved “very soon.” The greenback’s G10 peers are paring last-week’s losses, led by the Australian dollar and Swiss franc which are up 0.47% and 0.27% respectively.

In rates, treasuries are under slight pressure in early US trading, unwinding a portion of the late-Monday bid sparked by US President Trump’s suggestion that the strikes on Iran that caused oil prices to surge in the past week may end soon. This week’s three Treasury auctions begin with 3-year new issue at 1pm New York time; 10- and 30-year reopenings follow over next two days.  US yields are 2bp-4bp cheaper with losses led by long-end tenors, steepening 2s10s by about 1bp, 5s30s about 2bp; 10-year near 4.12% is about 2bp cheaper as European bonds outperform, narrowing performance gap that opened Monday when Treasuries rallied after the London close.  UK leading the rally in European bonds, with two-year yields down eight basis points. Yields falling across Europe, with the biggest moves at the short end, though the rally has pared. For $58 billion 3-year note auction, WI yield around 3.578% is 6bp cheaper than last month’s auction, which stopped through by 0.1bp

In commodities, WTI crude futures are back to around $89/barrel after peaking near $120 on Monday. Gold higher to test $5,200/oz. Bitcoin rallying back towards $71,000.

US economic data slate includes weekly ADP employment change (8:15am) and February existing home sales (10am)

Market Snapshot

  • S&P 500 mini -0.3%
  • Nasdaq 100 mini -0.2%
  • Russell 2000 mini -0.2%
  • Stoxx Europe 600 +1.9%
  • DAX +2.1%
  • CAC 40 +1.7%
  • 10-year Treasury yield +1 basis point at 4.11%
  • VIX -1.8 points at 23.66
  • Bloomberg Dollar Index -0.2% at 1198.68
  • euro little changed at $1.1645
  • WTI crude -8.3% at $86.8/barrel

Top Overnight News

  • “It’s [the war] going to be ended soon," Trump said later at a news conference. Trump did not put a timeline on the end of the war, though, when he was pressed for details. Asked how he squared saying that the war would end "soon" with Defense Secretary Pete Hegseth's remarks that the attacks are "only just the beginning" during a "60 Minutes" interview taped Friday, Trump said, "I think you could say both." CNBC
  • Trump said he was eyeing a quick end to the war in Iran, as some of his advisers privately urged him to look for an exit plan amid spiking oil prices and concerns that a lengthy conflict could spark political backlash. A few senior officials in Israel are starting to voice concern about the escalating, open-ended attack on Iran — and suggesting possible exit ramps that might halt the war before it further damages the region and the global economy. WSJ, WaPO
  • Iran's Revolutionary Guards said on Tuesday they would not let any oil out of the Middle East until U.S. and Israeli attacks cease, prompting U.S. President Donald Trump to threaten to hit Iran "twenty times harder" if it blocked exports. RTRS
  • China’s exports surged 21.8% YoY in dollar terms in January and February, putting the world’s 2nd largest economy on course for another year of record trade surpluses weeks before Trump and Xi are set to meet in Beijing. Export growth in first 2 months of the year far exceeded the median forecast of 7.1% from a Reuters survey and the 6.6% increase in December. FT
  • Apple Inc. increased iPhone production in India by about 53% last year and now makes a quarter of its marquee devices there, reflecting the US company’s efforts to avoid tariffs on China. BBG
  • TSMC’s sales rose 30% in the first two months of the year, driven by strong AI infrastructure buildout. BBG
  • Japan’s annualized GDP growth was revised higher to 1.3% for the fourth quarter, beating estimates, on stronger business investment. BBG
  • UK consumer sentiment dropped to a four-month low in March, reversing gains made at the start of the year. The BRC said British retail sales grew modestly in February. BBG
  • A top Pentagon official sees little chance of resuming negotiations with Anthropic PBC over military use of its artificial intelligence tools following the company’s legal challenge of an unprecedented government move to declare the firm a supply-chain risk. BBG

A more detailed look at global markets courtesy of Newsquawk

APAC stocks rose with global risk sentiment underpinned after oil price pressures eased on a potential G7 joint release of emergency reserves, and with relief seen after US President Trump said the war in Iran could end very soon. ASX 200 rallied with gains led by outperformance in miners, materials, tech and healthcare, while there was little reaction seen to the improved consumer sentiment and mixed business surveys. Nikkei 225 reclaimed the 54,000 status amid softer yields and as exporters cheered the pullback in energy prices. There were also several data releases, including the final Q4 GDP, which either matched the preliminary numbers or were revised upwards, although Household Spending disappointed. Hang Seng and Shanghai Comp were in the green, although the mainland bourse lagged behind its regional peers after reports that the US and China clashed over fentanyl and tariffs at a global drugs meeting, while the Trump administration told Beijing it expects to reimpose the fentanyl-related levy ⁠under a different law.

Top Asian News

  • Chinese Balance of Trade (Jan-Feb) 213.62B vs. Exp. 179.6B (Prev. 114.10B, Rev. From 114.1B).
  • Chinese Exports YoY (Jan-Feb) Y/Y 19.2% vs. Exp. 7.1% (Prev. 6.6%).
  • Chinese Imports YoY (Jan-Feb) Y/Y 19.8% vs. Exp. 6.3% (Prev. 5.7%).
  • Japanese GDP Growth Rate QoQ Final (Q4) Q/Q 0.3% vs. Exp. 0.3% (Prev. -0.6%, Rev. From -0.7%, Low. 0.1%, High. 0.4%).
  • Japanese GDP Growth Annualized Final (Q4) 1.3% vs. Exp. 1.2% (Prev. -2.3%, Rev. From -2.6%, Low. 0.3%, High. 1.5%).

European bourses (STOXX 600 +2.1%) have rebounded from Monday's losses, with many of the indices returning out of correction territory (>10% pullback from ATHs). The IBEX 35 (+3.1%) is the outperformer, with gains in Santander (+5.9%) supporting the index after the Co.'s President bought 300,000 shares for almost EUR 3mln, as well as the improvement in overall risk tone. The brighter risk  environment follows Monday's comments by US President Trump, who suggested that the Iran war could be coming to an end. European sectors are in the green, ex-Energy (-0.7%). Sectors that have been hit the hardest due to the Iran war have seemed to have bounced the highest this morning, with Banks (+4.1%), Basic Resources (+3.5%) and Travel and Leisure (+3.5%) sitting near the top of the pile.

Top European News

  • French Balance of Trade (Jan) -1.8B vs. Exp. -4.6B (Prev. -4.3B, Rev. From -4.8B).
  • French Exports (Jan) 53.4B (Prev. 53.0B, Rev. From 53.1B).
  • French Imports (Jan) 55.3B (Prev. 57.3B, Rev. From 57.9B).
  • German Balance of Trade (Jan) 21.2B vs. Exp. 15.2B (Prev. 17.1B, Rev. From 17.1B).
  • German Imports MoM (Jan) M/M -5.9% (Prev. 1.4%).
  • German Exports MoM (Jan) M/M -2.3% vs. Exp. -2% (Prev. 4.0%, Rev. From 4%, Low. -2%, High. -1.5%).
  • Italian PPI YoY (Jan) Y/Y -1.6% (Prev. -1.4%).
  • Italian PPI MoM (Jan) M/M 1.5% (Prev. -0.7%).

FX

  • DXY initially traded flat, before slipping a touch as the morning progressed. Today’s current range is contained within 98.492-98.939 at the time of writing. The day ahead of the US sees weekly ADP and Existing Home sales, although price action will likely be dictated by sentiment surrounding geopolitics.
  • EUR/USD is flat with a mild upward bias, but consolidating after yesterday’s Trump-led slide in the USD, with the pair notching a 1.1507-1.1637 range on Monday, vs the current 1.1606-1.1636 range thus far on Tuesday. No move was seen to the German Trade Balance data. As above, price action will likely be dictated by geopolitical and/or energy updates.
  • GBP/USD is among the better performers with Cable rising above its 200 DMA (1.3443) to a current high of 1.3483 (vs low 1.3413). This follows yesterday’s surge above its 100 DMA (1.3398) amid the aforementioned USD price action, with Tuesday’s range between 1.3282 and 1.3446.
  • USD/JPY lacked direction overnight, and continues to trade sideways this morning after slipping beneath the 158.00 level yesterday, with little reaction to a batch of data releases from Japan, including Q4 GDP revisions that either matched or exceeded the preliminary numbers, while Household Spending surprisingly contracted. USD/JPY currently resides within 157.27-157.96 vs Monday’s 157.63-158.90 range.
  • Antipodeans are mixed with AUD/USD outperforming amid firmer copper prices and better-than-expected Chinese trade data overnight, which showed double-digit percentage jumps in exports and imports for Australia and New Zealand's largest trading partner. AUD/NZD, meanwhile, has risen back above 1.1950 and edges closer to 1.2000.
  • NOK weakened in the aftermath of softer-than-expected CPI data, with the pair, in a delayed reaction, lifting from 11.1350 to 11.1650 in the five minutes following the release, before hitting an 11.1825 peak around 20 minutes later. The pair made a session high at 11.2334, before pulling back towards the 11.1900 mark.

Fixed Income

  • A bullish start for fixed, as the complex continues to unwind the energy-induced sell-off from the start of the week.
  • USTs are firmer by 10 ticks and at the top of a 112-14+ to 112-24+ band. Continuing to grind higher as energy benchmarks remain under pressure. The US day ahead is primarily a waiting game for any further administration updates on the timeline of the conflict, in addition to a 3yr tap.
  • The upside today is most pronounced in Gilts as they catch up to the late Monday commentary from Trump, that the Middle East conflict could be over soon. Gilts gapped higher by 57 ticks, eclipsing the 91.00 handle before continuing to a 91.39 peak, taking out Friday's 91.25 best. If the move continues, there is a bit of a gap before the 92.00 mark and then a cluster of levels just above. Given this, yields have pared notably. The UK 10yr notched a 4.79% peak yesterday, its highest since 4.86% from the 3rd of September 2025. This morning, the 10yr has been as low as 4.53%.
  • Bunds are bid, even though the benchmark lifted by over 50 ticks late Monday on the Trump interview. Currently, firmer by 33 ticks but around 25 off a 127.53 peak. Similarly to Gilts, a bit of a gap now before the 128.00 mark and then a cluster of recent levels above. For the ECB, the action has helped markets to calm from the extreme pricing adjustments on Monday. Where, at one point, two 25bps hikes were priced. Currently, around 20bps of tightening is implied by end-2026, vs. c. 7bps this time last week.

Commodities

  • Crude futures declined and have completely retraced this week's opening surge. Downside follows comments from US President Trump, who suggested that the war with Iran will end soon. However, comments from the Iranian side this morning has shown little sign of constructive relations, as the Iranian Parliament Speaker said they do not seek a ceasefire. WTI Apr resides towards the middle of USD 84.43-91.48/bbl, while Brent May similar trades mid-range of USD 88.05-98.04/bbl.
  • Nat Gas futures were similarly hit, with Dutch TTF this morning -15% and under EUR 50/MWh once again, with the market aggressively "pricing out" the previous risk premium amid US President Trump’s comments.
  • Spot gold continues to edge higher, with the metals complex helped by recent dollar softening and as buying resumed amid hopes of a nearing conclusion to the hostilities and disruption in the Middle East. Spot gold trades towards the upper end of a USD 5,117.51-5,195.40 /oz range vs Monday’s hefty USD 5,014.58-5,192.04/oz parameter, in which gold closed at USD 5,136.60/oz.
  • Copper futures advanced alongside the improvement in risk appetite, with little initial reaction seen to the latest trade data from the red metal's largest buyer, China. To recap, Trade Balance, Imports, and Exports smashed expectations. China combined its Jan-Feb data to account for the Lunar New Year holiday distortions. 3M LME copper resides in a USD 12,992.00- 13,129.00/t.
  • G7 Energy Ministers to meet at 12:45GMT / 08:45EDT.
  • Saudi Aramco CEO sees global oil demand to reach record high of 107.3mln BPD in 2026.
  • Saudi Aramco CEO said there is a disruption of around 180mln barrels so far; there are no problems related to storage capacity locally or internationally; CEO declines to comment on current oil production levels. "We will operate the East-West Pipeline at full capacity within two days". Have 2mln BPD of spare capacity, so if there are any shutdowns amid the current situation, bringing that spare capacity back will take a matter of days.
  • Saudi Aramco plans to increase refining capacity in strategic regions.
  • Saudi Arabia, UAE, Iraq and Kuwait reportedly cut oil output by as much as 6.7mln BPD in total, Bloomberg reported citing sources.
  • Shanghai Futures Exchange announced the adjustment of price limits and margin ratios for some fuel oil, petroleum asphalt and butadiene rubber futures.
  • Taiwan's Formosa Petrochemical (6505 TT) declares a force majeure on some supplies.
  • Taiwan's Cabinet said it is to further cut the commodity tax on gasoline and diesel to 50%.
  • Japan's Trade Minister Akazawa said Japan supports the IEA-led coordinated release of strategic oil reserves.
  • Japan's Chief Cabinet Secretary Kihara reiterates no decision has been made on releasing strategic oil reserves.

Central Banks

  • ECB's Muller said the chance of rate hit has increased but should not rush, need to see if the surge in energy prices is transitory or not.
  • ECB's Simkus said it is important to stay calm until the next policy decision and not to over react, we are aware of the recent changes in market pricing but should stay the course for now.
  • RBA Deputy Governor Hauser said Australia's economy is overall in good shape and there will be a very genuine policy debate at the board meeting, with arguments on both sides. A 5% peak for inflation probably looks a little on the pessimistic side; our response depends on size and persistence of the price shock, which is very uncertain. Inflation is too high. Oil price rise clearly an upside risk to the inflation projection but still in flux. Recent data seem to confirm even more decisively that the economy has limited spare capacity. Not all domestic data came in as strongly as expected, including consumption. Uncertainty over developments in Iran is extremely high. Data seems to confirm the economy has limited spare capacity.

Geopolitics

  • Iranian Parliament Speaker said we do not seek a ceasefire and believe in the necessity of teaching the aggressor a harsh lesson.
  • Iranian Army said we attacked the oil and gas refinery and fuel tanks in Haifa with drones, Al Hadath reported.
  • Iranian military said heavy fire will continue to rain down on aggressors.
  • Iranian Foreign Minister Araghchi said negotiations with the US are no longer on the agenda.
  • Iran's ambassador to China said that passage through the Strait of Hormuz will be controlled, but the Strait will not be closed.
  • Iran's Revolutionary Guards say they will not allow a single litre of oil to be exported from the region if the US and Israeli attacks continue, adds that they will determine how and when the war ends.
  • IRGC said the Strait of Hormuz will be open to any state that expels US and Israeli diplomatic envoys from its territory starting tomorrow.
  • Iran targeted US sites and depots in Kuwait in recent hours, according to Tasnim.
  • US President Trump said it's going to be ended soon, and if it starts up again, Iran will be hit harder, while Trump responded 'no, but soon', when asked if the war will be done this week. said:. Big risk on Iran has been over for three days. We can leave it here but we are going to go further.
  • US President Trump said will hit Iran harder if it attempts to stop world oil supply, adds Strait of Hormuz will be safe and getting close to finishing it regarding 'excursion'. said:. Waiving some oil-related sanctions and will take some sanctions off until this straightens out. Winning very decisively and way ahead of schedule.
  • US President Trump said we're making major strides towards completing military objective and people could say they're pretty well complete, left some of the most important Iran targets for later. said:. Iran's missile capabilities are down to 10% or maybe less. Could hit Iran's electric production, but don't want to. We're ahead of our initial timeline by a lot. Thinks Iran should put in a head that will be peaceful.
  • US President Trump's advisors urged him to find an Iran exit ramp, fearing political backlash, according to WSJ.
  • US-Israel aggression targets houses in the Mehrshahr area of Karaj, western Iran, according to Mehr News Agency.
  • Russia's Kremlin says the trilateral format of the Ukraine talks need to be continued, but no specific dates or locations have been agreed for the next round

US Event Calendar

  • 6:00 am: United States Feb NFIB Small Business Optimism, est. 99.6, prior 99.3
  • 10:00 am: United States Feb Existing Home Sales, est. 3.88m, prior 3.91m

DB's Jim Reid concludes the overnight wrap

The past 24 hours has seen a dramatic roundtrip in oil markets as the seismic moves seen as we went to press yesterday gave way to increased optimism as President Trump suggested in the US afternoon that the war with Iran could be over “very soon”.  That eased concerns over a longer-term conflict that could trigger a major stagflationary shock and helped drive a turn lower in oil markets. Most notably, Brent crude oil prices pulled back from an intraday peak of $119.50/bbl before the European open to around $90 by the US close, though they’ve edged back up to $93.56 as I type. It even briefly traded as low as $83.66 late in the US session, which marks the largest daily nominal trading range since the start of the intra-day Bloomberg data in the 1980s when oil futures begun. The easing stress in oil markets rippled into other asset classes, with the S&P 500 (+0.83%) and 10yr Treasuries (-4.2bps) closing stronger on the day after a sharp initial sell-off.

While market stress had gradually eased through the course of yesterday’s session after peaking in Asia hours, the biggest turning point came after the European close as CBS reported Trump saying that “I think the war is very complete, pretty much”, with the US “very far ahead of schedule”. The President then delivered a similar message in a press conference after the US close, suggesting the war will "be finished pretty quickly". Trump also focused on oil prices, again raising the option of US Navy escorts for tankers and floating the prospect of waivers for “certain oil-related sanctions to reduce prices”, without offering details other than he had discussed the topic in a call with Russia’s President Putin yesterday.

Those Trump comments helped ease market fears of a prolonged conflict that would turn into a more sustained energy shock. However, the timing for any resolution of the war remains far from clear, with Trump also saying that “we haven’t won enough” and that he didn’t believe the conflict would be over this week. There are also doubts over Tehran’s willingness to de-escalate, with the IRGC releasing a statement last night that “It is we who will determine the end of the war” and that it would not allow oil to be shipped from the Middle East if US and Israeli attacks continue. In turn, that prompted Trump to escalate his threats last night, posting that “If Iran does anything that stops the flow of Oil within the Strait of Hormuz, they will be hit by the United States of America TWENTY TIMES HARDER than they have been hit thus far”. And we’ve seen Israel launch a new wave of strikes against Iran overnight, with Gulf countries in turn reporting Iranian strikes.

The lingering uncertainty has seen oil prices tick slightly higher overnight, with Brent crude up to $93.56 from around $90 at the US close yesterday, though that’s still below the $99.40 level they were before the CBS report yesterday evening and some 25% below yesterday’s intra-day highs. Investors will be keenly watching for any signs that shipping via the Strait of Hormuz can pick up from the current all but suspended levels, not least as yesterday Saudi Arabia became the latest country to start cutting oil production. Remember that the oil moves have been much more contained further out the futures curve, with December 2026 Brent futures currently trading at $74.95/bbl. We will also be watching whether plans to release oil reserves materialise. Yesterday’s virtual G7 finance ministers’ meeting didn’t get to that point yet, with their statement saying they “stand ready to take necessary measures”, and France’s finance minister said they were “not there yet”. Overnight, Japan’s Finance Minister Katayama said that G7 energy ministers are expected to meet to discuss the process of oil reserve release today.

Markets in Asia are of course rebounding this morning given the timing of the Trump speech, with the KOSPI rising by +4.63% and the Nikkei increasing by +2.55%, both recovering sharply after having closed nearly -6.0% and over -5.0% lower yesterday, respectively. Elsewhere, Chinese stocks are also on the rise, with the Hang Seng index increasing by +1.76%, outperforming the CSI (+1.09%) and the Shanghai Composite (+0.39%). The S&P/ASX 200 is +0.85%. Europe’s STOXX 50 futures (+1.00%) are reversing Monday’s decline but those on the S&P 500 (-0.20%) have dipped in the absence of imminent de-escalation.

Coming back to China, the trade surplus (+$213.62 bn) rose to its highest on record in the combined January-February period (v/s $176.10 bn expected) while exports rose +21.8% y/y, beating the +7.2% growth expected, underscoring the resilience of the world’s second-largest economy despite trade tensions with the US.

Looking back at yesterday’s moves, the volatility in oil prices reverberated through rates markets, especially when it comes to inflation pricing. For instance, the 1yr US inflation swap moved as high as 3.10% intra-day before closing all the way down at 2.75%, -15.5bps lower on the day, with a near 20bps decline after the CBS story broke shortly after 3pm EST. And the news saw yields on 2yr (-2.4bps to 3.54%) and 10yr (-4.2bps to 4.10%) Treasuries close at the session’s lows after a 10-12bp intra-day range that saw 10yr yields peak at 4.21% just before London opened. Treasury yields are edging higher overnight, with the 10yr +1.5bps higher as the pattern of underperformance during Asia hours is again repeating, albeit mildly.

For equity markets, the turn in sentiment helped the S&P 500 recover to +0.83% by yesterday’s close after rebounding by more than 1% in the final hour of trading. S&P 500 futures had been down as much as -2.4% in Asia hours yesterday. The NASDAQ (+1.38%) and the Russell 2000 (+1.12%) posted even stronger recoveries, while the VIX index fell by -3.99pts on the day to 25.50 after peaking above 35 at the European open. 

Over in Europe, markets recovered from the lows early in the session but closed before Trump’s comments to CBS News triggered the more risk-on tone. That left the STOXX 600 -0.63% lower on day, up from -2.46% shortly after the open, while the CAC (-0.77%) and DAX (-0.98%) saw slightly larger declines. Most sovereign bonds saw a fuller reversal of the sell-off, with yields on 10yr bunds (-0.4bps), OATs (-0.5bps) and BTPs (-0.9bps) all little changed by the close, having been between +7bps and +15bps higher on Monday morning as inflation concerns mounted. One bond market that struggled to fully recover was UK gilts, with markets at one point pricing in 20bps of BoE rate hikes this year, from pricing more than 50bps of rate cuts before the strikes on February 28. While 2026 BoE hikes were largely priced out by yesterday’s close, 2yr gilts yields were still +11.7bps higher at 3.99%, with 10yr yields +2.0bps on the day.

Looking at the day ahead, data releases from the US include the existing home sales for February, and the NFIB’s small business optimism index for February. Otherwise from central banks, we’ll hear from the ECB’s Simkus and Muller.

Tyler Durden Tue, 03/10/2026 - 08:30

Diversity Wars: Pro-Palestine Watermelon Mural Triggers Black Community In Richmond

Diversity Wars: Pro-Palestine Watermelon Mural Triggers Black Community In Richmond

Authored by Steve Watson via Modernity.news,

In Richmond, Virginia, a pro-Palestine mural has sparked massive backlash from Black residents, who have taken offense to the watermelon in the image, suggesting it recalls degrading stereotypes of the Jim Crow era.

The mural, splashed across a building at the intersection of Brookland Park Boulevard and North Avenue in Richmond’s Northside—a historically Black neighborhood now facing gentrification—depicts a darker-skinned Palestinian woman holding a slice of watermelon.

The seeds are cleverly arranged to spell out “Free Palestine,” with olives and a keffiyeh adding to the symbolism. Painted by Los Angeles-based artist Lauren YS, the piece was intended as a show of defiance against what supporters call Israeli occupation.

Dr. Faedah Totah, a professor at Virginia Commonwealth University, explained the watermelon’s role in Palestinian activism. “The Palestinian flag has four colors, red, white, black, and green, which also happens to be the color of a slice of a watermelon,” Totah said. “So, what ends up happening when you ban the flag is that people become creative in finding different ways to express their national identity.” The symbol dates back to 1967, when Israel occupied the West Bank and Gaza, banning the Palestinian flag and forcing activists to get inventive.

But in this American context, the choice has landed like a lead balloon. Jonathan Davis, former president of the Richmond Crusade for Voters and the Battery Park Civic Association, remarked “I was taken aback because of the imagery that it represents, a watermelon up to the mouth of a Black woman,” Davis said. “So to me, understanding the history of our people and what happened during the Jim Crow era and how those images were used to demean us and make fun of us and ridicule us and run us out of the business, it really bothered me.”

Davis’s words capture the raw hurt felt by many in the community, where watermelon caricatures were weaponized during segregation to mock and marginalize Black Americans. It’s a stereotype rooted in post-Civil War propaganda, portraying freed slaves as childlike and obsessed with the fruit to undermine their progress.

William McGee, president of the Richmond chapter of the Southern Christian Leadership Conference, suggested reworking the mural to bridge both causes without including the ‘offensive’ imagery. Civil rights activist Gary Flowers went further, proposing to replace the watermelon with a Palestinian flag alongside a Black liberation flag. Flowers also blasted the building owner and artist for skipping community input before installing the piece.

Lauren YS, who is Chinese American, defended the work in a statement, insisting any link to racist caricatures was unintentional. The artist tied the symbols explicitly to “Palestinian heritage, nationality, longevity and steadfastness,” framing the mural as “an emblem of perseverance, solidarity, and defiance against the occupation and the horrific slaughter of over 31,000 people.”

The building owner and critics are now eyeing a town hall to hash out community feedback, potentially leading to alterations.

Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.

Tyler Durden Tue, 03/10/2026 - 08:05

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