Markets don’t spook easily

plus: what's ahead this week

“There is no victory at bargain basement prices.” – Dwight D. Eisenhower ||

Hi everyone! I hope you all got to touch some grass this weekend, and are taking care of yourselves. We’re in a marathon, not a sprint.

This is a relatively short one today (finally!) as I had a schedule squeeze this morning.

IN THIS NEWSLETTER:

• Coming up: NATO, Powell, PCE and more

• Markets don’t spook easily

• Podcast recommends

If you’re not a premium subscriber, I hope you’ll consider becoming one! You get ~daily commentary on markets, tokenization, regulation and other signs that crypto IS impacting the macro landscape. As well as relevant links and music recommendations ‘cos why not.

WHAT I’M WATCHING:

Coming up: what to keep an eye on this week

(a new section in which I’ll aim to give you a heads-up on possible market-moving events, as well as those that could shape the geopolitical and crypto stage)

• Today, we get the US preliminary S&P Global Purchasing Managers Index data for June, expected to show a deceleration in both services and manufacturing.

• There will also no doubt be plenty of geopolitical scrambling after the US strike on Iran (see below), some of which we know about – such as Iran’s foreign minister flying to Moscow and an emergency meeting of the International Atomic Energy Agency (IAEA) – and much of which we don’t.

• Tuesday sees the kick-off of the two-day NATO summit in the Netherlands at a particularly sensitive time for defence alliances. Several expected attendees are backing out, including the leaders of Japan, South Korea and Australia. It looks like President Trump is still expected to show up, for now. The EU is busy negotiating security agreements with non-US partners, which apparently are more about procurement but nevertheless make you wonder what NATO is for. And Spain has negotiated an exemption to the collective 5% defence spending goal while reiterating its “total” commitment to the organization – a bad look, but I have to point out that it’s weird to have spending as the goal, not readiness.