French Budget Rejections Fuel Debt Crisis Fears As Yield Spread Over Germany Hits 15-Year High

US Services Surveys Signal Surging Prices, Mixed Growth Following the dramatically better than expected rise in US Manufacturing PMI surveys, analysts expected stability in the Services side of the economy in May. They were somewhat correct but the message was mixed with one survey improving while the other deteriorated... S&P Global US Services PMI dropped from 51.0 (April) to 50.9 (flash May) to 50.7 (final May) - dropping back towards March lows. ISM US Services PMI rose from 53.6 to 54.5 (better than 53.8 exp) Source: Bloomberg Under the hood, both surveys signaled rising prices...

The bulk of the US gold reserves held in Fort Knox are made up of impure “non-standard” bars that don’t qualify for use in international settlements.

Big Oil Tankers Abruptly U-Turn Toward Hormuz Ahead Of US-Iran Peace Deal Signing Ahead of the formal signing of the US-Iran peace deal on Friday, Brent crude futures briefly fell below $80 a barrel, as traders priced a quicker pace of supply flows that could normalize in the Gulf area as the Strait of Hormuz moves toward reopening. That is welcome news on the US inflation front, with lower crude prices helping ease pressure across gasoline, diesel, freight, and other input costs. Back in the Gulf region, early maritime signals suggest...