Asia

Authored by Mac Slavo via SHTFplan.com,

Tragedy struck the USS John S. McCain on Monday, when the destroyer collided with a merchant ship off the coast of Singapore, leaving 10 sailors missing and five injured. The US Navy is still struggling to find all of the remains of the missing sailors, and has ordered an operational pause for all naval fleets around the world as investigators try to figure out exactly why this terrible accident occurred.

• Trump Tries to Recharge His Base in Arizona Rally (WSJ)
• Trump Threatens Government Shutdown Over Border Wall Funding (BBG)
• Trump defends response to Charlottesville violence (Reuters)
• Trump Assails Media in Angry Defense of Charlottesville Response (BBG)
• North Korea presses rocket program, but amid signs of drama easing (Reuters)
• Military conflict with North Korea can be avoided: Germany's Merkel (Reuters)
• ECB chief Draghi: QE has made economies more resilient (BBC)

Yesterday, when stocks surged at the market open following Politico's report that Trump is unexpectedly "making strides" on tax reform, we warned that "it can all be wiped away as soon as tonight, when Trump will deliver a speech to his "base", in which he may promptly burn any of the goodwill he created with capital markets following his far more conventional Afghanistan speech last night."Well, that's precisely what happened, because on Tuesday night, in another fiery campaign rally, Trump fiercely defended his response to violence in Charlottesville, made passing remarks from a

Just two weeks after he staked his reputation that "The Bull Market Has Come To An End", "world-renowned" commodity guru Dennis Gartman is getting nervous, and as he writes in his latest daily letter, "weare a bit uneasy this morning being short."

Here is how Gartman is slowly but surely pivoting away from his "red-line" bearish call on stocks:

Absent any major geopolitical shocks, it is set to be a quiet summer week ahead with focus on the Jackson Hole conference. On the data front the key releases will be US durable goods and Eurozone PMIs, as well as Japan inflation & UK and Norway GDP. In Emerging Markets, there are monetary policy meetings in Indonesia, Hungary and Kazakhstan.