Reuters

Frontrunning: July 7

  • LIVE: Hamburg police demand reinforcements, as G20 starts amid heavy rioting (the Local)
  • G-20 Protesters Delay Arrivals at Hamburg Summit With Blockades (BBG)
  • Tensions Run High as Trump and Putin Prepare to Meet (WSJ)
  • Trump-Putin meeting under the microscope (Reuters)
  • Gorbachev urges Trump and Putin to 'rebuild trust' (AFP)
  • Wall Street Eyes Jobless Rate, Wages in June Jobs Report (WSJ)

Tesla Registrations Plunge 24% In California, Its Largest Market

Tesla registrations in California - by far the largest market of the luxury electric car maker - fell 24% in April from a year ago, based on IHS Markit data which also showed that Tesla April registrations fell to 2,177 from 2,867 in California. Nationally they dropped nearly 10 percent to 3,911 from 4,334.

WTI/RBOB Jump After Major Inventory Draw Despite Biggest Production Surge In 6 Months

Oil bounced notably overnight after a surprisingly large crude build reported by API, but there was some selling in QTI/RBOB into today's DOE data, but that ended quickly as DOE reported major inventory draws across the board sending WTI spiking above $46. However, after last week's drop, US crude production (in the Lower 48) soared by its most in 6 months.

EU Parliament Suspends Turkey Accession Talks

In the latest diplomatic escalation between the EU and Turkey, on Thursday the European Parliament voted to suspend Turkey's EU accession talks, which as a reminder have been dragging on for decades, if Ankara proceeds with its tplanned constitutional reform which grants sweeping powers to President Recep Erdogan.

Frontrunning: July 6

  • EU, Japan Strike New Trade Deal (WSJ)
  • EU-Japan deal sends anti-protectionist signal before G20: German minister (Reuters)
  • Republican lawmaker Steve Scalise's condition worsens after June shooting (Reuters)
  • The Flashpoints for World Leaders at G-20 Summit (BBG)
  • Leftist protesters vow to disrupt G20 summit in Hamburg (Reuters)

Global Bond Rout Sends S&P Futures, European Stocks Sliding

S&P futures are sliding this morning, down 0.4% and tracking the accelerating decline in European and Asian stocks, driven by a move higher in global interest rates, which started with Japanese 10Y yields rising to 0.1% for the first time since February, but mostly Bund yields which spiked after tripping stops, and jumped as high as 0.53% for the first time since early 2016.