China's Provinces Show Evidence Of Financial Pressure And The Economy's Imbalances

UMich Sentiment Extends Bounce From Record 46-Year-Lows As Gas Prices Ease Having rebounded from record (46 year) lows in June, University of Michigan's preliminary July Sentiment survey was expected to show further improvement as gas prices fell since the US-Iran 'peace' MoU signing (before rising modestly in the last few days of the reignited conflict). And indeed it did, headline Consumer Sentiment jumped from 49.5 to 54.4 (51.0 exp) - its highest since February... "With the second straight month of 10% jumps," said UMich Dirctor of Surveys, Joanne Hsu, pointing out that "consumer...

Agri Markets Hit By "Aggressive Positioning Washout" But Supply Risks Linger The Bloomberg Agriculture Spot Index has nearly reversed its US-Iran war gains in recent weeks, as sliding fertilizer and energy prices, along with an interim peace deal between Washington and Tehran, have reopened the Strait of Hormuz and initiated the normalization process. Daryna Kovalska, a commodity strategist at BofA Global Research, told clients that, with agricultural markets having undergone an aggressive positioning washout, there is reason to believe the selloff in the corn market is overdone. Kovalska pointed out that while...

We are stepping into a period where multiple systemic failures are colliding rather than unfolding one at a time and the usual vocabulary of crisis feels inadequate. Overlapping conflicts, tightening energy markets, fraying social contracts, sovereign debt burdens that leave little room for maneuver, and an agricultural sector standing on the edge of a perfect […]