Destruction Continues in South Lebanon as Israel Again Stalls on Drawdown

Manufacturing ISM Misses As Prices Surge Most Since April 2022, Employment Slides To Worst Print Of 2026 Amid the fog of war and fading 'hard' data, the final April S&P Global Manufacturing PMI printed 54.5, a small gain from the flash 54.0 print, and higher than the 52.3 February final print, although it came with a warning from Chris Williamson, Chief Business Economist at S&P Global Market Intelligence: “The surge in manufacturing activity in April is not the cause for cheer that at first glance it suggests. A key driving force behind...

Iran Counter-Blockade Bites As No Tankers Load At Kharg For 10th Day Earlier today, in response to news that the number of tankers anchored at Iran's Kharg Island oil terminal had hit a post-blockade peak, we wondered if this means that Iran is running out of tankers to store oil, i.e., Trump' blockade of the blockade is working. In any case, it certainly means that Iran is no longer able to sell any of the oil, depriving it of much needed oil export revenues which it has found itself forced to...

Vertically Integrated Nations, Production For Security, And Rate Cuts Submitted by Peter Tchir of Academy Securities Let’s start with the important stuff: Hope you are having a great 4th of July 250th Anniversary Weekend. Yields gained back some ground after the relatively weak jobs report (headline plus revisions was negative, the private sector underwhelmed, and unemployment only dropped because the labor force participation rate dropped by a relatively large 0.3%). I will continue to pound the table (or rant and rave as the case may be) that this Fed Will Cut Rates...