IRGC Unveils New Missile City, Touts Underground Production Amid War

JPMorgan Drops Despite Highest Quarterly Profit In HIstory, As Traders Focus On Negatives Q2 earnings season is officially off. Moments ago, JPMorgan became the first mega bank to report Q2 earnings (technically Wells beat it by a few second but nobody really cares about that particular bank), firing the starting pistol on the second quarter earnings season. The Q2 results were solid (Net Interest Income and FICC miss but more than offset by blowout Equity Sales and Trading and Investment Banking revenue) , but as we note in out bank earnings preview...

Watch: UK PM Wants Every Area In Britain To House Migrants Authored by Steve Watson via Modernity News, Prime Minister Andy Burnham has decided that "all parts of the country need to play their part." That means middle-class families and leafy villages must now accept large numbers of asylum seekers so the poorest areas are no longer the only ones carrying the load. This approach obviously does nothing to stop the root of the problem, the sheer number of migrants washing up in boats. It simply advertises better accommodation to the next...

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...