China vows to respond to Trump’s new trade tariffs: CNBC
US pulls out of Cold War-era nuclear treaty with Russia: BBC
Japan expands trade restrictions on South Korea: NY Times
Eurozone retail spending rebounded in June: Reuters
Global mfg activity contracted for third month in July: IHS Markit
ISM Mfg Index for US fell to 51.2, lowest print since Aug 2016: CNBC
US Mfg PMI in July dropped to lowest level since Sep 2009: IHS Markit
Construction spending in US fell 1.3% in June vs. year-earlier level: HW
US jobless claims rose moderately last week, but labor mkt still tight: CNBC
US job cuts slowed in July, falling 7.5% vs. previous month: CG&C
Today’s July US private employment data set to hold at +1.7% annual rate:

US equities continued to lead the major asset classes in July. For a second straight month, the Russell 3000 Index posted the highest monthly return, closely followed by US real estate investment trusts (REITs).

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Highlights from last night’s Democratic debate: The Hill
Fed cuts interest rate by 1/4 point in ‘midcycle adjustment’: CNBC
US imposes sanctions on Iran’s forign minister: CNN
China’s factory activity contracted in July: CNBC
Eurozone mfg activity contracts sharply in July: IHS Markit
Brexit worries weight on UK mfg in July: Reuters
US labor costs rose at slowest pace in 1-1/2 years in Q2: Reuters
1yr trend for US private employment slips to +1.7%, a 20-month low: ADP

This year’s red-hot bond-market rally looks set for a new burst of bullish support if the Federal Reserve cuts interest rates today, which is widely expected.

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Democrats clash in debate on health care: NY Times
Fed expected to cut interest rates today–first time since 2008: WSJ
US-China trade talks end in failure… again: Reuters
N. Korea fires missiles for a second time in a week: BBC
Political pressure builds as Congress considers $2.7 trillion budget deal: MW
US Consumer Confidence Index rebounded in July to highest level this year: CNBC
Case-Shiller index shows US home-price growth continued to slow in May: HW
US consumer spending and income rose moderately in June: Reuters
US private employment annual trend on track to slip to +1.7% in today’s ADP data:

The Federal Reserve is widely expected to trim interest rates tomorrow, and the prospect of low and possibly lower inflation in the months ahead is a key factor.

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Capital One, a major credit card issuer, suffers massive data breach: WSJ
Pound slides as Boris Johnson raises no-deal Brexit odds: Reuters
US-China trade talks begin with little fanfare and low expectations: SCMP
Japan’s industrial output fell more than expected in June: Bloomberg
Eurozone economic sentiment continued to slide in July: Reuters
German consumer confidence down for third month: Reuters
Texas mfg posted a slightly stronger gain in July: Dallas Fed
1yr growth for today’s June report on US consumer spending is expected to ease:

Equities in the US regained their mojo last week, posting the strongest gain among the major asset classes, based on a set of exchange-traded funds.

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US-China trade talks set to resume this week: WSJ
Fed expected to cut interest rates this week: Reuters
Former Fed Chair Yellen recommends a rate cut: CNBC
China warns that violent protests in Hong Kong won’t be tolerated: Bloomberg
China’s economy continued to slow in July: Bloomberg
Dan Coats, US director of nat’l intelligence, announces resignation: The Hill
A short list of indicators to watch for calling the next recession: NY Times
Real and nominal 1-year GDP growth for US eased to 2-year lows in Q2:

● Aftermath: Seven Secrets of Wealth Preservation in the Coming Chaos
Interview with author (via Kitco News)
By James Rickards
The economy is vulnerable to economic “chaos” due to several monetary and policy mistakes made since the 2008 recession, said best-selling author Jim Rickards.
His new book “Aftermath: Seven Secrets of Wealth Preservation In The Coming Chaos” details how the last economic crisis never really ended.
“Technically, the recession was over in June 2009 and the U.S. economy has been expanding ever since. We’re coming up on 10 years of expansion, it’s one of the longest expansions in U.S. history and it’s one of the longest bull markets in stocks in U.S. history, so that’s true. But, it’s also been the weakest expansion in U.S. history. For 10 years average growth has been about 2.2%,” Rickards told Kitco News.
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