United States

With the Treasury yield curve collapsing - 2s10s now at 92bps, its lowest since Dec 2007, AcrossTheCurve.com's John Jansen offers Ed Yardeni's insights into the problems the curve is suggesting are here...

After 15 years of claiming that Osama Bin Laden and al-Qaeda were responsible and acted alone, high-ranking Americans are publicly blaming Saudi Arabia for the 9/11 terrorist attacks…. and now Saudi Arabia is publicly blaming the United States. However, according to investigative journalist Wayne Masden, it was American neocons, Saudi Arabia and Israel that successfully pulled off the September 11 attacks. They are now infighting to the point that the layers of secrecy surrounding the crime of the 21st century, are starting to peel away.

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].

• Japan PM delays sales tax hike, puts fiscal reform on back burner (Reuters)
• Japanese Shoppers Keep Wallets Shut Despite Sales-Tax Delay (BBG)
• Global stocks limp into June on oil and data slips (Reuters)
• Euro zone factory growth remained tepid in May - PMI (Reuters)
• China's factories steadying but weak, hopes for quick recovery fade (Reuters)
• Euro-Area Manufacturing Near Stagnation Signals Slowdown Ahead (BBG)
• OPEC Ministers Say Oil Market Moving in Right Direction (BBG)

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.