Powell 'dovish' / French & Spanish Govt troubles / QQQ ATH's, what else / NATO, historical decision coming

• NATO leaders set to back Trump defence spending goal at Hague summit, Trump committed to defending Nato allies, insists Rutte, Donald Trump is “totally committed” to Nato’s Article 5 clause, the military alliance’s secretary general has insisted, despite the US president saying the mutual defence pact was open to interpretation

• Markets : Oil prices back down to lows, quicker than they went up initially ! USD 'struggling', equities loving low VIX and plenty of liquidities, bond bid going into quarte-end likely >>> and fair few pretty conflicting assessment on the Israel/Iran war, Israel talking years, Trump days >>> tariffs, Iran nukes, UKR-RU war, Big Beautiful Bill, property markets problems (US), none of it is resolved, and yet markets act as it's all clear, QQQ ATH's and the rest of them indices pretty close to their highs again too

• US sees Limited damage to Iran atomic sites as UN Watchdog urges inspections

• Powell: If not for the expectations of higher inflation this year from tariffs, "we would have continued cutting."

• French government to face no-confidence vote after pension talks collapse

• Big U.S banks, worried about being Trump's next target, race to appease Republicans

• China on Cusp of Seeing Over 100 DeepSeeks, Ex-Top Official Says

• USD : This is not de-dollarization through headline declarations or sanctions retaliation, it’s the slow reconfiguration of trust / THREAD

• Tariffs are inflationary for the US, but deflationary for everyone else / THREAD

• Mexico will not approve new mining concessions, Sheinbaum says

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Nato summit latest: Trump is committed to defending allies, insists Rutte

Powell says Fed can wait to reduce interest rates as Trump demands cuts

Nick Timiraos on X: "Powell is asked whether he wants to co-sign on to Chris Waller's dovish inflation outlook. He stays neutral: "I think many paths are possible here. And certainly the one you mentioned is a possible one. We could see inflation come in not as strong as we expect. If that were the" / X

Mike Johnson urges Republicans to stay in town for megabill vote - Live Updates - POLITICO

EndGame Macro on X: "What we’re likely witnessing here is the quiet construction of a parallel settlement infrastructure, one that leverages gold as a neutral reserve asset to facilitate bilateral trade outside the U.S. dominated financial system. The steady rise in Chinese exports to Saudi Arabia, https://t.co/4tU5O07g6P" / X

Oil prices rise despite fragile ceasefire between Iran and Israel

US strikes failed to destroy Iran's nuclear sites, intelligence report says | Reuters

US Sees Limited Damage to Iran Atomic Sites as UN Watchdog Urges Inspections

Trump says China can buy Iranian oil, urges it to also buy US crude | The Straits Times

NATO leaders set to back Trump defence spending goal at Hague summit

UK to expand nuclear deterrent with jets carrying tactical weapons

Spain’s PM Pedro Sánchez rejects NATO's 5% of GDP spending plan as 'unreasonable'

China on Cusp of Seeing Over 100 DeepSeeks, Ex-Top Official Says

Chinese Firms Boost Exports to UK as Trump Tariffs Shift Trade - Bloomberg

China on Cusp of Seeing Over 100 DeepSeeks, Ex-Top Official Says

Dow Jones Top Company Headlines at 7 AM ET: Big Banks, Worried About Being Trump's Next Target, Race to Appease Republicans | Abridge, ... | Morningstar

French government to face no-confidence vote after pension talks collapse – POLITICO

David Albright on X: "We saw the reports on the leaked DIA report, and have a few comments.  The aspects raised are addressing a narrow question, albeit an important one, namely how quickly could Iran make a nuclear weapon in a worst case assessment post-attack.  With residual stocks of 60 percent and" / X

Google could face changes to search in the UK amid CMA crackdown

Mexico will not approve new mining concessions, Sheinbaum says | S&P Global

Bill Gross on X: "Long-term research indicates US 10 year has traded at CPI plus 175. With inflation at 2.5% that puts a 10 year at 4.25% or so. That was history — but deficits/ensuing supply of bonds/and a weak dollar should keep CPI from falling below 2.5% and the 10 year from falling below" / X

Robin Brooks on X: "Tariffs are inflationary for the US, but deflationary for everyone else. You can see this in yesterday's flash PMIs for June. Output prices (blue) are up sharply for the US (top left), but doing nothing in the Euro zone (top right), UK (bottom left) and Japan (bottom right)... https://t.co/0KmD1KneSq" / X