* 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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Passively managed exposure to global market betas continues to outperform our proprietary strategies this year and last week was no exception.

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● The Key Man: The True Story of How the Global Elite Was Duped by a Capitalist Fairy Tale
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.

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• US REITs top market returns this week
• Portfolio strategy benchmarks continue trending higher

This year’s rally in US real estate investment trusts (REITs) was looking tired recently, but it turned out to be a pause that refreshes.

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This month’s upcoming release of preliminary second-quarter economic data is expected to show an impressive acceleration in growth following Q1’s strong rise in gross domestic product. The update on July 29 will be rightly celebrated as a highlight of America’s continued economic rebound from last year’s pandemic-induced recession.

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* Biden will sign new executive order to cracking down on Big Tech
* US bond market is pricing in peak economic growth
* Fed’s Bostic says Delta variant could slow economic recovery
* Assessing the blowback from China’s crackdown on tech
* Wells Fargo says it’s ending all personal lines of credit for customers
* Junk bond rally pulls yields below inflation rate
* UK GDP rose by less than expected in May
* China factory-gate inflation cooled in June after reaching a decade high
* US jobless claims ticked up last week but remain near pandemic low:

US second-quarter growth estimates continue to decline, but the upcoming GDP report is still expected to post a materially higher growth rate over Q1’s gain, based on a set of recent nowcasts.

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* Biden considers how to respond to latest ransomware attack
* Fed officials talked of tapering at last meeting
* US states sue Google over charges of abusing power with Play store
* Biden’s plan to raise taxes on wealthy, corporations running into challenges
* European Commission says economic outlook has improved
* Long-running drive to lower corporate taxes leaves payrolls taxes far higher
* US job openings ticked up to another record high in May:

It may be the most unanticipated rally of the summer, but there’s no denying the strength and breadth of the bond market’s surge of late.

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