US One-Way Attack Drone Found Adrift In Hormuz Offers New Look At Western Capabilities

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...

Uber Builds Large Stake In Germany's Delivery Hero As Takeover Speculation Builds Uber is exploring a potential takeover of Delivery Hero after building a large stake in the rival German food delivery company, Bloomberg News reports. This follows an earlier report that Uber had built a 19.5% stake. On Monday, Uber disclosed that it owns 19.5% of Delivery Hero, plus an additional 5.6% through options. The position was built with the help of Morgan Stanley traders, according to people familiar with the matter. Uber's move to acquire Delivery Hero could be an...

Str-Eye-ke For A Str-Eye-ke By Bas van Geffen, senior macro strategist at Rabobank This weekend’s events cast fresh doubts over the value of the US-Iran memorandum of understanding. On Friday, President Trump condemned the drone attack on a container ship that was transiting the Strait of Hormuz. Trump posted on Truth Social that the US had shot down three other drones, adding that “obviously, this is a foolish violation of our Ceasefire Agreement.” What followed was a series of eye-for-an-eye strikes. The US targeted Iranian military sites in retaliation for the attack on...