Pytheas

Pytheas is a premier international investment banking organization
- Here, by expressing our opinion or not, we share #market issues that to our opinion matter

[Barchart @Barchart]

JUST IN 🚨: U.S. Treasury projected to buy back $12.5 Billion of their own debt this week 🤯👀

[LNG Prime @LngPrime]

BREAKING: Delfin Midstream has taken an FID for the first 4.4 mtpa FLNG of its #LNG project under development in Louisiana. Delfin says the #FLNG is the first floating liquefaction facility in the US and the largest FLNG project globally. #lngprime https://t.co/0ZkI68JIZ1

[Barchart @Barchart]

BREAKING 🚨: South Korea

South Korean Won has fallen to its weakest level against the U.S. Dollar since the Global Financial Crisis 📉🇰🇷

[Professor John Hearn @jbhearn]

Words misused damage the economy.

[Daniel Lacalle @dlacalle_IA]

Inflation in the eurozone continues to rise and is not just driven by energy but also services.

Germany, at 2.7%, Malta, at 2.1%, and France, at 2.8% show the lowest inflation levels.

via Eurostat

[European Commission @EU_Commission]

EU Wildfire Preparedness 2026:

🔸22 firefighting planes and 5 helicopters
🔸770+ firefighters pre-positioned
🔸24/7 Emergency Response Coordination Centre
🔸Upcoming European regional firefighting station in Cyprus

https://t.co/jaXpn0NjCT

[Bloomberg @business]

The United Arab Emirates is considering building an additional pipeline for refined products that would bypass the Strait of Hormuz and carry fuels to the country’s east coast https://t.co/EwU3ArYsO3

[Pytheas @PytheasThe]

Skaramangas Shipyards signed a memorandum of cooperation with Hyundai Heavy Industries on exploring and developing cooperation in naval shipbuilding programs for the Hellenic Navy and the Hellenic Coast Guard.

| @ekathimerini @Hyundai_Global #Greece
https://t.co/8I7b79DCau

[Barchart @Barchart]

BREAKING 🚨: U.S. Dollar

Gold has overtaken U.S. Treasuries as the World's Top Reserve Asset 🤯👀

[Barchart @Barchart]

Home Foreclosures soared 26% during the first quarter 🚨🚨

[Charlie Bilello @charliebilello]

The US Bond Market has now been in a drawdown for 70 months, by far the longest in history.

Video: https://t.co/N7vSiKpGom

[Barchart @Barchart]

WARNING 🚨: Stock Market reaches most expensive valuation in history, surpassing the Dot Com Bubble and the run-up to the Great Depression 🤯👀

[euronews @euronews]

Chevron has applied to join a Greek offshore exploration area known as Block 10 in the Ionian Sea, in a move that could strengthen Greece's role in Eastern Mediterranean energy security.
➡️ https://t.co/5I5zqwlQO1

[Hedgeye @Hedgeye]

🇯🇵 Japanese crude oil reserves post the largest drawdown in the country’s history

[Daniel Lacalle @dlacalle_IA]

With giant oil revenues. You cannot make this up.

Doubling down on interventionism and insane regulation. What could go wrong?

Canada slipped into a technical recession on an annualized basis as economic growth stalled in 1st quarter

https://t.co/Fw9A7rV7Qa

[Daniel Lacalle @dlacalle_IA]

Canada 🇨🇦. Trudeau and Carney wanted net zero, and they got it: zero growth, zero jobs, and zero productivity.

via Bloomberg

[OilPrice.com @OilandEnergy]

Chevron is expanding deeper into the Eastern Mediterranean with a new offshore Greece exploration bid, reinforcing the region’s growing role in Europe’s energy security strategy. #NaturalGas #Greece #Chevron #OOTT

https://t.co/RZrmB2t41E

[Professor John Hearn @jbhearn]

Time lags that can be one day during a hyperinflation and up to two years for a previously stable economy allows critics of monetarism to make up incorrect theories about the way aggregate monetary demand affects the economy.

https://t.co/vjQzUSdvpM

[Daniel Lacalle @dlacalle_IA]

This will not make the Fed hike rates. Inflation is uncomfortably sticky in year‑on‑year terms, but the April core PCE print is not an upside shock, and real consumption is softening at the margin.

Personal income: Flat in April versus a consensus of +0.4%, after +0.6% prior. This points to a softer income backdrop even as spending held up.

Personal spending: +0.5% m/m, matching consensus and only slightly below the prior 0.6–0.9% range seen in recent months. Households are still spending, so no immediate sign of demand destruction.

Headline PCE price index (m/m): 0.4% for April versus 0.5% expected and 0.7% in March. That is a small relief after the March spike but still above a pace consistent with 2% inflation.

Headline PCE (y/y): 3.8%, up from 3.5%, confirming that disinflation on the Fed’s preferred measure has stalled temporarily.

Core PCE (m/m): 0.2%, softer than March’s 0.3% and broadly in line with what the Fed can tolerate.

Core PCE (y/y): 3.3%, marginally above March’s 3.2%.

Initial jobless claims (week of May 23): 215k consensus vs 215k–220k type range in recent weeks; still close to pre‑pandemic norms and a tight labor market.

4‑week moving average 209k and continuing claims 1.78m show a labor market that is cooling only very gradually. Fed should pay attention to this.

Durable goods orders (headline): +7.9% m/m for April, way above the 4.0% survey and previous 0.8%. Strong number also in durables ex transportation, +1.1% m/m, showing that strength is not only aircraft‑driven.x

GDP growth remains solid and investment is likely to pick up.

https://t.co/u60dEFuJpg