Global PMI readings show signs of global slowdown: Cutting through the optimism are reports that global trade is already in the midst of a slow down, undercutting the strong global export growth witnessed in 2017. Surveys of purchasing managers in manufacturing this week indicate dwindling international demand growth, as economic growth in major regions like the eurozone and China taper off. The new-exports portion of JP Morgan’s Global Manufacturing PMI fell to 50.5 in June, its weakest in nearly two years. “The figure remains above 50, indicating export orders are still rising, but it has grown weaker every month since hitting its most recent peak at 54.2 in January,” notes the Wall Street Journal. The orders data suggests that last year’s 4.8% rise in global merchandise trade is unlikely to be repeated. All this comes ahead of new US tariffs on Chinese imports come into place on Friday.

As the Trump administration injects toxicity into the global economy with its trade war, we can be thankful that it is continuing to rack up pressure on OPEC to reduce oil prices. OPEC is “doing little to help” reduce gasoline costs, US President Donald Trump tweeted. “If anything, they are driving prices higher as the United States defends many of their members for very little [USDs]. This must be a two way street. REDUCE PRICING NOW!"