Admin Comment: To the last Ukrainian, indeed...

🇺🇸🏦 Interesting comment from a BoA analyst. If the full implications of interest rare hikes get baked into financial markets interest payments would rise by the equivalent of Japanese and German GDP combined. Post-QE global economy is way over-leveraged!

- Philip Pilkington

🇷🇺🇺🇦 The defeat of the Ukrainian armored personnel carrier YPR-765 by an FPV drone.

🇷🇺🇺🇦 Accurate work of a sniper pair of DPR on the Ukrainian military.

🇷🇺🇺🇦🇬🇧 The Microturbo TR60-30 engine of the British-French Storm Shadow / Scalp EG cruise missile manufactured by the Safran group. Fell into the hands of the RF Armed Forces on the Zaporozhye front.

🇩🇪🇵🇱🇺🇦⚡Germany terminates an agreement with the Polish authorities on the repair of Leopard 2 tanks transferred to the Armed Forces of Ukraine on the territory of Poland - Handelsblatt.

The reason for this step is called inadequately overpriced by 10 times from Poland. According to the German publication, about half of the Leopard 2 tanks delivered to Ukraine are already damaged.

Each tank requires several hundred hours of work to repair, so a service center on the border of Poland and Ukraine had to solve this problem. However, now, apparently, options for repairing damaged German equipment are being considered in other countries.

🇷🇺🇺🇦❗Ukrainian media reports about an air strike by the Russian Aerospace Forces on Zmeiny Island in the Black Sea.

🇩🇪⛽️ Europe's energy shock is FAR from over. This is German industrial production in gas-intensive chemicals & pharma. Production fell a stunning -5.5% in May 2023 & is down -16% from its pre-COVID average. Euro is substantially overvalued at current levels. EUR/$ fair value is 0.90.

🇩🇪⛽️ Germany's energy-intensive industries (red line) continue to suffer, with production falling in May sharply. The impact of the energy crisis in Europe is not over. There's a reason why EU gas demand remains so lackluster.

- Javier Blas

🇫🇷🌾 Cumulative food inflation since 2021 has been around 21%, while nominal spending on food only rose 5%, giving us this deeply negative real food consumption chart.

- Boris Kovacevic

🇫🇷🌾 Nice chart showing collapse of food consumption as % of disposable income. Looks like a 2% (!) drop in a year. Nothing like it on record (put that in Z-score space!). With 22% increase in food prices, many are finding it too expensive to maintain previous consumption levels.

- Philip Pilkington

🇪🇺⛽️ We have consistently said that the EU energy crisis is not over. Last year, Europe had 6 months of Russian gas and little competition for LNG from China, which was in COVID lockdown. Neither is true of this year. There is no Russian gas, and China is back on the LNG market.

- Multipolarity Podcast

🇺🇸🏦 The commercial real estate crash is happening.📉

Values for office, retail, and apartment buildings are already down -11%.

Morgan Stanley thinks values could crash -40% when all is said and done. Big problem for US Economy.

- Nick Gerli