FAFO: Ken Griffen Fed Up With Leftist NYC Mayor Mamdani's Political Stunt

US Manufacturing Hits 49-Month High As 'Input Costs Show Signs Of Cooling' This morning we found out that Euro-area business activity shrank less than anticipated in June (Services up/beat, Manufacturing down/miss). S&P Global’s Composite PMI rose to 49.5 from 48.5, topping estimates but remaining below the 50 mark that indicates growth. "The eurozone economy is showing enough resilience to just about stay out of recession. " However, the UK’s economy contracted for a second consecutive month (both Services and Manufacturing lower), with its PMI slipping to a 14-month low. "A disappointing June ‘flash’ PMI...

Is Germany Preparing To Unveil A Wealth Tax? Submitted by Thomas Kolbe Will 2027 be the year the wealth register is introduced? Labor Minister Bärbel Bas confirmed this week on Bild that her ministry plans a representative survey of citizens next year on their assets and their views on distributive justice. A classic about-face by this government: just three weeks earlier, Bas had categorically ruled out any such plans. Concretely, a tax-funded data collection effort involving roughly 5,000 citizens is planned. The rollout will run through an external research institute as part...

Global Bond Market On Edge As Japanese Yields Soar After "Horrible" 10Y JGB Auction While much of the market focus has fallen on the US long-end, which saw substantial pressure in the past week, sending 30Y yields to 5.27%, the highest level since 2007, it was Japan again which stole the show overnight. But first, recall that the primary tradeoff for the BOJ preventing it from raising rates and comfortably pushing up the yen without needing to spending tens of billions in massive interventions (whether individual or joint with the...