The US May Have Shot Down a Small Hobby Balloon With a Sidewinder Missile

Key Events This Week: PMIs, Productivity And Consumer Sentiment As has become customary for Monday, we have seen a dramatic surge in risk assets (3rd Monday in a row) on what at least superficially appears to be de-escalation after Trump announced strikes against Iran's power plant would be delayed by 5 days as a result of talks with Iran, talks which at least Iran's domestic news sources have so far denied. And the market lurches from headline to headline, it feels somewhat trivial to focus on the week ahead data calendar,...

Beijing Boosts BeiDou Satellite System To Try And Compete With GPS China is upgrading its BeiDou satellite navigation system, a domestic alternative to GPS, to expand its global reach and industry use, according to South China Morning Post. The plan involves replacing older satellites with newer third-generation models and adjusting their orbits to improve worldwide coverage. The system will be streamlined from 50 to 37 active satellites, most operating in medium Earth orbit like GPS and Europe’s Galileo. A few satellites will remain in specialized orbits to improve signal reliability in certain...

Iran Bats Down 'Baseless' Trump Claim On Handing Over Enriched Uranium To US, As He Declares Hormuz 'Never Again' Closed Summary Trump Praises Iran for Fully Reopening Hormuz Chokepoint; Crude Tanks, Yields Dump, Equity Futs Up; Follows by claiming Iran will 'never again' close it; FARS soon after contradicts in fresh threat. Iran's Aragchi says "Strait of Hormuz is declared completely open". However, Iranian official tells FARS: "If the maritime blockade continues, it will be considered a violation of the ceasefire, & the Strait of Hormuz transit route will be closed." US mulls...