United States

And so, three months after the US State Department famously flip-flopped, when first at the end of March Rex Tillerson said at a news conference that “the longer term status of President Assad will be decided by the Syrian people" adding that "our priority is no longer to sit and focus on getting Assad out" only to follow one week later with Tillerson's warning to Russia that "coalition steps are underway to remove Assad" which in turn segued into the first US attack on Syrian soil with the launch of no less than 59 cruise missiles, the US has done it again and according to Foreign Policy,

The state of US manufacturing at any given moment is supposed to be simple: it is either expanding, or it is contracting. Except, of course, when it is doing both.

We wont bore readers with details (we did that earlier), and instead will just present two headlines with some supporting data, from two different sources discussing the sector which, with all due respect to the US services sector, still accounts for well more than half of the S&P's net income.

Gold Up 8% In First Half 2017; Builds On 8.5% Gain In 2016

The Problem Is Washington

Guest Column by Mike Whitney

“And let’s be honest, the only reason Kim Jong Un hasn’t joined Saddam and Gadhafi in the great hereafter, is because (a)– The North does not sit on an ocean of oil, and (b)– The North has the capacity to reduce Seoul, Okinawa and Tokyo into smoldering debris-fields.  Absent Kim’s WMDs,  Pyongyang would have faced a preemptive attack long ago and Kim would have faced a fate similar to Gadhafi’s.  Nuclear weapons are the only known antidote to US adventurism.

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.