THE NEWS

More than seven in ten Italian voters believe that illegal immigrants should be deported and returned to their homeland, as a pro-borders consensus appears to be finally developing in Europe.
The post Over Seven in Ten Italians Back Large-Scale Deportations of Illegal Migrants appeared first on Breitbart.

Monaco Bombing Attack Suspect Shot Dead In Ukraine, Intelligence Officer In Custody

The saga of the Monaco package bomb attack carried out last week against an exiled Ukrainian oligarch just got even wilder and more mysterious, as the prime suspect has been found shot dead near Kiev.

The Guardian reports that “Ukrainian prosecutors said on Tuesday the woman had been found with a gunshot wound to the head and that two men had been arrested in connection with the case, including an officer with Ukraine’s military intelligence agency (HUR) and a former law enforcement officer.”
Anastasiia Berezovska

The gunshot victim is reported to be Anastasiia Berezovska, 39-year old Ukrainian national who speaks German – and who has been on the run, and especially since the Friday issuance of a ‘red notice’ by Interpol for her immediate apprehension. There are reports that the would-be assassin had disguised herself as a man while carrying out the parcel bombing.

The victims of the June 29 bombing were Vadym Iermolaiev and his family, which all survived the bombing that took place at the entrance of his luxury Monaco apartment building (however, he and is girlfriend were very seriously injured). The suspected would-be assassin was seen fleeing to the French border, after which a massive police and security search, along with helicopters, ensued across Monaco, France, and even in Italy. Per Euronews:

After the explosion, she is believed to have walked to the nearby French town of Beausoleil, where she retrieved her rental car and drove through Italy to Germany, her last known country of residence, Morgan Raymond, Monaco’s deputy public prosecutor, told reporters.

“The relative sophistication of the explosive device and the modus operandi appear to indicate that the person who planted the device did not act alone,” the prosecutor said, confirming that the individual was “a woman posing as a man.”

Given that Ukrainian businessman Iermolaiev had long ago been declared an enemy of the Ukrainian state, and has been under sanctions for years for his extensive business dealings in Crimea, Ukrainian intelligence has come under the spotlight for possible involvement in the Monaco bomb attack – a first of its kind in the small, wealthy principality.

Le Figaro reported that the investigation focuses on Zelensky’s secret police (SBU) in the Monaco bomb attack: “According to several concurring sources at Le Figaro, investigators are focusing on the possibility that the attack was orchestrated by the SBU, the Ukrainian intelligence service.”
Telegraph: Vadim Irmolaev was seriously injured and his partner is believed to have lost both her feet in the parcel bomb explosion in Monaco

It certainly looks curious that Berezovska fled strait to the Ukrainian capital. According to more details from The Guardian:

Prosecutors said in a statement that Berezovska received cryptocurrency payments from the two men who were later arrested, leading investigators to treat them as “individuals potentially involved in the attempted murder in Monaco”. They added that the serving HUR officer was “acting on his own initiative” and did not inform his superiors about his contacts with Berezovska.

Prosecutors also released footage showing a blood-stained “torture chamber”, containing hammers and other equipment, which they said was discovered during searches of the men’s properties.

So already the Zelensky government is desperately trying to distance itself from the ordeal, claiming that Ukraine’s own intelligence officer was merely “acting on his own”. More details are as follows:

Ukrainian authorities said they detained two men on suspicion of murdering Berezovska “by prior conspiracy.”

Police said that one of the men – a current employee of the Ukrainian Defense Ministry’s Main Intelligence Directorate – confessed to the murder of Berezovska and claimed that the second suspect, who is a former law enforcement officer, was an accomplice.

Prince Albert II of Monaco had condemned the bombing as “an odious act” – and this was widely reported to be the first such terror bombing incident on the small, wealthy principality’s soil in history.

❗️🇺🇦 The suspects in the murder of Anastasia Berezovska are a former law enforcement officer and a current employee of State Security Service.
They are also suspected of involvement in the assassination attempt on Yermolaev.
During a search of the former law enforcement… pic.twitter.com/Jp1qObmR6e
— The Ukrainian Review (@UkrReview) July 7, 2026
While Russia has long been accused of deploying intelligence-linked assassin squads in Europe to hunt down political enemies, there’s lately been increasingly acknowledgement that Ukraine has been engaged in its own ‘dirty war’ of assassination hits, both within and outside of Russia.

There has already been an ideological and propaganda campaign to do something about the group of wealthy Ukrainian businessmen and politicians living in exile in Monaco. Government-aligned and independent Ukrainian media has long labelled this group the “Monaco battalion”.

Tyler Durden
Tue, 07/07/2026 – 09:00

Image: Wikimedia Commons (The Trump White House, 2025)
The military’s now-rescinded 2021 COVID-19 shot mandate led to the discharge of more than 8,500 service members and prompted tens of thousands to choose to leave voluntarily.
As President Donald Trump, War Secretary Pete Hegseth, Under Secretary of Defense for Personnel and Readiness Anthony Tata, and other Pentagon personnel strive toward reinstating some of these service members, alternative media has been instrumental in supporting some of their efforts.

A few weeks back, The Gateway Pundit requested that I write an article showcasing the outlet’s influence and the impact my articles have had on the careers of service members adversely affected by the military’s now-rescinded 2021 COVID-19 shot mandate.
It is a privilege for… pic.twitter.com/NDzNRY8uhe
— J.M. Phelps (@JMPhelpsLC) July 6, 2026

Here are four cases, presented in no specific order, that illustrate the tremendous influence of The Gateway Pundit and the work of investigative journalist J.M. Phelps:
Air Force Major Brennan Schilperoort
U.S. Air Force Major Brennan “Skip” Schilperoort, a C-130J Pilot with more than 18 years of active duty across Air Force Special Operations Command and Air Mobility Command, stated, “I would not be where I am today if it were not for J.M. Phelps and The Gateway Pundit, and their critical, timely reporting on my case.” On the heels of the now-rescinded 2021 COVID-19 shot mandate, Maj. Schilperoort was marked for punishment by his Chain of Command and barred from flying for five years. “Phelps and The Gateway Pundit were crucial for getting my story and the stories of many of those in my circles who were facing persecution, out to the masses,” he said.
Even though Maj. Schilperoort became part of the Doster v. Kendall class-action lawsuit led by Siri & Glimstad in 2022, which temporarily protected his career with a federal injunction, he revealed, “my saga of maladministration and moral injury was not over.”
“In 2023,” the C-130J pilot explained, “I requested a medical exemption for the flu shot via my base medical clinic, due to having suffered a severe adverse reaction to the flu treatment in a previous year which left me completely bedridden for almost four days—the sickest I’d ever been in my entire life.”
The exemption request was denied—not even processed—unless he could demonstrate that he had experienced an anaphylactic reaction, which is a serious and potentially fatal allergic response.
“I then tried for a religious exemption for the flu shot, but that was refused—unlawfully not processed—and I was given an unlawful Letter of Reprimand, sent to an unlawful discharge board, and had my pay stripped from me for three months,” Maj. Schilperoort recounted. “If it were not for Phelps’ articles at The Gateway Pundit that were handed to the Secretary of the Air force, who then intervened, my career might be over, and I could have been discharged three years shy of retirement.”
Shortly after the publication of these articles, the Air Force Inspector General, “citing Phelps’ work,” substantiated his complaints against his Chain of Command and declared his leadership had violated the law and military policy. Two weeks later, the Air Force Review Boards Agency verified these findings, indicating that he had been “discriminated against on the basis of religion.”
“In March of this year, the Air Force Board for Correction of Military Records, restored my career with full backpay,” said Maj. Schilperoort. “I am greatly indebted to J.M. Phelps’ and The Gateway Pundit and would not be where I am today without them.”
Space Force Captain Joshua Zermeno
U.S. Space Force officer, Captain Joshua Zermeno, dedicated over 13 years of service to the nation, including significant time in space superiority operations at Vandenberg Space Force Base.
In August 2021, Capt. Zermeno objected to the Department of Defense’s COVID-19 shot mandate on grounds of its efficacy, legality, and his personal convictions. For this principled stand, he received Letters of Reprimand, “Do Not Promote” recommendations, Uniform Code of Military Justice (UCMJ) punishment, and restrictions barring him from government buildings. Ultimately, he was involuntarily separated from the Space Force on August 31, 2023.
“The mandate’s fallout upended my livelihood, professional trajectory, and sense of duty, forcing me into a prolonged battle for reinstatement even after the policy was rescinded and later addressed by President Trump’s executive order,” Capt. Zermeno stated in an exclusive interview.
“The Gateway Pundit’s coverage, spearheaded by J.M. Phelps, played a pivotal role in shining a light on my story and the broader struggles of service members impacted by the mandate,” he shared. “The articles amplified my situation at critical moments when bureaucratic roadblocks threatened to derail reinstatement, helping generate awareness and pressure that contributed to overcoming unforeseen obstacles.”
According to him, “Phelps’ relentless reporting, personal advocacy, and direct connections were instrumental in helping push my case across the finish line, culminating in my reinstatement on June 26, 2026.”
Army Captain Mark Bashaw
Captain Mark Bashaw’s military career represents a profound transition from systemic institutional penalization to high-level strategic vindication. Originally serving as a First Lieutenant and medical officer in the U.S. Army, CPT Bashaw encountered a troubling sequence of adverse actions that severely affected his career. These included a special court-martial conviction, a blocked promotion, and an involuntary discharge in June 2023, all following his protected whistleblower complaints regarding the military’s 2021 COVID-19 mandates that have since been deemed “unlawful as implemented” by the Department of War.
Refusing to yield, his persistent pursuit of justice resulted in complete vindication in 2025: first receiving a full and unconditional Presidential Pardon from Commander-in-Chief Donald J. Trump in May, followed by a landmark Army Board for Correction of Military Records (ABCMR) ruling in September that expunged his adverse records, restored his entitlements, and promoted him to the rank of Captain.
Due to his personal experiences and military background, CPT Bashaw was selected to return to active duty to serve on the Joint COVID-19 Reinstatement Task Force. In this role, he is responsible for executing President Trump’s Executive Order 14184, which aims to identify and reinstate unjustly separated service members, while also fully restoring their records, rank, and benefits.
“As an Army medical officer who faced severe retaliation for raising safety concerns regarding the COVID-19 mandates, I am incredibly grateful for the vital journalism of J.M. Phelps,” CPT Bashaw told The Gateway Pundit. “When my chain of command unjustly labeled me an ‘insider threat,’ suspended my clearance, and dragged me through a court-martial simply for doing my duty to report public health dangers, Phelps stepped up to shed light on the injustice.”
He stated that Phelps’ reporting, along with reports by The Gateway Pundit, “accurately exposed the weaponization of military justice and the discrimination I endured after 17 years of honorable service. By giving a public voice to my struggle to uphold my oath to the Constitution, his work provided crucial support and visibility during the most difficult days of my military service.”
Army Chief Warrant Officer 4 Brandon Budge
After enduring nearly four years of harassment, punishment, and professional retaliation for questioning the efficacy of the non-FDA-approved, experimental COVID-19 shot administered under Emergency Use Authorization, Chief Warrant Officer 4 (CW4) Brandon Budge finally prevailed under the new leadership at the Department of War, just months before his forced retirement on January 31, 2026.
In July 2021, Budge faced intense scrutiny due to his reluctance to receive the COVID-19 shot. His career was threatened by his commander. His wife was pregnant at the time, and Budge was told that without the shot, the Army would not allow him to travel to be present for the birth of his seventh child.
What ensued was a long and damaging administrative fight. Budge was subjected to a flawed and incomplete investigation connected to the COVID-19 shot mandate. During this period, he received a General Officer Memorandum of Reprimand (GOMOR). This led to the revocation of the promotion from CW3 to CW4 that he had already earned and been selected for in 2021.
The Black Hawk helicopter pilot was subjected to a Flying Evaluation Board, which he ultimately succeeded in. The Board found that the allegations against him were unsubstantiated and determined that there were no grounds to support the action taken against him.
Despite the positive outcome, Budge’s command, the Command Chief Warrant Officer, and the Brigade Commander persisted in their efforts to permanently strip him of his ability to serve as a pilot. Even after the Board cleared him, they sought to leverage the process against him in a way that would have ended the aviation career he had built over years of service, sacrifice, and proven performance.
On September 5, 2025, The Gateway Pundit was the first to report that Budge’s General Officer Memorandum of Reprimand had been removed. Shortly thereafter, his promotion was restored and retroactively applied by more than three years, reinstating the trajectory of his 22-year career. Consequently, Budge retired on January 31, 2026, as a Chief Warrant Officer 4, with his rank and record restored before the end of his military career.
According to a press release from Younts Law, media coverage played a pivotal role in bringing attention to Budge’s case, including multiple articles published by The Gateway Pundit.
Budge said The Gateway Pundit’s coverage, along with the continued efforts of those who refused to let the issue disappear, helped push his case across the finish line.
“This was never just about rank,” Budge said. “It was about clearing my name, correcting the record and refusing to allow a flawed process to define the end of a 22-year career. It was also about clearing the way for others. The attention brought to my case helped expose what had happened and ensured that it could no longer be ignored, not for me and not for anyone else who suffered under the same kind of injustice.”
Vital Role of Journalism in Upholding Justice
According to Davis Younts, “J.M. Phelps of The Gateway Pundit stands out as one of the most principled and courageous journalists in this fight. His tireless commitment to uncovering the truth and his fearless willingness to challenge the powerful have made him an indispensable ally in the battle for justice against the unlawful COVID mandates.”
“Phelps’ outstanding work has directly impacted my clients’—CW4 Budge and Maj. Schilperoort—ability to fight back and restore what was taken from them,” said the retired Air Force Lieutenant Colonel and former Judge Advocate General (JAG) officer.
The four cases and their supporting testimonies vividly illustrate the significant influence journalism can have on the lives of military personnel facing unjust treatment. The narratives not only highlight the challenges posed by the unlawful mandates but also underscore the importance of advocacy and transparency.
The journeys of these service members, from adversity to vindication, should serve as a constant reminder of the resilience of those who serve and the critical role that dedicated journalists and alternative media can play in amplifying their voices when they need to be heard.
Phelps acknowledges that the battle for service members and veterans is far from over, and he—alongside The Gateway Pundit—still has much more to accomplish. This is not about a journalist or a media outlet. It’s about doing what is right.

The post Resilience and Redemption: How the Gateway Pundit and the ‘Tireless Commitment’ of One Journalist Advocated for Service Members appeared first on The Gateway Pundit.

San Jose State University (SJSU) was told of abuse allegations against volleyball coach, during 2024 trans scandal, but didn’t fire or suspend him. During the volleyball team’s scandal-ridden 2024 season, the athletic department received a letter from one of head coach Todd Kress’s former players.The letter included allegations that Kress attacked her in a hotel room in 1998.Emails show that SJSU officials acknowledged the receipt of the allegations, thanked the former player for coming forward, and apologized for her experiences. Despite this, Kress was never suspended and has continued to serve as the head coach of the women’s volleyball team.Fox News Digital was given copies of the emails exchanged between SJSU and the former Fairfield player, from an independently verified source. Fox News Digital has independently verified she played at Fairfield under Kress in the 1998 season, but is not disclosing her name.Fox News Digital submitted a public records request seeking copies of documents with criteria that match the emails exchanged between SJSU and Kress’s former player, but the university formally declined the request, stating “the requested communications implicate substantial privacy interests.”Fox News Digital reached out to Kress, SJSU officials and the university’s legal counsel that handled the 2024 exchange with a series of questions, but did not receive a response from any of the parties.SAN FRANCISCO ARCHDIOCESE AGREES TO $395M SETTLEMENT WITH 530 CLERGY ABUSE SURVIVORSThe original letter was written by a woman that played for Kress at Fairfield University in the late 90s, and sent to SJSU on Oct. 24, 2024.That first email she sent to SJSU contained the letter with the written allegations against Kress, that was originally sent to Fairfield University. The alleged incident occurred in a hotel after Fairfield’s loss to Clemson in the first round of the 1998 NCAA Tournament in December of that year. She wrote that a teammate asked her to bring her a shirt to Kress’s room.”I told her I wanted no part of his insanity. I was distraught about the loss and wasn’t interested in his drunken insanity, which was commonplace on trips.”The former player added that her teammate “promised Todd would not throw water at me or do something juvenile so I reluctantly agreed to bring her the shirt.””I knocked on the door and Todd answered. He immediately took caramel from a plastic container and smeared it all over my face and hair. He then forcibly threw me on the bed and held me down. I was in shock. He let go of me and then pulled his pants down and put his back side in my face.”Astonished…that is the only word I can think of to describe how I felt in that moment… Todd was drunk. I got up and went for the door.”Todd again grabbed me, picked me up, and threw me into the bathtub where he held me down and threatened to turn on the shower with me laying there to ‘clean the caramel off of my face.’ At this point I was fighting back to get away from him.”Todd let me get out of the tub, laughing, and then he stood in front of the door blocking my exit. Todd told me he would only let me leave if I took a shot of liquor, which I did only to get him to move away from the door. Once he did, I ran for it. He chased me. I got into my room and although he seemed to be in a rage, he turned and calmly walked out,” the letter alleges.The former player goes on to allege her teammates “had been drinking with Todd underage.” She also claimed she did not report the incident at the time because she “was scared of losing my scholarship and being the reason my teammates lost theirs.”Then she revealed why she was coming forward more than two decades later.”But what is happening now at SJSU is egregious and he only continues to get more bold with each new school, and the complete improper balance of power seems to drive him. He knows very well that young impressionable female athletes are not in a balanced position,” she wrote.The “egregious” conduct she referred to was regarding Kress’s handling of the trans athlete on SJSU’s volleyball team.When that letter was sent to SJSU, Kress was in the middle of leading a Spartans team that was near the top of the Mountain West Conference standings. They got there through a few wins and a lot of forfeits from other teams, as SJSU was at the center of a national media controversy over a transgender player. A female teammate had joined a lawsuit claiming she hadn’t been told of that player’s birth sex before joining the team and living together.Later that day on Oct. 24, 2024, SJSU Athletic Director Jeff Konya responded to the former Fairfield player in an email.INSIDE THE FALLOUT OF THE SJSU VOLLEYBALL SCANDAL: ‘THIS IS AN OBVIOUS PROBLEM’”I want to acknowledge that I am in receipt of your correspondence and will share it with the proper authorities on the SJSU campus for additional review,” Konya wrote.More than a week later, on Nov. 4, former SJSU interim Title IX and Gender Equity Officer Peter Lim reached out to set up a meeting with the former player and her attorney.”Thank you for sharing your concerns about Coach Todd Kress. I am sorry to hear about your experiences. I have reviewed your letter and would like to meet with you to better understand your experiences with Coach Kress. The purpose of the meeting would be to help me assess potential next steps, which may or may not include an investigation into the reported conduct,” Lim wrote.Three days after that on Nov. 7, Lim sent another email to the former Fairfield player, thanking her and her attorney for meeting with them.”I am so sorry about your prior experiences with Todd Kress at Fairfield University. I appreciate the time you took to describe those experiences, the impact those experiences continue to have on you, and the safety threat that you believe he presents to SJSU’s volleyball team,” Lim wrote.”We are evaluating the information you provided and determining appropriate next steps. If it is okay with the two of you, I would appreciate staying in touch.”There was no further correspondence between the two parties after that exchange, Fox News Digital has learned.Kress continued to coach and travel with SJSU’s volleyball team, all the way to the final game of the Mountain West Tournament in Las Vegas that year, where their season ended to Colorado State.Kress coached the team again in 2025. They fell short of the conference tournament with a losing record in 2025.Kress continues to be the head coach of the women’s volleyball team at SJSU.A U.S. Department of Education (ED) Title IX investigation into SJSU over the transgender scandal determined that the university allegedly made the decision to not suspend or relieve its head volleyball coach during the team’s 2024 transgender scandal, despite Title IX-related complaints against the coach. The investigation’s findings made no mention of the former Fairfield player and her letter.However, the investigation did not disclose what those complaints were, and SJSU and the California State University System (CSU) is suing the department to challenge those findings.ED’s findings, which were provided by SJSU to Fox News Digital in response to a public records request, suggest the school allegedly considered potential media attention that would arise from taking any action against the coach, and the affect it would have on the team.The findings do not mention the coach by name, but Fox News Digital reasonably believes the figure titled “Coach 2″ in the findings to be current SJSU volleyball head coach Todd Kress. The findings specify Coach 2 as the current head coach of the SJSU volleyball team who began his tenure in the 2023, which was the year Kress took over his current position.”Additional notes indicate the decision to not suspend Coach 2 also included the improper consideration: ‘If we relieve him . . . [w]e could also spark more media attention. . . .’ University records indicate University officials, including the President of the University, agreed to not suspend Coach 2 because they felt his suspension would unduly disrupt the team,” the findings state.Kress continues to be the coach at SJSU. He is one of the more accomplished volleyball coaches in NCAA history, currently ranking 21st all-time in NCAA history in wins with 550. But he has only led one winning season for SJSU since arriving in 2023, that being the controversial 2024 campaign with a trans player.SJSU has faced federal sanctions for an unrelated Title IX violations since 2021. That year, the U.S. Department of Justice (DOJ) found that the university ignored more than a decade of sexual assault and harassment complaints made by female student-athletes against a former director of sports medicine/head athletic trainer.Beginning in 2009, an athletic trainer subjected female student-athletes to repeated, unwelcome sexual touching under the guise of medical treatment.The DOJ found that SJSU repeatedly mishandled, downplayed, or failed to properly investigate these reports, which ultimately exposed additional student-athletes to harm.To remedy these violations, SJSU agreed to pay a $1.6 million financial settlement to the affected victims and implement sweeping corrective measures.On June 9, 2026, Fox News Digital submitted a formal public records request to San Jose State University seeking copies of the October 24, 2024 complaint letter sent to Athletic Director Konya, the November 1 follow-up email, and the subsequent November 7 correspondence from the university’s Title IX office.On June 22, 2026, SJSU’s public records office formally denied the request. In a response issued by university legal counsel J. Leah Castella, the school acknowledged the existence of the records but determined they were not disclosable under the California Public Records Act.”The requested communications implicate substantial privacy interests,” the university’s response stated.”Disclosure of these records would therefore constitute an invasion of privacy that outweighs the public interest in disclosure. Specifically, these records are being withheld subject to the following exemptions: Personnel Records/Privacy… General Privacy Rights… [and the] Balancing Test. Here, the public interest served by disclosure is minimal and is outweighed by the public interest served against disclosure in protecting substantial and significant privacy rights.”Following the records denial, Fox News Digital sent a detailed press inquiry to Kress, Konya, Lim, and Castella. The inquiry summarized the exact dates, timestamps, and contents of the internal records obtained independently by Fox News Digital, and posed a series of explicit questions to the parties, including requests for Kress’s response to the 1998 allegations, details on what specific next steps the Title IX office took following their November 2024 meetings, and whether athletic department officials interviewed current volleyball players regarding their safety.CLICK HERE FOR MORE SPORTS COVERAGE ON FOXNEWS.COMThe inquiry also questioned university legal counsel regarding the decision to classify the public interest in these safety warnings as “minimal” while the university is actively engaged in a federal lawsuit defending its Title IX compliance within the volleyball program. Fox News Digital has not sought judicial relief on SJSU’s claim.As of publication time, neither Kress, Konya, nor any legal or communications representatives for San Jose State University have responded to the requests for comment.Fox News Digital also reached out to Fairfield University for request for a response to the former player’s letter, but a spokesperson responded writing, ” The university does not comment on former or current personnel matters.”

America’s 250th celebration at the National Mall was one that will forever be burned into our memories. A historic milestone for our great nation, people from all over the country flew into Washington, DC, to celebrate it.
With a two-week-long state fair, dozens of smaller events, military flyovers, a packed crowd at the National Mall, and an epic fireworks display was the proper way to kick off the celebration for America’s 250th birthday.
Given the importance of this historic celebration, The Gateway Pundit spoke to various participants who celebrated America’s 250th anniversary in and around the nation’s Capitol.
Isaac Smith, a former DC resident, celebrated America 250 in his surrounding neighborhood and was pumped for America’s 250th birthday.
“The program was changing constantly. People in the neighborhoods were celebrating so much that we thought the initial show had started already,” Smith told TGP in an exclusive interview.
Smith and his friends then continued to celebrate hours after the fireworks had ended:
“Every few minutes after midnight, someone would propose a toast to the next 250 years. It was like nothing I’d ever seen. It gives me hope for our future, knowing there are so many people who love this country dearly.”
Jack Skilton, another DMV resident, attended the main event at the National Mall:
“Well, America 250 is a once-in-a-lifetime; we all might not even get to see the 300th anniversary 50 years from now. It’s great that we have a state fair and everything fancy. If Kamala Harris were president, I bet she wouldn’t be hosting fancy events in DC. What a great way to celebrate 250 years of our great country,” Skilton told TGP in an exclusive interview.
Another attendee, who asked to be referred to as EN, was fascinated by the military jets and fireworks display:
“The 2026 Fourth of July celebration was truly remarkable. Honoring 250 years of our nation. The day featured spectacular military jets and flyovers, including an Air Force One fly by. Ended in the largest fireworks display that I have ever seen,” EN told TGP in an exclusive interview.
The America 250 celebration at the National Mall was said to have launched the largest fireworks display in U.S. history, with over 800,000 fireworks launched across multiple locations in DC.

 

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Not everyone was completely satisfied with the festivities, however. Walker Cook, an independent journalist on Capitol Hill, referred to the State Fair as a “widely disorganized series of events,” but was also thrilled with the fireworks show at the National Mall.
“I wanted more states and representation at the state fair. I think the overwhelming lack of enthusiasm sort of overwhelmed any feeling you might have at an event that felt so empty, literally and figuratively,” Cook told TGP in an exclusive interview.
“I came for the fireworks, and I give props for how the fireworks show went. I was thrilled by it. With that said, it was the most disorganized of any sort. The process of getting people in and out was a clusterf**k. I overheard others describing it as such. I would like to see even more fireworks going forward, but also a bit more organization,” Cook added.
Walker goes by the alias “Congress Walker” when he does media on Capitol Hill. You can keep up with his work on Instagram and TikTok.
Colin Johnson, another attendee, who is also aligned with the activist organization known as “Code Pink,” also had a more nuanced review of the event:
“It’s beautiful as it is every year. People around the country are coming together to watch fireworks. It’s also a little bit sad with what our country has turned into. it’s turned into a country full of hate; people can’t even have casual political conversations anymore,” Johnson told TGP in an exclusive interview.
Johnson added that he would like to see the country unite and bring about a “world of peace.”
“We can’t have a world of peace if we leave out one side. We have to include everyone in our message.”
The Gateway Pundit’s Alicia Powe had a lot to say about America’s 250th anniversary:
“I feel immensely grateful to feel alive in this country and at this point in time. I remember Ronald Reagan’s great quote that ‘freedom is always a generation from extinction.’ To literally live through freedom being close to extinction over the past few years, and fighting through it as a journalist. We had to live with immense censorship, which deprived our way to make a living, immense censorship, and bodily autonomy. America is a miracle,” Powe declared.
Powe is referring to the difficult times our nation has faced since the start of 2020, such as the COVID-19 pandemic, which saw draconian lockdowns, mask mandates, and unconstitutional vaccine mandates.
The country also saw the 2020 election stolen from President Trump and the unlawful mistreatment of those who were at the Capitol on January 6, 2021, many of them receiving harsh prison sentences.
You can keep up with the fantastic works of Alicia Powe here.
President Trump also spoke at the National Mall right before the fireworks started. The President took the opportunity to slam the biggest threat to American freedom, communism:

Trump with a 5-minute SCATHING rebuke of the rising communist movement in America at Mount Rushmore:
“You can be loyal to Karl Marx, or you can be loyal to America. You can be a Communist, or you can be a Patriot. You cannot be both.”
This is so good. pic.twitter.com/tSGKG6jJOp
— johnny maga (@johnnymaga) July 4, 2026

The post ‘America Is A Miracle’: A Successful America 250 Celebration – Attendees Give Their Reviews appeared first on The Gateway Pundit.

Futures Fall, Chipmakers Tumble After Samsung Rout; Oil Climbs

Stocks fell as freash volatility hit chipmakers after blowout earnings from Samsung Electronics were still not good enough (the company missed some buyside estimates) and left investors wanting even more, and sent its stock tumbling as much as 11%, forcing another 20 minute halt of the Kospi. As of 8:00am ET, S&P futures were down 0.2% and Nasdaq futures fall 1%, with chip stocks sliding in premarket trading (both Micron and Sandisk dropped more than 5%), following a tech led selloff in Asia, while SpaceX is joining the index today, potentially leading to positioning adjustments across global tech. European stocks are little changed. Meanwhile, Brent crude futures rise 1.5% and are back above $73 a barrel following another Iran attack on a Qatari LNG ship crossing the Strait of Hormuz near Oman. European natural gas futures are up around 4%. Bonds trade heavy as a result with a decline in Treasuries pushing US 10-year yields up 3 basis points to 4.50%. The Bloomberg Dollar Spot Index inches higher with modest moves across the G-10 complex. Precious metals fall as does Bitcoin. US economic data calendar includes ADP weekly employment change (8:15am), May trade balance (8:30am) and June New York Fed 1-year inflation expectations (11am).

In premarket trading, Magnificent Seven are mixed: Nvidia slips 2.2% afters Reuters reported that China’s DeepSeek is developing its own chip to help power artificial intelligence systems (Amazon +1%, Microsoft +1.5%, Meta +1%, Alphabet +0.4%, Apple +0.6%, Tesla -0.4%)

Chipmakers, neo-cloud firms and AI infrastructure names are under pressure after Samsung Electronics reported preliminary results that failed to meet high investor expectations.
Marvell Technology (-3.2%), Qualcomm (-1.9%), Intel (-3.4%), AMD (-3.1%) and Broadcom (-2.0%) are all lower
Storage and memory stocks are weaker, including Sandisk (-5.3%), Western Digital (-5.6%), Seagate (-4.4%) and Micron (-5.1%)
Broadcom (AVGO) falls 3% after Erste Group downgraded the chipmaker to hold, noting the stock’s high valuation.

Cloudflare Inc. (NET) rises 3% as Scotiabank raised its recommendation on the technology company to sector outperform, anticipating upside from artificial intelligence.
Crinetics Pharmaceuticals (CRNX) surges 99% after Vertex Pharmaceuticals entered a definitive agreement to buy the company for $85 per share in cash, for a total equity value of approximately $10 billion.
Fiserv (FISV) is up 5.6% after the Wall Street Journal reported that big Wall Street banks have held preliminary discussions about a deal to acquire a debit network owned by the financial-technology company.
Plug Power (PLUG) climbs 2.3% after receiving an electrolyzer order to power a hydrogen project in Australia.
In other corporate news, Vertex Pharmaceuticals agreed to buy Crinetics Pharmaceuticals for $10 billion in cash — its largest deal ever — to expand into endocrinology. Investors in a KKR retail private credit fund got back all of their requested cash in the second quarter, a sign that individual investors’ skittishness over the asset class may be easing

As reported earlier, Samsung – the world’s biggest memory maker – tumbled as much as 11% in Seoul after its quarterly report failed to wow traders even after profit surged 19-fold. Peers such as Micron Technology and Sandisk tumbled more than 5% in US premarket trading. Nasdaq futures were down more than 1% with SpaceX set to join the index, potentially leading to positioning adjustments across global tech. 

“Overnight was ugly, despite a monster Samsung operating profit beat,” said Rich Privorotsky, head of European One Delta trading at Goldman Sachs Group Inc. “Classic ‘travel then arrive’ price action.”

The sell-side is jumping on board Elon Musk’s rocket, with at least six brokers, including Morgan Stanley, Goldman Sachs and UBS, initiating on the stock with buy-equivalent ratings. While investors expect SpaceX’s inclusion in the Nasdaq 100 to trigger some mild swings, the rocket and AI company is winning a clear buy consensus. At least six brokers, including Morgan Stanley, Goldman Sachs Group Inc. and UBS Group AG, have initiated coverage of the stock with buy-equivalent ratings.

“The SpaceX inclusion will undoubtedly cause some volatility today, but ultimately it should benefit shareholders through improved liquidity,” said Michael Field, chief equity strategist at Morningstar. “Short-term pain, long-term gain.”

For Marija Veitmane, head of equity research at State Street Global Markets, the latest tech selloff in tech again creates a buying opportunity. “Samsung earnings confirmed the insatiable demand for everything IT that the AI revolution has created,” she said. “There is no other sector that has similar earnings power.”

Elsewhere, WTI oil is rallying, back above $69 a barrel, after a Qatari ship was attacked in the Strait of Hormuz. Defense is back on traders’ radars as the two-day NATO summit starts in Turkey. Trump meets Zelenskyy there on Wednesday.

European stocks are little changed. Europe’s Stoxx 600 saw a majority of its members rise even though the index was 0.1% lower, as declines in mining and tech sectors fail to offset gains in personal care shares. Here are some of the biggest movers on Tuesday:

Saab shares rise as much as 7.2% after Morgan Stanley double-upgraded the Swedish defense firm to overweight, citing an attractive valuation and strong order momentum.
Carrefour shares rise as much as 4.3% after being named as RBC’s top pick among European food retailers, based on the French grocer’s more focused approach.
Shell shares gain 3.4% after a trading update from the oil major showed strong oil and gas trading profits amid the turmoil caused by the Middle East conflict.
Kion shares rise as much as 5.9% after Morgan Stanley upgraded the industrial firm and upped its price target by a third, pointing to an attractive entry point and scope for a re-rating.
Victrex shares surge as much as 18% after the British thermoplastic company reported revenue growth in the third quarter.
NCC rises as much as 7.5% after the cybersecurity business said it plans to return cash through a tender offer priced at a premium to Monday’s closing price.
Keller Group shares rally as much as 19% as the ground engineering specialist raised its outlook for the year on strength in North America.
European semiconductor stocks are falling across the board after Samsung Electronics, the South Korean memory chipmaker at the heart of the AI trade in the past few months, reported preliminary results that failed to meet higher investor expectations.
Siemens Energy shares fall as much as 6.9% on a broadly weak day for so-called AI winners after Barclays downgraded its recommendation to underweight, seeing limited upside to consensus through 2030.
ITV shares fall as much as 6.4% after JPMorgan downgraded the stock to neutral from overweight, saying terms of the Sky deal failed to meet higher expectations.
DiaSorin falls as much as 3.1% after BNP Paribas cuts the stock to underperform from neutral, saying initial epidemiology data doesn’t support the Italian healthcare company’s guidance for the year.
PolyPeptide drops as much as 8.3% after RBC Capital Markets cut the stock to sector perform from outperform, saying it’s moving to the sidelines following the Swiss company’s recent share outperformance.
Asian stocks fell, led by technology shares as investors rotated into other sectors after earnings from leading memory chipmaker Samsung Electronics. The MSCI Asia Pacific Index dropped more than 1%, with Samsung among the biggest drags along with peers SK Hynix and Kioxia. South Korea’s Kospi tumbled 4.9%, leading declines among regional benchmarks. Stocks rose in Singapore and the Philippines. Samsung’s 19-fold quarterly profit surge underwhelmed the market, sending investors flocking to more defensive sectors. Non-memory AI plays also benefited, with shares of Japanese banks and a gauge of Chinese technology stocks advancing. “Buy side expectations sat well above consensus” for Samsung, said Billy Leung an investment strategist at Global X Management. “My view is this is a positioning reset within a structural story, not the end of it.” The market is also looking ahead to the US trading debut of SK Hynix on Friday. Outside of tech, other key events this week include earnings from heavyweights Fast Retailing and Tata Consultancy Services. Here Are the Most Notable Movers

Kuaishou shares fall in Hong Kong after Tencent’s move to trim its stake in the firm and cease to be a substantial shareholder. Chinese robotics supplier stocks rise as investors’ sentiment is boosted by Shanghai bourse’s approval of Unitree’s IPO registration.
LG Energy shares closed 6.4% lower on the Korean Exchange after the company reported preliminary second-quarter earnings that missed analyst estimates, as lackluster US support for electric vehicles failed to offset surging demand for energy-storage systems.
Sapporo shares gained the most since August 2024 after the firm unveiled a strategic joint venture with Carlsberg.
Shares of Zhipu, which trades as Knowledge Atlas Technology, gained in Hong Kong as investors’ concerns over lockup expiry eased.
Trent shares tumble after first-quarter standalone revenue growth misses some analysts’ estimates.
Meituan shares rose 4.5% in Hong Kong, after its investee Unitree Robotics’ IPO plan was approved by the regulators.
In FX, the Bloomberg Dollar Spot Index inches higher with modest moves across the G-10 complex.  The yen was a touch stronger around 161.90 per dollar even as positioning data showed hedge funds turned the most negative on the currency since 2007.

In rates, bonds traded heavy as a result with a decline in Treasuries pushing US 10-year yields up 3 basis points to 4.50%. Treasuries hold small front-end-led losses, lifting 2- to 5-year yields by about 3bp and flattening the curve. US yields are 2bp to 3.5bp cheaper across the curve with 2s10s and 5s30s spreads flatter by 0.5bp and 1.5bp; 10-year, higher by about 2bp near 4.49%, slightly underperforms bunds and gilts in the sector. European bonds are also under pressure from rising oil prices after attacks on shipping in and around the Strait of Hormuz. European government bonds nurse similar sized losses. A major bond issuance announcement from Amazon, which is kicking off an 8-part IG bond deal added further pressure to US yields. IG dollar issuance slate includes a few names already, headed by Italy’s benchmark 5Y/10Y/30Y borrowing. Seven issuers priced nearly $12b of new US investment-grade bonds Monday, paying about 3bps in concessions on deals that were 2.9 times covered. Here is the main event that was just announced:

*AMAZON.COM SEEKS TO RAISE AT LEAST $25B IN US DOLLAR BOND SALE
*AMAZON.COM KICKS OFF EIGHT-PART US INVESTMENT GRADE BOND SALE
July Treasury auctions kick off with $58 billion 3-year new issue, to be followed by $39 billion 10-year and $22 billion 30-year reopenings Wednesday and Thursday. WI 3-year yield near 4.175% is ~2bp richer than last month’s, which tailed by 0.3bp.

In commodities, Brent crude headed for the biggest gain in more than a week., rising 1.5% and are back above $73 a barrel following attacks on shipping in and around the Strait of Hormuz. WTI crude oil futures rose about 1% after reports of vessels being hit around the Strait of Hormuz. European natural gas futures are up around 4%. Precious metals fall as does Bitcoin. Gold slipped to around $4,145 an ounce.

US economic data calendar includes ADP weekly employment change (8:15am), May trade balance (8:30am) and June New York Fed 1-year inflation expectations (11am). Fed speaker slate includes unscripted opening remarks by Governor Bowman at a Financial Stability Board Virtual Outreach Event (7am).

Market Snapshot

Top Overnight News

Samsung’s record profit failed to meet the lofty expectations fueled by the AI chip boom sending Nasdaq futures lower. The company’s shares sank 9%, leading a plunge in the Kospi that triggered a circuit-breaker suspension. BBG
AI giants OpenAI, Anthropic, and others are offering extremely aggressive discounts in computing power to win business from startups. WSJ
Iran’s Islamic Revolutionary Guard Corps fired missiles at two commercial ships near the Strait of Hormuz early Tuesday, according to a senior U.S. official, marking an escalation that threatens to complicate negotiations to end the U.S.-Iran war. WSJ
The boss of the world’s biggest freight forwarder has said using land routes to transport goods into the Gulf is not a sustainable alternative to voyages through the Strait of Hormuz because of extra costs and delays. FT
China has stepped up its purchases of oil from producers in the Middle East in recent days, with deep discounts offered by its main supplier Saudi Arabia on Monday seen as likely to boost its buying. FT
Japan’s 30-year bond sale drew its strongest demand since 2019. BBG
Belarus’s president Alexander Lukashenko has said his army will not take part in Russia’s invasion of Ukraine, seemingly dismissing Kyiv’s fears that Moscow was pressuring Minsk to join its war effort. FT
SpaceX won bullish ratings from at least six Wall Street brokers after its IPO quiet period ended. BBG
Airlines are finally getting some relief at the jet-fuel pump. Fliers may not share in the savings, though. Jet-fuel prices doubled in the weeks after the Iran war started, and carriers raised fares to keep up. Now fuel prices are down 40% from their peak in April, but analysts say fares aren’t likely to follow because travelers keep paying up. WSJ
Trump posted on Truth Social, calling on senators to pass Reconciliation 3.0.
A more detailed look at global markets courtesy of Newsquawk

Asia-Pac stocks traded entirely in the red, failing to follow on from the positive sentiment seen stateside, as Samsung’s Q2 preliminary earnings seemingly disappoint despite beating estimates. ASX 200 fared better vs peers, though still traded with mild losses. IT topped the sector pile while Metals & Mining was the sector underperformer, as precious metals gave back some of last week’s gains. Nikkei 225 traded with losses in excess of 2%, as Kioxia was weighed on by losses in Samsung. KOSPI slumped, with circuit breakers triggered twice, following losses in Samsung. Samsung reported Q2 prelim. figures, in which operating profit beat estimates while revenue printed mid-range of analyst’s expectations (KRW 171tln vs exp. KRW 169-173.9tln). The outlook also included the provisions for employee bonuses, after the Co. agreed to give bonuses equivalent to 10.5% of business performance earnings. Despite the recent selloff, investors are still quite bullish, with analysts citing the increased volatility due to leveraged ETFs as a main reason for the extended selloff, with profit-taking also a key reason. Elsewhere, Hanwha Ocean fell after Canada preferred TKMS (TKMS GY) for its submarine project. Shanghai Comp.and Hang Seng were softer, but to a lesser extent than the Nikkei and KOSPI. Key movers were Tencent and Kuaishou Technology, after the former sold part of its stake in the latter.

Top Asian News

China State Council approved in principle the 15th Five-Year Plan for building China into a tourism power.
Japanese top FX diplomat Mimura said have been in close contact with South Korean FX authorities on FX movement.
China smartphone sales fell 13% Y/Y during the 618 shopping festival as brands raised prices to offset higher memory costs, according to Counterpoint Research. All major Chinese brands except Huawei posted double-digit drops.
HKMA’s Chief Exec. said they are to study 7-day offshore CNY tender mechanism. HKMA’s securities regulator said that China and Hong Kong is to build a new electronic trading platform for bond and forex trading in Hong Kong.
Japanese PM Takaichi is to hold talks with Ishin leader Yoshimura this evening, according to Kyodo.
Japan’s Economy Minister Kiuchi rejects reported that the government is pushing the BoJ to lower rates; said the government blueprint’s reference to monetary policy is no different from its previous approach. Japan is not loosening fiscal discipline but rather showing in verifiable form in the economic blueprint.
European bourses (STOXX 600 +0.1%) opened on a modestly firmer footing after losses on Monday. European Tech is in focus after Samsung Electronics shares fell 9.5% as earnings, which topped most analysts’ expectations, failed to convince investors of its valuation. European sectors opened with a positive bias, with tech the underperformer as chip names slump following Samsung (STMicroelectronics -5% and ASML -4.6%). Optimised Personal Care is the leader (Unilever +2.5%, makes up 30% of the sector) Autos also does well, Renault +2% was said to have been approached by BYD on two separate occasions in recent years to propose acquiring a stake.

Top European News

BoE FSR: Proposes the easing of some bank capital rules; the leverage ratio proposal would reduce the requirement by 20bps.
The EU is set to delay the launch of its European Travel Information and Authorisation system until next year following technical issues and border congestion, the FT reported.
Andy Burnham has decided not to split the treasury as part of a radical drive to boost Britain’s growth, according to FT sources.
FX

G10s are mostly weaker against the Buck, which attempts to return to levels made on Monday above 101 in DXY. Carry continues to be a theme today as it was on Monday, with high-yielders NOK, GBP flat against the Buck and low yielders underperforming, ex-JPY. On that front, the currency appears to be benefiting from commentary via Japan’s Economy Minister who rejected reports that the government is pushing for lower rates.
GBP is flat against the EUR and Buck with the absence of catalysts giving no bias to the currency today. Some political news overnight incl. reports that likely incoming PM Burnham is considering delaying the announcement of his chancellor until the day he is expected to become PM (potentially 20th July).
Elsewhere on politics, EUR looks to the Paris Appeals Court ruling on Le Pen’s misappropriation scandal where she is expected to announce at 19:00BST whether she or Jordan Bardella will run in the 2027 French Presidential election as the candidate for National Rally (RN). To recap stances, POLITICO writes “Bardella appears more of a traditional economic right-winger”. While Le Pen has a “mix of right-wing nationalism on migration and left-wing social policies”. Despite the implications for French policy ING writes “we doubt this event has great market potential”. EUR/USD -0.1% at 1.1428.
Antipodeans are weaker against the Buck. Kiwi looks to the RBNZ tomorrow, where analysts and markets are divided on whether the Bank will hike, or keep rates unchanged (expectations biased to tightening). Westpac’s note this morning opined a relatively market-neutral scenario would be one where the OCR is unchanged and a tightening bias is retained. Meanwhile, Aussie is lacklustre and lacks direction.
Fixed Income

A bearish session for fixed income thus far. The space has been driven lower by renewed energy upside, and while there was some relief from the very strong 30yr Japanese auction, benchmarks have since reverted back to session lows.
USTs lower by 3+ ticks in 109-13+ to 109-22+ confines. Further downside brings into play 109-12+ and 109-12 from last week, before a handful of levels on the way to the figure and then 108-27 from June 11th. The US docket today begins with commentary from Fed’s Bowman before we turn to RCM/TIPP, the SCE and a 3yr auction, while on the lookout for commentary from President Trump.
Bunds on the backfoot, lower by around 30 ticks and the marginal underperformer. Specifics include potential updates to the draft parental savings reform, according to Politico sources. Reforms aim to save around EUR 1.6bln/yr, though it will take several years for that figure to be seen.
OATs await their own political updates, heading into the Paris Appeals Court ruling on Le Pen’s misappropriation scandal. Following the ruling, Le Pen is expected to announce at 19:00BST whether she or Jordan Bardella will run in the 2027 French Presidential election as the candidate for National Rally (RN). Irrespective of the court ruling or the candidate, polling has RN leading into the 2027 campaign.
Gilts opened relatively contained, but saw some choppiness after the BoE FSR. Gilts spiked higher by around 10 ticks, as the BoE is looking at easing some capital rules. However, as the release does not point to a carve-out or similar for Gilts, the move has unwound with Gilts a tick or two beneath pre-FSR levels. Currently down by c. 25 ticks, and holds within a 88.42 to 88.87 range.
UK sold GBP 4bln 4.125% 2033 Treasury Gilt: b/c 3.16x (prev. 3.38x), average yield 4.519% (prev. 4.550%), tail 0.2bps (prev. 0.2bps).
Japan sold JPY 454.9bln 30-yr JGBs; b/c 4.55x (prev. 2.94x, strongest demand since 2019), and average yield 3.993% (prev. 3.860%).
Germany sold EUR 1.318bln vs exp. EUR 1.5bln 1.30% 2027 Green Bobl & 2.60% 2041 Green Bund.
Crude Benchmarks

Crude benchmarks are firmer this morning, having gradually moved higher throughout the APAC session. Action which has been facilitated by reports that Iran’s IRGC fired at least two missiles at ships in the Strait of Hormuz, with one said to be a Qatari LNG tanker another reportedly Saudi-flagged. Fars clarified that the Qatari tanker attempted to pass through the Omani route and ignored repeated warnings.
As it stands, for as long as ships continue to sail through the Strait, the crude complex can remain towards recent lows. Therefore, the mild upward bias seen in the complex this morning appears to be some pricing in of some risk of a wider-escalation, but not another long-term disruption. Brent Sept’26 (+1.2%) currently holds just off the day’s highs, and within a USD 72.04-73.1/bbl range.
Spot gold (-0.9%) is on the backfoot this morning, and trades at the lower end of a USD 4,116-4,168/oz range; the trough today marks the WTD low. Pressure today appears to be a bit of unwind of the strength seen in the prior week, and amidst the slightly firmer USD/firmer yields. For gold specifically, China extended gold purchases for the 20th straight month. China’s gold reserves at the end of June 2026 were 75.44 million troy ounces. Elsewhere, base metals are mixed vs broadly lower overnight. 3M LME Copper is currently flat and trades within a USD 13,325.13-13,427.2/t range.
Saudi Arabia is said to be planning to expand East-West crude oil pipeline capacity by up to 2mln BPD to increase exports via the Red Sea, according to sources. Project aims to reduce reliance on the Strait of Hormuz.
Kazakhstan Energy Ministry said it is trying to fulfil its OPEC+ obligations, while hoping to maintain production plans for 2026.
China has reportedly purchased more soybeans from the US, Bloomberg reported; Cofco has booked at least 6 cargoes for loading between Sep-Oct.
Germany plans emergency gas reserve for up to EUR 1.5bln plus operating costs, according to sources.
Hong Kong chief executive confirms the launch of central clearing system for gold.
Data shows that two Japanese-owned supertankers carrying Saudi crude are transiting through the Strait of Hormuz to exit the Gulf region.
Shanghai Gold Exchange has agreed to admit Hong Kong Precious Metal Central Clearing System as an international member.
Syrian President Shala said the government has signed energy-sector contracts to add around 5k MW of generation capacity and rebuild power plants and is drafting plans to rebuild and modernise state institutions.
Trade/Tariffs

Democratic State AGs object to US President Trump’s plan to impose tariffs of up to 12.5% on 60 countries over forced labour concerns.
Central Banks

ECB said it gives Euro Zone banks until October 31 to draw up plans against AI-powered attacks.
ECB’s Panetta said the latest energy shock does not compare to 2022.
PBoC injected CNY 10bln via 7-day reverse repos with rate maintained at 1.40%.
PBoC set USD/CNY mid-point at 6.8054 vs exp. 6.7838 (prev. 6.8066).
PBoC Governor Pan said monetary policy maintains a supportive stance, will be increasing the southbound bond connect quota to CNY 800bln from CNY 500bln. To support more good companies to list in Hong Kong. Will keep increasing China’s FX reserves allocation in Hong Kong. China will support Hong Kong to launch CNY-denominated commodities futures trading.
Geopolitics: Russia-Ukraine

Russia’s Defence Ministry said 452 Ukrainian drones have been shot down over the regions since Monday evening.
A Russian governor said a fire has broken out at an industrial enterprise in the Kaluga region after a UAV attack.
Russia’s Moscow Mayor said a drone attack on Moscow has been repelled and emergency services are responding to debris, Interfax reported.
Geopolitics: Middle East

UKMTO received a report of an incident 8NM East of Limah, Oman, with the tanker reportedly hit by an unknown projectile and causing a fire.
Iran’s IRGC fired missiles at two commercial ships near the Strait of Hormuz early Tuesday, according to the WSJ citing a senior U.S. official. One of the vessels was an LNG tanker owned by the shipping arm of Qatar’s LNG industry.
Iran’s IRGC fired at least two missiles at ships in the Strait of Hormuz, a US official tells Axios’ Ravid; Two commercial ships were hit and suffered significant damages but no casualties.
A Saudi-flagged crude oil tanker was reportedly damaged near Oman around the Strait of Hormuz after another LNG tanker was struck in the same area.
The Qatari oil tanker was planning to pass through the Omani route in the Strait of Hormuz with the support of the US Navy and was attacked after ignoring repeated warnings, Fars reported citing sources.
Iranian Foreign Minister Araghchi said negotiations on a final deal will not commence if threats continue.
The European Aviation Safety Agency have extended the validity of the warning regarding flights over the airspace of the conflict areas in the Middle East and the Persian Gulf until July 8th.
Lebanese President Aoun is preparing a visit to the White House to meet US President Trump before the end of July, according to Al-Nahar.
Geopolitics: Syria

A series of explosive devices have detonated in proximity to the hotel in Damascus where French President Macron is staying, Reuters reported citing sources.
“Al Arabiya correspondent: Macron’s convoy left his residence in Damascus shortly before the explosion”, Al Arabiya reported.
French President Macron’s motorcade left the hotel in Damascus around one hour before the explosions took place.
Geopolitics: Other

China’s coastguard said it lawfully expelled a Japanese vessel near Senkaku Islands.
US State Department said China launched a nuclear-capable ballistic missile into the Pacific Ocean, urges China to engage in meaningful arms control discussions.
Japan’s military build-up and overseas aggression are a reality, not hypothetical and they are rapidly expanding pre-emptive strike and long-range attack capabilities, KNCA reported.
US Event Calendar

8:30 am: United States May Trade Balance, est. -78.4b, prior -55.9b
11:00 am: NY Fed Inflation expectations, 
DB’s Jim Reid concludes the overnight wrap

This year’s “Charts to make you go WOW!” pack returned yesterday for a 2026 edition. The chartbook is designed to surprise, challenge, and reframe the big macro and market stories of the moment. It’s become my favourite pack of the year to produce, and I hope you’ll enjoy and go “WOW!” at least once, and preferably a number of times. You can see it here at the Deutsche Bank Research Institute.
One theme in the pack is how astonishing moves in the South Korean equity market have been over the last year. This morning the extreme volatility continues with the KOSPI down -8.03%, with Samsung Electronics -9.3% lower, despite reporting a 19-fold increase in quarterly profit. Results were “only” 6% ahead of estimates and it seems to have brought in a bout of profit taking. The other KOSPI heavyweight SK Hynix is down -10.0% following the official launch of the marketing process for its planned US listing. Other tech heavy Asian markets are also lower with the Nikkei down -1.84%. Nasdaq futures are -1.03%, dragging the S&P equivalent -0.30% lower too. Elsewhere, the CSI and the Shanghai Composite are -0.83% and -1.04% respectively. Additionally, the Hang Seng (-0.42%) and the S&P/ASX 200 (-0.44%) are trading moderately lower.

In other corners of the market, Japan’s 30-year government bond auction saw its strongest demand since 2019, with a bid-to-cover ratio of 4.55, up from 2.94 previously and above the 12-month average of 3.41, as higher yields ahead of the auction attracted investors. JGBs are fairly flat on the day now.  

Before all that, markets put in a decent performance yesterday, with a generally quiet session as the US reopened after the holiday. On paper the headlines were pretty decent, with the S&P 500 (+0.72%) hitting a 3-week high thanks to a rebound in chip stocks, closing back within 1% of its record high. But under the surface, things weren’t quite as robust as they seemed. For instance, most of the S&P’s constituents actually fell on the day, as it was primarily the chip rally that lifted the index higher. Moreover, some of that US strength was just a post holiday catch-up to last Friday’s global performance. So over in Europe (which was open on Friday), the STOXX 600 fell -0.35% instead, and the 10yr bund yield (+1.3bps) rose as well.  

In the meantime, US Treasuries also saw a modest rally yesterday as they returned after the holiday, with the 2yr yield (-2.7bps) down to 4.11%, whilst the 10yr yield (-1.4bps) also fell modestly to 4.47%. That came as we heard from Fed Governor Waller later in the session, who argued that the risks facing policymakers have “completely flipped around” over the last year. Previously those concerns were focused on labour market weakness, but he said that employment conditions now appear to be stabilising whilst inflation has been “taking off”. As such, Waller made clear that the Fed’s commitment to its 2% inflation target was unwavering, describing it as both credible and non-negotiable. And interestingly, market pricing for a July rate hike continued to creep back up again (after slumping on Thursday following the jobs report), with futures now pricing the chance at 25%. Meanwhile, Waller also stressed that the Fed would not keep rates artificially low to help finance growing US fiscal deficits, a timely comment given ongoing concerns around the US debt trajectory and the prospect of persistent budget shortfalls.

Waller’s comments also fed into the increasingly lively debate on central bank communication. He said he’d personally prefer an inflation target range rather than a precise point target, but he acknowledged that adjusting the framework now would risk undermining credibility. And on forward guidance, he argued that if the Fed’s reaction function is clearly understood, policymakers shouldn’t need to say very much about the future policy path. Interestingly, he interpreted recent comments from Fed Chair Kevin Warsh at Sintra about the demise of forward guidance as a reaffirmation of the primacy of the 2% inflation target rather than a shift in regime.

Whilst rates were subdued, things were a bit more eventful on the equity side, with the Philly semiconductor index (+2.17%) recovering after last week’s decline. That included a decent gain for Broadcom (+3.73%), which followed the news that they’d be partnering with Apple (+1.31%) on developing new custom chips, with an expanded partnership that will now go through 2031. So that helped to lift the S&P 500 (+0.72%), which closed back within 1% of its record high. With the tech sell-off in Asia we’ll see how much of this reverses today.  

Looking forward, one of the main highlights this week will be the NATO leaders’ summit, which is taking place today and tomorrow. Given President Trump’s recent criticisms of NATO, particularly around the Iran conflict, it could be an eventful one, and this summit is expected to advance the emerging “NATO 3.0” agenda, under which European NATO members take on more responsibility for their own conventional defence. 

Earlier in Europe, markets struggled by comparison, with equities and bonds both selling off. In part, that followed hawkish comments from the ECB’s Schnabel, who said that the peace deal didn’t mean they were back to the pre-war situation, pointing out that gas prices “are still around 40% higher than before the war.” So investors grew more confident that the ECB would still hike rates this year, with markets now pricing in an 89% chance of a hike by the December meeting up from around 70% last Thursday after Sintra. And in turn, yields moved higher on the day, with those on 10yr bunds (+1.3bps), OATs (+1.1bps) and BTPs (+0.9bps) all rising. Equities lost ground too, with the STOXX 600 down -0.35%, although Germany’s DAX (+0.15%) outperformed modestly yesterday. There appears to be growing optimism that Germany’s recent reform announcements may finally translate into something meaningful, particularly when combined with the significant fiscal stimulus unveiled last year. Enthusiasm for the German trade faded towards the end last year, with the Iran conflict adding another layer of uncertainty. However, some green shoots of optimism now seem to be re-emerging.

Staying in Europe, today is the day we find out, via a key court ruling, whether Marine Le Pen will be eligible to stand in next year’s French presidential election. 

Amidst everything else, we did get a few data releases yesterday, but they didn’t provide much excitement. Indeed, the ISM services index for June was exactly in line with consensus at 54.0. And there wasn’t much of a story to write from the subcomponents either, as the prices paid reading was also broadly as expected at 67.7 (vs. 67.5 expected). So the direct market reaction was pretty limited, although there was some relief after the employment component (51.2) was back in expansionary territory for the first time since February.

Looking at the day ahead now, data releases include German industrial production and the US trade balance for May. From central banks, speakers include the ECB’s Panetta and Kocher, whilst the BoE will release their Financial Stability Report. Otherwise, the NATO leaders’ summit begins today.

Tyler Durden
Tue, 07/07/2026 – 08:31

Double-Tap Bombing Rips Through Damascus Near French President Macron’s Hotel

Major explosions ripped through an area in of the Syrian capital near the hotel where French President Emmanuel Macron had been staying, during an official visit of the French leader to Nusrah Front (Syrian AQ) founder and now self-appointed Syrian President Ahmed al-Sharaa.

Macron is said to be safe, after talks with Sharaa at the presidential palace, but at least 18 people were injured when explosive devices went off – an attack which was captured on video from various angles.

It appeared a double-tap explosion, leading some pundits to speculate that it could have been a drone attack. It also happened near the Ministry of Tourism in central Damascus, home to some high-end hotels as well as government buildings.

According to one eyewitness speaking to the BBC:

They said that while security forces were searching for suspicious objects after the first bomb detonated, “a second explosion occurred approximately 20 meters from the site of the first blast”.

“The first explosion caused material damage but no casualties. The second explosion, however, caused injuries to several members of the public security forces and the traffic police,” the eyewitness told the BBC.

Security forces later indicated one bomb had been detonated from inside a parked vehicle while another had been in a bin on the street.

#BREAKING: Syria explosion caught on camera during French President Macron visit. 18 people injured including four police officers. Macron is still in Syria. pic.twitter.com/BWen6oJbrd
— Aditya Raj Kaul (@AdityaRajKaul) July 7, 2026
The Associated Press notes that “It was the second blast to rock the capital in a few days, and a setback for the country’s new president as he welcomed his first visit from a western leader since ousting longtime dictator Bashar al-Assad. Syria’s new rulers have wrestled with outbreaks of violence as they work to assert control, but the capital has been been largely peaceful.”

And specifically of the French leader’s whereabouts during the attack, “Emmanuel Macron was inside the presidential palace when the explosions happened.”

⚡️Reuters: A group of explosive devices detonated near a hotel where Macron is staying in Damascus. pic.twitter.com/PrF84XBqao
— Global News Monitor (@GlobalNewsMontr) July 7, 2026
“An official from the Elysee Palace said he was safe and that the meeting with Syrian President Ahmad al-Sharaa continued, speaking on condition of anonymity to discuss Macron’s whereabouts and security,” the report continued.

No group has initially claimed responsibility for the attack. In the wake of Assad’s overthrow by Western/Gulf sponsored jihadist groups, various foreign fighters as well as Syrian al-Qaeda and ISIS groups have pretty much had free reign in Syria. 

Developing: Visuals of the Multiple Explosions in Damascus, Syria during the visit French President Macron. Macron had left the hotel for meeting with President of Syria when the blasts were reported near his hotel. pic.twitter.com/iRsktZkNeC
— Aditya Raj Kaul (@AdityaRajKaul) July 7, 2026
President Macron will head to Ankara, Turkey next for the NATO summit and there are reports that even Sharaa is expected to be there.

Tyler Durden
Tue, 07/07/2026 – 08:20