United Kingdom

S&P500 futures have started the second half solidly in the green, up 0.3% to 2,429, tracking European markets broadly in the green, while Asian stocks fell slightly and crude oil is little changed. With US markets set to close at 1pm today trading volumes in many markets remain light before Tuesday’s July 4th holiday and as investors await Friday’s report on the American jobs market. Traders will be looking at key upcoming economic data for validation of the hawkish shift from central banks that roiled markets last week. 

Pensions Timebomb - Pensions "Are Going To Be A National Crisis"

- America’s underfunded pension system is “not a distant concern but a system already in crisis”...

- Tax may explode as governments seek to bail out insolvent pension plans

- Illinois, California, New Jersey, Connecticut, Massachusetts, Kentucky and eight other states vulnerable

S&P futures rebounded shortly after the stronger than expected European CPI print, rising 0.3% to 2,426, as markets try to forget all about yesterday's brief 50% VIX surge and tech rout, which trimmed the seventh consecutive quarterly gain for the S&P 500 Index to 2.4%. Europe shares rose 0.4%, led by tech stocks, after a drop in Asian markets, as oil and the dollar gained.

• Global Bonds Gyrate as Investors Try to Parse Central Banks’ Next Stimulus Moves (WSJ)
• Republicans struggle to salvage healthcare effort (Reuters)
• States' Medicaid spending to increase (Reuters)
• Apple's iPhone turns 10, bumpy start forgotten (Reuters)
• Fed’s Stress Tests: All Banks Cleared on Payouts to Shareholders (WSJ)
• Bitcoin's Become So Volatile That It Looks Like a Steroidal ETF (BBG)
• They Built the First Phone You Loved. Where in the World Is Nokia Now?  (BBG)