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The Financial Times reports, “The European Central Bank concludes its policy meeting on Thursday, when officials are expected to cut interest rates and outline plans for economic stimulus measures. In July, the ECB left its benchmark rates unchanged, but president Mario Draghi hinted officials could revive a quantitative easing program to boost a slowing economy....

In New York, NYMEX crude oil futures traded as high as $57.82 per barrel this morning. Copper prices weren’t fairing as well this morning with COMEX copper futures down around $2.62 per pound while LME 3-mo. copper briefly dipped below $5,800 per metric ton. Aluminum prices bucked the trend in base metal trading in London...

As for the manufacturing PMI report, “Respondents expressed slightly more concern about U.S.-China trade turbulence, but trade remains the most significant issue, indicated by the strong contraction in new export orders. Respondents continued to note supply chain adjustments as a result of moving manufacturing from China. Overall, sentiment this month declined and reached its lowest...

The spike between the two red boxes indicates the temporary effect of the tariffs/trade war as US importers stocked up their warehouses. What’s interesting though, is how the market has ‘normalized’ on the right red box vs. the left red box – it’s a 15-20% hike. If that level holds (or even rises), we’re talking...

China’s Latest Tariff Announcement Includes Recovered Paper In apparent retaliation for the U.S. Administration’s announcement of tariffs on Chinese products to begin in September and December, the Chinese government announced today its intent to levy additional tariffs on $75 billion worth of goods from the United States. These tariffs add on to those already in...