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It was a very interesting week indeed. All-time high records continued to fall on a daily basis, but the complexion of the market most definitely changed during the latter part of the week. First, I want to pull up an hourly RRG chart to track 10 key growth stocks, most of which have carried the overall S&P 500 higher throughout 2024:

This chart is tracking the relative rotation of these 10 growth stocks (vs. the benchmark S&P 500) over the last 20 periods, or roughly 3 days. Many of these stocks started their 3-day journey on the right side of this chart, which highlights tremendous relative strength at that time. But look where they finished on Friday. Not one of these 10 stocks finished in the leading quadrant. Not one. AAPL held up best, but TSLA, META, and COST tumbled to close out the week. That type of behavior among these growth juggernauts would likely send you to the conclusion that we had 3 really bad days in the market. Instead, look at how the S&P 500 performed over the past 3 days from this hourly chart:

So what happened? How did the S&P 500 hold up when its most-heavily-weighted stocks fell so quickly?

Rotation. Bullish rotation. This is what sustains bull markets. Even the biggest and best leaders fall from time to time. But does the money leave the stock market or does it simply rotate and drive prices higher elsewhere. Well, last week it was the latter. Let’s check out large-cap growth (IWF) and large-cap value (IWD) and then the 11 sectors on that same 20-period RRG chart:

IWF:IWD

Sectors

In this case, two pictures say two thousand words.

Could the relative performance of the IWF and IWD have shown more disparity over the past few days than they did? Growth was tossed out the window, while traders suddenly fell in love with value stocks. I believe the June CPI report was the primary trigger for this rotation. I viewed it as a “sell on news” for growth stocks after months of “buying on rumor”. I also view it as “warning shots fired” towards Fed Chief Powell and his band of hawks. This report was an absolute DAGGER for those Fed officials that believe we should remain on the current “higher rates for longer” bandwagon. Check out the latest chart on core inflation at the consumer level:

The 1-month and 12-month rate of change (ROC) have rapidly declined. I swear I think the Fed is looking at a different chart, or maybe someone needs to turn their computers right side up. They’ve made it clear that they want sustainability towards their 2% target level. It sure seems to me that monthly Core CPI is back in the normal range and has been moving sustainably towards 2% for at least the last year. Yet the Fed keeps waiting, even talking about the possibility of another hike. Personally, I’m sick of this Fed. As I said, warning shots have been fired over the past few weeks. The bond market is SCREAMING at the Fed to lower rates. And growth stocks have just had their second bout of significant selling. We’re teetering folks.

I’ve been steadfastly bullish throughout this secular bull market, suggesting to everyone to avoid all the noise about crashes and collapses. I am, however, growing worried about the Fed’s handling of monetary policy. There are already economic signals that are telling me the cracks in our economic foundation are growing and spreading and that hopes of a “soft landing” are dwindling. If this isn’t stopped SOON, it’ll be too late, and we could be staring at a SIGNIFICANT market meltdown in the weeks and months ahead.

On Saturday, July 27th at 10:00am ET, I will be hosting an extremely important event, “The Fed and The Presidential Election Cycle: Why the S&P 500 May Tumble”. This event is FREE, but you must register and capacity is limited. If you want to consider ways to protect your capital, then I am urging you to sign up EARLY. For more information and to register, CLICK HERE.

Happy trading!

Tom

There was no doubt that new leadership emerged last week. Here were 3 areas that surged higher, either moving to fresh 52-week highs or breaking significant downtrends:

Small Caps

The small cap Russell 2000 (IWM) has been trying to clear the 210-211 area for the past two years. After doing so late last week, the IWM appears poised to make a run at its all-time high near 235:

The really interesting part about small caps is that many traders don’t believe that they can perform well. They’ve underperformed for so long that short-term strength doesn’t feel sustainable. However, if you have long-term perspective, then you realize that recent weakness in the IWM is the outlier, not the norm. The bottom panel above shows the 10-year history of correlation between the S&P 500 and the Russell 2000. You can see that the overwhelming majority of time, the S&P 500 and the IWM move together directionally. The inverse correlation of late was the worst in the past 10 years. In fact, there’s only been one other time where inverse correlation has reached the -0.50 level and that was back in 2017. The norm is for the IWM to follow the S&P 500 higher during a secular bull market. The breakout last week is likely to see the IWM and S&P 500 correlation move back into that blue territory, particularly that dark blue territory that marks extreme positive correlation. Historically, the two spend much more time trending together.

Regional Banks:

The regional banking ETF (KRE) is on the doorstep of a MAJOR breakout, so I’ll be watching this area very closely next week. It’s also one of the highest-weighted industry groups in the IWM. Over the past three years, the 52.50 level has marked key support and resistance. Check this out:

Intraday, we saw the KRE touch 52.57 on Friday, but it was unable to close above 52.50. If we see the breakout this week, we need to pay attention to regional banks that have already made breakouts and are showing leadership. I plan to feature one of my favorite regional bank stocks in our FREE EB Digest newsletter on Monday morning. If you’d like to review my chart and are not already an EB Digest subscriber, CLICK HERE to sign up. There is no credit card required and you may unsubscribe at any time.

I also look at many technically-sound financial stocks and small cap stocks on my latest “EB Weekly Market Recap” video. This week’s video, “Market Rotation in Full Effect”, is a must-see to fully understand the key rotation that we experienced last week and why that rotation could be the start of a much larger change in the attitude of traders.

Happy trading!

Tom

Bankir and his men have been trying to fight off Russian attacks along the Ukrainian front lines for more than two years. But it’s only now that they are finally able to strike where it hurts: Inside Russia’s own territory.

After many months on the back foot because of ammunition and manpower shortages, Kyiv is finally able to take full advantage of Western military aid that started to flow into the country last month, after months of delays.

Soldiers on the front lines say the deliveries are beginning to make a difference – especially since they can now use the arsenal to strike across the border.

“We are deploying the most effective weapons systems in the areas where the Russians are trying to break through the defensive lines and there has been a significant slowdown in the Russian advance,” he added.

While Kyiv hasn’t managed to reclaim large swathes of territory, it has successfully averted what could have been a disaster: The occupation of Kharkiv, Ukraine’s second city.

‘Tragic moment’

Part of the northern Kharkiv region, including the cities of Izium, Kupiansk, and Balakliia, fell into Russian hands soon after Moscow launched its full-scale invasion of Ukraine in February 2022.

The occupation was brutal. When the area was liberated in the fall of 2022, Ukrainian troops found evidence of what they say were war crimes committed by Russian forces, including multiple mass graves and torture chambers.

In May this year, Russia launched another cross-border attack on the region, trying to exploit Ukraine’s ammunition shortages before the expected arrival of the first Western weapons.

The consequences were deadly. The Office of the United Nations High Commissioner for Human Rights (OHCHR) said that at least 174 civilians were killed and 690 were injured in Ukraine in May, the highest number of civilian casualties in a year.

More than half of the civilian casualties were in Kharkiv – even though the region encompasses a relatively small area compared to the whole country.

But it also marked a major turning point.

“It triggered a change in the position of our Western partners, it encouraged them to, at least partially, remove the restrictions on the use of the Western weapons,” he said.

Fearing an escalation, the US and other Western allies had long prohibited Kyiv from using their weapons to strike inside Russia, restricting their use to Ukrainian areas under Russian occupation.

That has allowed Russia to use the border areas as safe staging grounds for offensives and missile attacks.

“(Russia) knew that Ukraine did not have the capacity to strike these targets on the Russian territory,” Melnyk said.

“If the decision (to provide aid) wasn’t made, if we lost American support and military assistance, that would have been a game changer.”

But the possibility of Russian re-occupation of parts of Kharkiv region convinced some of Ukraine’s key allies, including the US, to lift the restrictions. This allowed Kyiv to hit and destroy or severely damage key targets inside Russia.

According to Ukrainian defense authorities, these included a regiment command post in Belgorod region, an ammunition depot in Voronezh, a drone facility and an airfield in Krasnodar, communication centers in Bryansk and several naval sites in occupied Crimea.

The arrival of long-range ATACMS missile systems was a particular game-changer, Melnyk said. While Ukraine was previously able to strike targets inside Russia using Ukraine-made drones, ATACMS make these strikes far more efficient.

“Speed matters,” Melnyk explained. “With drone strikes, Russians have hours to react, because they can detect Ukrainian drones early. Russian pilots can have a coffee and a cigarette before jumping into the cockpit and taking off to take it down. With the ATACMS, it’s a matter of minutes,” he said.

Konrad Muzyka, an independent defense analyst and the director of Rochan Consulting who has recently returned from eastern Ukraine, said Russia is also no longer able to target Kharkiv region with S-300 and S-400 missile systems.

“Ukraine started conducting HIMARS strikes on targets in the Belgorod region and forced the Russians to push their S-300 system with which they were striking Kharkiv much further away, so now Kharkiv is beyond their range of Russian S-300 systems,” he said.

While Russia switched to aerial glide bombs – guided munitions with pop-up wings dropped by fighter jets from a distance of some 60-70 kilometers – out of range of Ukraine’s air defenses, the elimination of the S-300 threat has provided at least some relief to Kharkiv.

Weapons without men, men without strategy?

But while the new weapons are making some difference, Ukraine is long way off being able to push Russian forces off its territory.

“It isn’t enough to turn the tide at the front. Enough to hold the enemy back, yes, but not enough to change the situation dramatically,” he said.

“The enemy is now exhausted but not destroyed,” he said, pointing to the fact that Russia still has complete air superiority over Ukraine.

Kyiv is now pinning its hopes on the deliveries of F-16 fighter jets which should start soon – the first Ukrainian pilots were set to complete their training in the US this summer.

But Muzyka said it is far from certain the jets will bring a massive change to Ukraine’s fortunes.

“The F-16s are combat aircraft from 1980s and 1990s and their capabilities are worse than the most modern Russian combat aircraft,” he said, adding that the newest Russian jets would likely prevail in an air battle with the F-16.

However, Ukraine can still use the F-16 to deny Russia control over the skies – and push away Russian aircraft delivering bombs.

Yet the new weapons are just part of the puzzle.

“If it had not been for the supplemental package, Ukrainians would be in a much worse situation right now, but at the same time, the current situation is not only the result of a lack of actions by the US Congress, it’s also the result of the decisions that were made and were not made in Kyiv, especially when it comes to mobilization,” Muzyka said.

“The decision to introduce a wider mobilization was probably as important, if not more important, and it came too late,” he said. The new mobilization law, which requires all men between 18 and 60 to register with Ukraine’s military, came into effect in May.

He said that while Ukraine has managed to recruit a significant number of men over the past month and half, it will take time for these new soldiers to be trained up and ready for the front lines.

“Ukrainians are going to be in a very difficult position until August, September, when the first mobilized guys start to enter the front line. If they can get to that point, then there is a big likelihood that they will manage to stabilize the situation from August onwards, but until this happens, more Russian gains are highly likely.”

Muzyka said that with the new weapons arriving and battalions and brigades getting a boost soon from the new recruits, Ukraine will need to decide on its next steps.

“It is unclear what the plans are. What is the strategy for counteroffensives? The problem is that Ukraine is waiting to see what equipment the West can supply them with, and the West is waiting to see what plans Ukraine have for the future,” he said.

Time is of the essence here. Experts estimate that the $60 billion US aid package approved earlier this year will last for – at best – a year or 18 months.

Ukraine’s allies made fresh pledges on arms this week while at a NATO summit in Washington, DC, President Volodymyr Zelensky called for all restrictions on their usage to be lifted.

Given the possibility of former US President Donald Trump winning a second term in November – he has little time to spare.

Maria Kostenko and Daria Tarasova-Markina contributed reporting.

This post appeared first on cnn.com

A recent spate of alarming deaths has heightened fears for the Malayan tiger, wildlife authorities and conservationists say, with some calling the threat to Malaysia’s emblematic animal a “national emergency.”

Native to the jungles of peninsular Malaysia, the majestic feline subspecies is critically endangered, with fewer than 150 believed to be left in the wild due to habitat loss, illegal poaching and a decline in prey.

Found on Malaysia’s coat of arms and considered a national heritage symbol, its numbers have plummeted since the 1950s, when around 3,000 roamed the Southeast Asian country, officials say.

Against that already grim backdrop, photos and videos of a dead Malayan tiger went viral on social media in late June. The carcass, found bloated and floating in a stream in the rural northern state of Kelantan, was discovered by forest rangers.

There was no sign of injury from snares or gunshots, and state forestry officials are conducting a post-mortem examination.

The images provoked strong reactions from many in Malaysia, who noted the urgency of saving their national symbol from extinction.

Stronger conservation efforts are needed, he added, such as enhancing patrols in critical tiger habitats and leveraging advanced technology such as camera traps and drones for monitoring and surveillance.

“These magnificent creatures continue to teeter on the brink of extinction,” Chan said.

“Losing just one tiger brings the entire species closer to extinction, making every individual tiger’s life extremely critical to the survival of the species.”

“The Malayan tiger is on the brink of extinction with fewer than 150 remaining in the wild,” said Mark Rayan Darmaraj, country director of Wildlife Conservation Society Malaysia, who noted that suspected poachers were arrested in a separate case in the nearby state of Pahang the following day, “in possession of the skull and bones of a tiger.”

“They suffer from habitat loss, prey depletion and retaliatory killings stemming from human-tiger conflicts,” he said.

“Additionally, the construction of roads through their habitats increases the risk of fatal vehicle collisions as seen in several recent incidents.”

On July 6, authorities in the western state of Perak were alerted to a dead tiger found in a storm drain off a major highway. Estimated to have been around 4 years old, the adult male had been hit by a car, officials said.

A month earlier, the body of another adult tiger was found by an expressway in Pahang state. Officials believe the tiger, believed to have been 5 years old, was run over by a vehicle while trying to cross the road from a nearby forest reserve.

It was the fourth Malayan tiger killed by a vehicle collision between November 2023 and May 2024, according to authorities.

Eight-year plan

The Malayan tiger was recognized as a subspecies in 2004. Like all tigers, they are excellent swimmers and powerful apex predators.

Smaller than Indonesia’s Sumatran tigers and the Bengal tigers found across South Asia, Malayan tigers can grow to about 2.5 meters (about 8 feet) long and weigh up to 130 kilograms (about 280 pounds), experts say, and need large swaths of forest to roam.

Their slightly darker, reddish-orange coats also distinguish them from other tiger species.

In an eight-year National Tiger Conservation Action Plan released in collaboration with non-profit groups in 2020, Malaysian officials outlined priorities such as conservation tools and a “National Physical Plan” to aid conservation efforts.

“By implementing a suite of concerted actions, backed by political commitment and public support, we as a nation and as part of the global conservation community can ensure that one of the most majestic and charismatic animals with which we share the planet will not vanish,” the report said.

This post appeared first on cnn.com

When two US avocado inspectors were assaulted and detained at a police roadblock in the Mexican state of Michoacán last month, it sparked a costly international crisis.

The US paused all avocado imports from the state for more than a week, leaving Mexican growers out of tens of millions of dollars and temporarily sending the price of a carton of the fruit in the US soaring by 40 percent, according to analysis firm RaboResearch Food & Agribusiness.

Weeks later, after diplomats and agricultural officials from both countries negotiated new security guidelines around inspections, the massive cross-border trade has stabilized, with the US Department of Agriculture saying that export levels returned to normal at the beginning of July.

But the episode underscored the precarious nature of the industry and the immense volatility in a region that provides most of the world’s avocados, one of Mexico’s most dangerous states and a nexus of cartel power.

US and Mexican officials are now considering new changes to the strict processes that direct how the fruit can make its way to American kitchens to meet ever-increasing demand, with industry groups and advocates urging for more oversight.

‘Green gold’

Avocados, the creamy fruit with the industry nickname “green gold,” are big business. Of the amount exported from the nearly 2.7 million metric tons of the fruit grown last year in Mexico, 81 percent went to the US, at a value of $2.7 billion.

Nearly three-quarters of Mexican avocados come from Michoacán, a state along the country’s Pacific coast with a volcanic belt running through it that makes its soil ideal for farming. The state’s deepwater port has also been critical for the flourishing of drug cartels, which moved into Michoacán in the 1980s, fueling a homicide rate that is today more than twice the national average.

The expansion of the avocado market in the state around the same time has been “deeply intertwined” with the violent groups and corrupt public authorities, researchers at the Global Initiative Against Transnational Organized Crime said in a report this year.

Citing interviews with growers in the state, the researchers described how criminal groups illegally burn and log protected forests and bribe local officials to change permissions around the use of the land to allow for commercial activity. According to an academic article published by the Mexican government cited in the report, 80 percent of the avocado orchards in Michoacán were established illegally, “initially through unauthorized land use that was then turned into legal parcels thanks to corruption of public authorities.”

Cartels today also regularly extort producers in protection schemes, the report found. Local police forces in turn commonly rent themselves out as security for producers, and heavily armed militias known as “autodefensa” groups have formed to patrol farms.

“This is the core of the mafia-style relationships that exist in Michoacán around avocado production,” Romain Le Cour, one of the report authors and a senior expert at the initiative, said in an interview. “You need criminal actors in a way to stir up the business, you need business entrepreneurs to run the business, and you need corrupt authorities to make sure that what you’re doing becomes legalized or laundered.”

Mexican officials in the aftermath of the detention of the inspectors in June were quick to downplay the incident, claiming it was nonviolent and unrelated to organized crime and the inspectors’ work in the avocado industry.

The inspectors, who were Mexican citizens working for the USDA Animal and Plant Health Inspection Service, were stopped and taken from their car after attempting to cross a barricade on a highway set up by police officers who were protesting a pay issue, according to Alfredo Ramírez Bedolla, the Michoacán governor.

A dangerous job

Since the US first allowed imports of avocados from Michoacán in 1997, APHIS employees in the country have inspected avocado orchards to ensure they are free of pests that could harm US avocado crops. About 100 inspectors from the agency operate within the state, according to Ramírez, visiting avocado groves and packing facilities to check the fruit before issuing a certification.

That close contact and pivotal responsibility leaves them “extremely exposed to corruption and violence,” said Le Cour, the GI-TOC expert.

In 2022, exports of Mexican avocados were similarly halted for several days after one of the US inspectors working in Michoacán received a threatening phone call.

In the wake of both incidents, Mexican leaders have pushed to change the bilateral agreement regulating the trade to allow for the Mexican government to take over the inspections, with Mexican President Andres Manuel Lopez Obrador criticizing the US decision to halt the export as “arrogance.”

In a news conference last month, Mexican Agriculture Minister Victor Villalobos said the Mexican government was “perfectly prepared” to do the work, which he said would be valuable to “avoid having to stop the export.”

Officials at the US State Department and USDA have considered the possible change, according to Ken Melban, the vice president for industry affairs and operations at the California Avocado Commission, which represents growers in the state.

In a statement, Melban called it “unimaginable the US government would consider abdicating inspection responsibilities to Mexico.”

“US farmers will not be protected under such a program, one intended and designed specifically to protect US farmers’ economic interests,” he said.

An APHIS spokesperson declined to comment on the thinking around the policy.

US and Mexican officials have also recently resurfaced discussions around a policy to block the export of avocados from Mexico grown in orchards on illegally cleared lands, according to Brad Adams, the executive director of Climate Rights International, an advocacy group that used satellite imagery last year to document the widespread deforestation behind the market.

Instead, the agency pointed towards training and technical assistance that the US Forest Service has provided to Mexico “to support real-time deforestation monitoring of priority regions.”

“We’ve exposed something that is illegal and therefore indefensible,” Adams said. “They have an obligation that they recognize at a governmental level in Mexico, and the US can’t keep importing illegally harvested produce.”

This post appeared first on cnn.com

Poland is considering a Ukrainian proposal to intercept Russian rockets that are on course to hit cities in Ukraine or enter Polish territory, Polish Foreign Minister Radosław Sikorski said following a speech at the American Enterprise Institute on the sidelines of the NATO summit on Friday.

“We are a frontline state and Russian missiles breach our airspace – we assume by mistake,” Sikorski said.

Sikorski explained that some missiles fired from around St. Petersburg fly along the Polish border through Belarusian airspace, before briefly entering Polish airspace for about 40 seconds before hitting targets inside Ukraine.

“Our dilemma is the following: if we shoot them down only when they enter our airspace, the debris is a threat to our citizens and to our property,” he said.

“And the Ukrainians are saying, ‘Please, we will not mind, do it over our airspace when they’re in imminent danger of crossing into Polish territory,’” he said, “To my mind, that’s self-defense but we are exploring the idea.”

Earlier this week, Ukrainian President Volodymyr Zelensky visited Warsaw to sign a security cooperation agreement between the two countries.

Sikorski said the idea of Poland downing Russian missiles was discussed in that agreement.

“At this stage, this is an idea. What our agreement said is we will explore this idea,” he said.

On Wednesday, Polish Defense Minister Władysław Kosiniak-Kamysz told Polish national radio service Polskie Radio 24 that such a decision would only be made with NATO allies.

“If NATO does not make such a decision, Poland will not make it individually,” Kosiniak-Kamysz said.

This post appeared first on cnn.com

Ukrainian President Volodymyr Zelensky has defended Joe Biden after being called “President Putin” by him, calling it “a mistake.”

The US president accidentally referred to Zelensky as “President Putin” when introducing Zelensky at a NATO event on Thursday, before correcting the name moments later.

While the US president – who faces mounting pressure over whether he is fit enough to serve another term in office – played down the gaffe at a high-stakes news conference later that day, the incident was scrutinized internationally.

Russian state media seized on Biden’s performance to further criticize the NATO alliance, saying it turned the event into “a farce.”

However, when asked by press at Ireland’s Shannon Airport Saturday what his reaction was to the error, Zelensky shrugged and said, “It was a mistake.”

“I think United States gave a lot of support for Ukrainians. We can forget some mistakes, I think so,” he continued.

The US is providing Ukraine with much-needed military support in its war against Russia.

The Biden Administration announced a new $2.3 billion military aid package for Ukraine on Wednesday, and said an additional $2.2 billion will be purchased for Ukraine from US arms manufacturers under the Ukraine Security Assistance Initiative (USAI), which provides Kyiv with longer-term support.

Weeks earlier, the United States and Ukraine signed a bilateral security pact, which commits the US for 10 years to continued training of Ukraine’s armed forces, as well as more weapons support and intelligence sharing. Zelensky at the time described the security pact as “a bridge to Ukraine’s membership in NATO.”

In May, Biden also accepted a request from Ukraine for a change in policy, giving Ukraine permission to strike inside Russian territory, close to the Kharkiv border, with American munitions.

This post appeared first on cnn.com

Iran’s President-elect Masoud Pezeshkian said he looks forward to improving ties with Europe, despite accusing the continent of backtracking on commitments to alleviate the impact of US sanctions.

“Despite these missteps, I look forward to engaging in constructive dialogue with European countries to set our relations on the right path, based on principles of mutual respect and equal footing,” Pezeshkian wrote in the English-language Tehran Times newspaper.

Pezeshkian went on to state that there were numerous areas of cooperation to explore once “European powers come to terms with this reality and set aside self-arrogated moral supremacy coupled with manufactured crises that have plagued our relations for so long.”

In 2018, under then-President Donald Trump, the US pulled out of the landmark nuclear deal, formally known as the Joint Comprehensive Plan of Action (JCPOA) – a move the EU, UK, France and Germany later said they “deeply regret” – and reimposed sanctions.

European countries made 11 commitments to Iran to “try to salvage the agreement and mitigate the impact of the United States’ unlawful and unilateral sanctions on our economy,” Pezeshikian said.

“European countries have reneged on all these commitments, yet unreasonably expect Iran to unilaterally fulfill all its obligations under the JCPOA,” he added.

He said the commitments included “ensuring effective banking transactions, effective protection of companies from U.S. sanctions, and the promotion of investments in Iran.”

Pezeshkian, a 69-year-old trained heart surgeon and lawmaker, won Iran’s presidential election last Saturday, defeating his hardline rival Saeed Jalili, Iran’s former nuclear negotiator, in a pivotal vote amid heightened tensions both domestically and internationally.

The reformist has favored dialogue with Iran’s foes, particularly over its nuclear program, and sees that as a means to address the country’s domestic issues.

“I wish to emphasize that Iran’s defense doctrine does not include nuclear weapons and urge the United States to learn from past miscalculations and adjust its policy accordingly,” Pezeshkian wrote.

“Decision-makers in Washington need to recognize that a policy that consists of pitting regional countries against each other has not succeeded and will not succeed in the future,” he added.

Iran’s Supreme Leader, Ayatollah Seyyed Ali Khamenei, has the final say on all matters of state. Pezeshkian will ultimately defer to Khamenei, who has condemned those seeking improved relations with the West, on matters of foreign policy.

This post appeared first on cnn.com

UK police have arrested a 34-year-old man as part of a search to identify those responsible for leaving two suitcases of human remains at a famous bridge in western England earlier this week.

The man was arrested in Bristol and taken into custody during the early hours of Saturday as part of a joint operation between London and local police, London Metropolitan Police said in a statement. He will be transferred to London for questioning later on Saturday, according to the statement.

A 36-year-old man who was arrested in London early Friday over the grisly find at the Clifton Suspension Bridge in Bristol has been released without charge, the Metropolitan Police previously said.

At this stage police are not currently looking for anyone else in connection with the incident, the statement added.

Saturday’s arrest was hailed as a “significant development” in the police’s investigation by deputy assistant commissioner Andy Valentine.

Investigations have been underway since the suitcases with human remains were found on the famous bridge in Bristol, about 100 miles (160 kilometers) west of the capital, on Wednesday.

Officers believe they know the identity of the two male victims, but “formal identification is yet to take place,” they said. Police are trying to locate and inform their next of kin.

Police then found human remains in a west London apartment which they believe are connected to body parts found in Bristol

Valentine said members of the public with concerns are encouraged to speak to officers who are being stationed in the Clifton and Shepherd’s Bush areas over the coming days “to reassure those affected by this tragic incident.”

This post appeared first on cnn.com

The FBI named 20-year-old Thomas Matthew Crooks of Bethel Park, Pa., as the suspected shooter in what it described as an assassination attempt on former president Donald Trump at a rally in Butler, Pa., on Saturday.

The Secret Service said its agents “neutralized” the shooter, who is now dead. Trump said in a post on Truth Social that he was “shot with a bullet that pierced the upper part of my right ear.” One spectator was killed, and two others were critically injured.

Relatively little is known about Crooks, though in the coming hours and days, his background and possible motives will be the subject of intense focus by media and law enforcement. Here’s what we know.

Who was Thomas Matthew Crooks?

Crooks was 20 years old and from Bethel Park, Pa. — about 40 miles south of Butler, the location of Saturday night’s Trump rally, the FBI said.

A Thomas Crooks is named in a local media outlet’s list of graduates of Bethel Park High School in 2022 and as one of 20 students to have received a $500 prize for math and science from the school that year. Bethel Park High School did not immediately reply to a request early Sunday for comment.

Crooks was registered as a Republican, according to Pennsylvania’s voter status records.

What do we know about the investigation?

The suspected shooter used an AR-15-style semiautomatic rifle to carry out the attack, a U.S. official and another person familiar with the investigation said, speaking on the condition of anonymity to discuss the early stages of the investigation.

The FBI said as it identified the suspect that this “remains an active and ongoing investigation” and urged anyone with relevant information to submit it to the agency.

In a news conference earlier in the evening, FBI Pittsburgh Special Agent in Charge Kevin Rojek said the agency did not yet know the shooter’s motivation. “Our investigators are working tirelessly to attempt to identify what that motive was,” he said, before Crooks’s identity was released.

Pennsylvania State Police Lt. Col. George Bivens was asked whether the shooter acted alone and responded that it was “too early to say that.”

“It will be some time until we can conclusively … answer that question,” he added.

Bivens described a “chaotic” scene at the rally after shots were fired in the direction of Trump as he was speaking on the rally stage. He said federal and local agencies were working together to interview witnesses and process the crime scene.

This post appeared first on The Washington Post