Europe

Amid rising social unrest as yet another bailout is negotiated to pass-through Greek government hands to the banks, this week brought some potentially good news for the Greek economy.

Ride-hailing services such as Uber and Didi are a deflationary, VC-funded blessing and convenience to consumers (and lately, to Goldman Sachs). But to cab drivers, the services provided by the Ubers and Didis of the world are a mortal threat: in the past we have seen troubling images from many corners around the world, most notably Europe, when the taxi industry, threatened by the new service, take arms - in some cases literally - against ride-hailing apps.

Max Boot offers some typically wrongheaded thoughts on America’s foreign wars. He alleges that the U.S. has a habit of losing “won” wars:

What do all these betrayals of trust have in common? A failure by the American population and politicians to sustain a long-term commitment that would build on battlefield gains [bold mine-DL].

May was a month of decoupling: oil decoupled from the dollar, and global risk decoupled from the once again sharply devaluing Yuan, but most notably May was a month where Fed rate hike expectations repriced midway through the month.

Following the latest set of global economic news, most notably a mediocre set of Chinese Official and Caixin PMIs, coupled with a mix of lackluster European manufacturing reports and an abysmal Japanese PMI, European, Asian stocks and U.S. stock index futures have continued yesterday's losses. Oil slips for 4th day, heading for the longest run of declines since April, as OPEC ministers gather in Vienna ahead of a meeting on Thursday to discuss production policy.