
July 3, 2025
The World is smoldering:
Gold Futures Fall on Stronger U.S. Jobs Data
https://www.wsj.com/finance/commodities-futures/gold-edges-lower-amid-hopes-for-more-trade-deals-f48d5325
Gold futures slide after U.S. nonfarm payroll data came in hotter than expected. Futures are down 1% at $3,326.30 a troy ounce, after climbing as high as $3,376.90 an ounce earlier in the session. Stronger-than-expected economic data from June has damped market expectations for significant Federal Reserve monetary policy loosening, creating a headwind for non-interest bearing bullion. Prior to the data’s release, the Fed was expected to cut interest rates by 25 basis points in September, with further cuts possible by the end of the year. Still, gold continues to attract buyers driven by geopolitical concerns and the weaker U.S. dollar, Trade Nation’s David Morrison says in a note. Technical trading indicators show the precious metal has pulled back from the seriously overbought levels seen in April, he adds
Why the Halt to U.S. Weapons Couldn’t Come at a Worse Time for Ukraine
. The Trump administration’s withholding of critical Patriot interceptor missiles and other weapons from Ukraine is a body blow to the embattled country’s efforts to withstand Russia’s mounting and increasingly deadly aerial assaults.
Even before the decision, Kyiv was struggling to counter Russian technology, tactics and troop numbers. Russia is already deploying maneuverable ballistic missiles, able to avoid the vaunted Patriot air-defense system’s radar, and launching record numbers of drones to bombard Ukraine every two or three nights. A halt in the supply of interceptors from the U.S. will heap further pressure on Ukraine.
U.S. officials said Tuesday that the administration had halted deliveries of some weapons systems to Ukraine to be sure the U.S. had sufficient stocks. The Patriot missile is one of the most sought-after pieces of military tech, as wars in Ukraine and the Middle East sap supplies and its makers strain to manufacture enough of them to fully replenish stockpiles. Lockheed Martin makes around 550 interceptors a year, which it could sell to the U.S. and the 18 other countries that use Patriot systems.
The Pentagon didn’t shut the door to future aid to Ukraine, including air-defense interceptors, saying that it would provide President Trump with options to continue military aid to Kyiv that are consistent with his goal of ending the war.
Pentagon spokesman Sean Parnell told reporters Wednesday that defense officials were conducting a “capability review” to ensure that U.S. military aid aligns with the Trump administration’s priorities.
“We will not be providing any updates to specific quantities or types of munitions being provided to Ukraine or the timelines associated with these transfers,” Parnell added.
For Ukraine, there are few alternatives. European allies are also struggling to increase missile production, underscoring how the West’s defense industry is laboring to restore production to the levels that would be required by attritional, high-intensity warfare.
Britain’s Welfare Reversal Hammers U.K. Bonds as Chancellor Tears Up
https://www.wsj.com/world/uk/britains-chancellor-in-tears-as-investors-turn-on-government-22aee17f?mod=world_lead_pos5
Investors sold off British government bonds and the pound fell sharply on Wednesday after the Labour government abandoned plans to cut ballooning welfare costs and the country’s Chancellor of the Exchequer was seen crying in parliament.
The selloff came hours after the government of Prime Minister Keir Starmer shelved a plan to cut disability payments following a rebellion by Labour’s own lawmakers. The U-turn raised the prospect of the government hiking taxes or issuing more debt to fund its welfare system. It also casts doubt over the future of Rachel Reeves, the U.K. chancellor, who took the job just over a year ago promising a return to economic stability in Britain by sticking to strict spending rules.
The pound sank in value, losing more than 1% to trade at $1.36. U.K. government bonds, too, tumbled in price, sending the yield on 10-year gilts up 0.12 percentage point to 4.581%. That far outpaced the more muted gains for yields in the U.S. and in other major markets.
For Democrats, Mamdani Is a Wake-Up Call—and a Bad Example
https://www.wsj.com/opinion/for-democrats-mamdani-is-a-wake-up-call-and-a-bad-example-7e43189c?mod=trending_now_opn_1
ohran Mamdani, the socialist who just won New York’s Democratic mayoral primary, is a charismatic, smart and effective campaigner with whom I disagree. His campaign tapped into the same economic discontent that powered Donald Trump’s rise, and his victory should serve as a loud wake-up call for the Democratic Party.
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