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NSA Leak: "Washington Is Negotiating With Every Nation That Borders China... So As To 'Confront' Beijing"

"Houben insisted that the Trans-Pacific Partnership (TPP), which is a U.S. initiative, appears to be designed to force future negotiations with China. Washington, he pointed out, is negotiating with every nation that borders China, asking for commitments that exceed those countries' administrative capacities, so as to "confront" Beijing."



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These Six States Just Raised Their Gasoline Tax

Beginning July 1, drivers in Idaho, Georgia, Maryland, Rhode Island, Nebraska and Vermont will be charged more at the pump as a result of laws taking effect at the start states' new fiscal year.



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Greece Explained (In 2 Cartoons)



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Domestic Auto Sales Tumble, Miss For 6th Of Last 7 Months (Don't Tell Phil LeBeau)

Judging by the smiling Phil LeBeau who earlier opined of an 8.9% plunge in For F-Series sales that "I don't know if I'd Call that a slowdown," you would think the US Auto industry was killing it. Apart from the fact that all but the most luxurious brands missed expectations, we sum up the month of June's results by nothing the credit-spewed spike in May is now over and domestic car sales are continuing to trend lower. This is the biggest MoM drop since Sept 2014. As Ward's notes, they have now missed expectations for 6 of th elast 7 months...



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"The Fallout Ratio" Is Flashing Red - The Chart That Realtors Don't Want You To See

The Home Sales Fallout Ratio gives us an idea of the trend of contracts (aka 'pending home sales') falling through and failing to close. It is telling us that, while sales are at a 9 year high, trouble is brewing in the current version of the bubbly housing market. This could be a harbinger of mass destruction should mortgage rates begin a persistent rise from here.



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The Greek Bluff May Be Working: ECB Does Not "Haircut" ELA Collateral

Following our post yesterday, in which we calculated the levels of ELA haircuts that would result in corresponding deposit haircuts, we - and the rest of the world - were patiently waiting to see if the ECB would commence using its nuclear option, first with a small increase in haircuts, then as we got closer to Sunday, with larger ones.  Moments ago we got the answer, when the ECB not only kept the ELA frozen as expected, thus requiring the continuation of the Greek capital controls, but decided against a collateral haircut.

ECB SAID TO TAKE NO DECISION ON GREEK COLLATERAL HAIRCUT

In other words, so far Varoufakis' thesis remains intact, and the ECB has refused to push the "nuclear option" launch button.



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Losing Money Is "Inevitable" This Year, SocGen Warns Citing Economic "Elephant"

Investors are losing money, which strikes us as largely inevitable with asset prices where they are and economic growth and profits on a downward trajectory. Losing the least amount of money may be the best source of success this year.



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Pre-Blame-Game Begins: Fed's Brainard Fingers HFT For "Amplifying Market Shocks"

We warned previously that when (not if) the market crashes next, The Fed is going to need a scapegoat (other than British traders living at home with their parents) and judging by The Fed's Lael Brainard's comments today, high-frequency-traders (HFT) are in the crosshairs. Crucially, Brainard warns that HFT "may amplify market shocks," and The Fed is "studying possible changes in liquidity resilience." 



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Airlines Stocks Plunge After DoJ Probes Collusion On High Prices

Low oil prices must be good for airlines profits, right - especially if they keep ticket prices artificially high...

*DOJ SAID PROBING WHETHER AIRLINES COLLUDING ON HIGH AIRFARE:AP

And now we await for the DOJ to probe whether central banks are colluding to keep stock prices high. /sarc.



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Eurogroup's Dijsselbloem Says "No Grounds For Further Talks", Will "Wait For Outcome Of Referendum"

DIJSSELBLOEM SAYS SEES NO GROUNDS FOR FURTHER GREECE TALKS
DIJSSELBLOEM SAYS WILL BE NO TALKS IN COMING DAYS
DIJSSELBLOEM SAYS WILL WAIT FOR OUTCOME OF GREEK REFERENDUM
DIJSSELBLOEM SAYS WILL TAKE INTO ACCOUNT OUTCOME OF SUNDAY VOTE



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Crude Crashes To $56 Handle - 10-Week Lows

Following today's record production and renewed inventory build, it appears the $57 to $62 range of the last 3 months is about to be tested ... especially as Kerry et al. assure the world an Iran deal is "very very close" and they are working "very very hard." WTI (Aug) is now trading with a $56 handle - its weakest since mid-April...



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Ex-Im Bank Bites The Dust Today - Good Riddance To A Crony Capitalist Heist

The Export-Import Bank died last night when its charter expired. After 81 years, what is commonly known as Boeing’s Bank is headed toward Washington’s trash bin. When Congress returns it could revive Ex-Im, which primarily subsidizes big business exports. But a proper burial for what Barack Obama once called “corporate welfare” would save Americans money, reduce economic injustice, and promote economic growth. Ex-Im’s closure is a very rare victory for the good guys in Washington. Crony capitalism is running rampant in America, undermining confidence in a market economy.



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Greek FinMin Lays Out 6 Reasons To Vote "No" In The Referendum

Confused as to how to vote Sunday? Starting to understand having your cake and eating it to may not work? Greek FinMin Varoufakis has six simple reasons to "just say no"...



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