Goldman Sachs Warns Oil Inventory Rebuild Won’t Prevent 2027 Supply Glut

US Home Prices Drop For 3rd Straight Month Home prices in America's top 20 cities were expected to fall MoM for the 3rd straight month in April (the latest reported data from S&P Cotality Case-Shiller) and they did... but only marginally. Prices fell 0.04% MoM in April (less than the 0.10% decline expected), but the annual change rose modestly from +0.88% YoY to +1.14% YoY... Source: Bloomberg "Monthly price movements show seasonal strength masking underlying softness," said Nicholas Godec, CFA, CAIA, CIPM, Head of Fixed Income Tradables & Commodities at S&P Dow Jones Indices. The...

The Pentagon is reportedly drafting a new nuclear strategy that’s expected to emphasize the use of tactical nuclear weapons to give the president more “options” in a potential nuclear conflict. The strategy, first reported by NBC News, is being drafted by the Pentagon’s policy chief, Elbridge Colby, who for more than a decade has called […]

US PMIs Mixed But Still Signal Accelerating Economic Growth In Q3 With 'hard data' trending weaker, today's preliminary July PMIs offer the first glimpse at whether the reignition of the Iran War is weighing on 'soft' survey sentiment in the US economy. The data was mixed (as always) with Manufacturing disappointing while Services accelerated more than expected: Flash US Manufacturing PMI: 53.8 (June: 53.9). 4-month low. Flash US Services PMI Business Activity Index: 53.6 (June: 51.2). 8-month high. “US businesses reported a good start to the third quarter," said Chris Williamson, Chief Business Economist at...