🇯🇵 Foreign investment in both Japanese stocks and bonds were solid in the week ending June 28.

🇨🇳 Caixin Services PMI fell to 50.6, the softest expansion in 9 months and below consensus. The slowdown was due to weaker new business and the quickest drop in export orders since Dec 2022. To stay competitive, firms cut selling prices at the sharpest pace in over 3 years, while

🇬🇷 Greece's unemployment rate fell to 7.9% in May, down from 8.3% in April. The chart below shows the change in unemployment rate since the Global Financial Crisis. The progress Greece has made is tremendous.

🇺🇸 Nonfarm Payrolls rose by 147k, well above the consensus of 110k. This is driven by government jobs (+73k) and education & health services (+51k), detracted by professional & business services (-7k) and other services (-5k).

🇺🇸 US unemployment rate declined from 4.2% to 4.1%, defying expectations for a rise to 4.3%. The decline was primarily driven by Job Losers Not on Temporary Layoff as well as Reentrants.

🇺🇸 After the strong NFP report earlier this morning, the amount of rate cuts for 2025 has declined to 53 bps, down ~12 bps.

🇺🇸 US ISM Services PMI rose to 50.8 in June, above consensus of 50.5 and signaling a return to expansion. Business Activity (54.2 from 50.0) & New Orders (51.3 from 46.4) rebounded strongly. Employment was a weak spot, falling to 47.2 (from 50.7), while Prices eased slightly to

🇺🇸 The Chicago Fed CARTS is projecting retail sales ex auto for June to come in at 0.3% M/M, reversing the decline in May.

BREAKING: US-based employers announced 47,999 job cuts in June, bringing total Q2 2025 layoffs to 247,256, the highest Q2 total since 2020. Year-to-date, firms have announced 744,308 job cuts, the most for any first half of the year since 2020. Outside of 2020, this was the

🇯🇵 Japan Household Spending rose 4.6% M/M in May, well above the consensus of 0.4% and reversing the previous month's -1.8% decline. This is the strongest M/M reading since March 2021. Y/Y spending also accelerated to 4.7% (vs 1.2% consensus), the strongest since August 2022.

According to Professor Takatoshi Ito's Japanization indices, China remains more Japanized than Japan.

🇯🇵 Here's #gold price in yen.

US equity market cap as a percentage of the developed world total rose slightly to 71.9% at the end of June, while Europe's weight declined slightly to 16.6%.

The CNN Fear & Greed Index has moved back into "Extreme Greed" territory.

US high-frequency dashboard, composed of daily and weekly economic indicators (updated as of July 4, 2025). #economy

Year-to-date global asset returns leaderboard (as of July 4, 2025). #investing

🇺🇸 US financial conditions have eased significantly over the past three months. The level is now the easiest since September 2024.

‼️German retail sales (adjusted for inflation) are still below the 2021 levels: May retail sales unexpectedly FELL 1.6% M/M, following a 0.6% drop in April. Adjusted for inflation, sales remain below the long-term trend, highlighting continued weakness in consumer spending.

🇯🇵 Japan's Average Cash Earnings rose by just 1.0% Y/Y in May, significantly missing consensus of 2.4% and slowing from a 2.0% gain in April.