* Fed Chairman Powell still expects US inflation surge to ease
* China GDP rose less than forecast in Q2 but still strong at +7.9%
* Covid infections rising sharply again in US and Latin America
* US Senate passes bill to ban import of products from China’s Xinjiang region
* Delta Airlines reports first profit since pandemic began
* Low and falling yields haven’t slowed the junk bond market this year
* US factory gate prices surged in June, beating expectations:
Consumer inflation in the US remained surprisingly hot in June, the Labor Department reported yesterday. Taken at face value, the numbers raise more doubts about the Federal Reserve’s assumption that the recent inflation surge is temporary. But a closer look at the numbers paints a more complicated profile.
* Senate Democrats propose $3.5 trillion infrastructure plan
* US Covid-19 cases rising again after months of decline
* Death toll mounts from protests in parts of South Africa
* Global holdings of Chinese stocks and bonds continues to surge
* US oil demand rebounds to pre-pandemic levels
* Europe set to propose plan to sharply cut use of fossil fuels
* US small business sentiment rose to eight-month high in June
* Inflation in UK picks up to 3-year high
* US consumer inflation continued to accelerate in June:
Global equity markets overall are posting gains year to date, with the glaring exception of China, based on a set of US-listed exchange-traded products.
* Most areas of the country seeing new surge in Covid-19 cases due to variants
* Biden supports Cuban protesters, says Havana should “hear their people”
* More Florida links found in assassination of Haiti’s president
* Pandemic lifts global government debt to highest level since World War II
* Oil markets will remain volatile after breakdown in OPEC talks, IEA predicts
* Microsoft announces that it’s buying cybersecurity firm RiskIQ
* ByteDance put IPO on hold indefinitely after pressure from China regulators
* Benchmark providers consider developing an index of everything
* Baltic Dry Index, a proxy for shipping rates, remains near an 11-year high:
The major asset classes delivered a wide range of results in last week’s trading (through Friday, July 9), based on a set of proxy ETFs. US real estate investment trusts (REITs) led the winners while stocks in emerging markets and commodities posted sharp losses.
* Cornavirus variants threaten global economic recovery, says Treasury Sec. Yellen
* Biden Administration faces tough choices Haiti’s request for US troops
* Cuba sees biggest protests in decades as economy struggles
* Parts of US West continue to suffer from heat wave
* US reaffirms commitment to defend Philippines from attack in South China Sea
* G20 finance ministers set to surge in upcoming reports for second quarter
* China seeks more control over its overseas tech sector
* Policy-sensitive 2-year Treasury yield near 15-month high:
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Simon Clark and Will Louch
Review via The Financial Post
A new book tells the story of how impact investor Arif Naqvi was able to convince hundreds of senior business leaders, including Bill Gates, Prince Phillip and John Kerry, to provide him $14 billion to invest in projects with high returns while supporting game-changing social projects to reduce poverty and promote the energy transformation. The book, published this week by HarperCollins, is “The Key Man: The True Story of How the Global Elite was Duped by a Capitalistic Fairy Tale” by Wall Street Journal reporters Simon Clark and Will Louch.