Top Overnight News

As Trump moves to strike back after Iran’s surprise missile attack Tuesday, the president will decide how far to go. He could greenlight the option of 10 to 14 days of intensive airstrikes intended to cripple Iran’s missile capability despite warnings that the U.S. is running low on air-defensive munitions. Or, he could opt for a more limited military strike in the hopes diplomacy could be pursued. WSJ

A drone strike on gas vessels in Egypt's Mediterranean port of Damietta signaled a potential new front ‌in the U.S.-Iran war, raising the prospect of threats to navigation through the Suez Canal, a last remaining safe export route for Saudi oil. RTRS

Longer-maturity Treasuries extended declines as investors grew increasingly concerned the Fed’s Kevin Warsh won’t rein in inflation. Some investors are shifting toward bonds in Australia and Europe. BBG

China’s top leaders signaled little appetite for major stimulus in the second half of the year, with the world’s second-largest economy still on track to meet a reduced annual growth target despite mounting domestic headwinds. WSJ

The euro-area economy unexpectedly rose 0.4% in the second quarter, its strongest in more than a year. Germany, France, Italy and Spain all recorded growth. BBG

GDP figures due today are expected to show second-quarter growth broadly matching the previous three months, with consumer spending strengthening. BBG

The Bank of England kept interest rates steady at 3.75%, as UK officials sought to balance the threat from resurgent US-Iran tensions against signs that domestic price pressures are easing more quickly than predicted. BBG

The BOJ is expected to keep interest rates unchanged tomorrow as it assesses the impact of last month’s hike to 1%, the highest in 31 years. BBG

A Russian missile probably crashed in Poland overnight, PM Donald Tusk said. Poland’s air defense radar had seen several rockets over western Ukraine, while Russia said it had carried out

Top Overnight News

As Trump moves to strike back after Iran’s surprise missile attack Tuesday, the president will decide how far to go. He could greenlight the option of 10 to 14 days of intensive airstrikes intended to cripple Iran’s missile capability despite warnings that the U.S. is running low on air-defensive munitions. Or, he could opt for a more limited military strike in the hopes diplomacy could be pursued. WSJ

A drone strike on gas vessels in Egypt's Mediterranean port of Damietta signaled a potential new front ‌in the U.S.-Iran war, raising the prospect of threats to navigation through the Suez Canal, a last remaining safe export route for Saudi oil. RTRS

Longer-maturity Treasuries extended declines as investors grew increasingly concerned the Fed’s Kevin Warsh won’t rein in inflation. Some investors are shifting toward bonds in Australia and Europe. BBG

China’s top leaders signaled little appetite for major stimulus in the second half of the year, with the world’s second-largest economy still on track to meet a reduced annual growth target despite mounting domestic headwinds. WSJ

The euro-area economy unexpectedly rose 0.4% in the second quarter, its strongest in more than a year. Germany, France, Italy and Spain all recorded growth. BBG

GDP figures due today are expected to show second-quarter growth broadly matching the previous three months, with consumer spending strengthening. BBG

The Bank of England kept interest rates steady at 3.75%, as UK officials sought to balance the threat from resurgent US-Iran tensions against signs that domestic price pressures are easing more quickly than predicted. BBG

The BOJ is expected to keep interest rates unchanged tomorrow as it assesses the impact of last month’s hike to 1%, the highest in 31 years. BBG

A Russian missile probably crashed in Poland overnight, PM Donald Tusk said. Poland’s air defense radar had seen several rockets over western Ukraine, while Russia said it had carried out

Source:https://twitter.com/zerohedge/status/2082798875983630459