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Silo Season 3 is must-watch TV.

The Mama Bear of haircare.

The proposed class action alleged Costco failed to disclose that its protein powder contained significant levels of arsenic, cadmium and lead.

Iran has given the world its first glimpse inside the bombed-out compound where Ayatollah Ali Khamenei was killed in a US-Israel airstrike at the start of the war.

US Existing Home Sales Unexpectedly Dropped In June, Just Off Record Lows

After an ugly Spring selling season, existing home sales have rebounded in Q2 (so far) with expectations for another 1.0% MoM increase in June.

However, that was not to be with US existing home sales tumbling 2.4% MoM in June (although May was revised up to a +3.7% MoM gain from +3.2%). That slowed the annual improvement in sales to +2.75% YoY...

Overall, existing home sales SAAR remains just off record lows...

“The back-and-forth in monthly home sales activity, driven by mild fluctuations in mortgage rates, shows how sensitive home buyers are to affordability conditions,” NAR Chief Economist Lawrence Yun said in a statement. But recent job gains will continue to provide support to the housing market, he added.

NAR’s Housing Affordability Index, which measures whether typical families can qualify for a mortgage for a median-priced home, has improved somewhat from a year ago but is at its lowest since August 2025.

Inventories of new homes for sale remain high (and are thus pressuring homebuilders to choke back on additional supply)...

But, the inventory of existing homes for sale climbed 1.3% from a year earlier to 1.56 million. From a month earlier, however, it fell slightly for the first time this year.

Yun called the annual gain “minuscule.”

“We need to see 30%, 40%,” he said. “We’re not seeing that.”

Last month, the median sales price of a previously owned home rose 1.8% from a year ago to a record high of $440,600, NAR data show.

While prices continue to climb, the advance is far smaller than the gains seen a couple years ago.

Weakness in the US South, the nation’s biggest home-selling region, helped drag down the national results, with sales there declining 3.6% to an annualized 1.89 million. Sales also slipped in the Midwest and West, though they gained in the Northeast.

First-time buyers accounted for 33% of sales in June, compared with 35% in May.

Tyler Durden Thu, 07/09/2026 - 10:09

The Choice To Go Up Or Down The Escalation Ladder Now Lies With Iran

By Michael Every of Rabobank

“It ain't over till it's over, but..."

The US hit Iran for a second night along Hormuz, in southern cities, near a nuclear site, and a railway bridge in the northwest. The message from VP Vance was to stop striking ships in Hormuz or get hit back harder. From Trump, it was that Iran are “liars” and “scum” and the MOU is “over,” repeating threats to reimpose the US blockade of Iranian oil --showing why few (save China) were keen to buy it with a temporary sanctions waiver that lapsed before shipments arrived -- and to hit electricity and desalination plants and/or take Kharg Island, it’s key oil facility.

Even Axios, purveyor of ‘world peace(fire)’ headlines, is reporting the US is preparing for an extended confrontation --from 1-2 days to a month-- and that the ‘Battle of Hormuz’ may be about to begin.

Trump did add negotiators could keep talking if they wanted to; and on Air Force One (the old one: that just gifted by Qatar was left in the UK, speaking to a security problem) he stated Iranian officials "called a little while ago. They want to make a deal so badly."

So, the immediate choice to go up or down the escalation ladder lies with Iran. If Tehran deescalates, they cede control of Hormuz. If they escalate, their options are to hit Hormuz more – triggering more US counter strikes; or GCC energy - triggering a larger war; to use (battered) proxies like Hezbollah - triggering wider war; or perhaps to rush for a nuclear weapon - which would mean far worse war. The New York Times reports Iran’s president and foreign minister were physically attacked this week by supporters of a hard-line faction that vehemently opposes any deal with the US: it remains to be seen if the streets, IRGC, clerics, or politicians will decide what happens next – but both the politicians and the IRGC benefit from talks going on and oil flowing.

The US would also have to decide if it can afford to cede Hormuz or will fight to keep it open when the SPR is seen near a tank bottom- was this discussed at the NATO summit, perhaps?

A tell for stepped up military statecraft would be a matching step-up in economic statecraft. Note the White House’s launch of ‘Freedom Fuel’ gas stations offering lower prices (via lower profit margins; or, at $3.67 a gallon, possible federal subsidies). If that scheme expands past an initial 25 sites it suggests more disruption in Hormuz ahead. However, that’s just a stepping stone to the NAPHTHA closed-loop energy system we’ve flagged the US might need to consider.

There are also longer term moves to avoid Hormuz. The UAE’s pipeline to Fujairah is underway; the Saudis may expand their East-West Red Sea pipeline by 2m barrels per day, allowing themselves and other GCC states to benefit; and Riyadh is exploring an IMEC route through Syria and Turkey - as Trump informed Congress of his intent to remove Syria from the state sponsor of terror list and was nice to Erdogan at the Ankara NATO summit; and following a state visit to Damascus by Macron and Erdogan literally giving the EU’s Von der Leyen and Costa guns.

For now, we stick with our base case that Hormuz tension blows over rather than blowing up. However, the odds of the latter happening sooner, rather than post-midterms as expected, have increased.

In energy markets, oil is up, but not hugely, with Brent at $79: but crack spreads are near record highs. Yes, lots of oil just flooded out of Hormuz, but global refineries already couldn’t process the backlog easily – add a new war there and things look far worse.

Crack spreads have also been driven by Russia banning exports of diesel until end-July in response to the devastating strikes against its oil refineries by Ukrainian drones: these are causing fuel shortages and have turned Russia from a net exporter to a net importer of refined products.

At the NATO summit -- besides Trump threatening Spain with a trade boycott for being peaceniks -- there was US backing for Ukraine‘s strikes deep into Russia and against energy facilities; Ukraine was also given permission to manufacture Patriot missiles itself to boost its air defences. Expect a lot more damage to Russian energy ahead, unless Russia comes to the table.

In related geoeconomic developments, the FT reports Trump-backed US rare earth mines are selling to Japan and South Korea – then again, South Korea and Japan might build US weapons and navy vessels in the near future.

In Europe, a leaked report has revealed France is seeking to widen Brussels’ Made-in-Europe policy: Paris wants such measures extended to shipbuilding and trains. Buy local schemes are even more effective economic statecraft than tariffs. The FT also carries an op-ed from former Italian PM Letta arguing ‘Europe must have the financial power to match its economic heft,’ and the continent’s savings should be used to invest in its own future, not someone else’s. Are we also going to see capital controls for the beating heart of the ‘liberal world order’?

Yet Rutte’s ‘Made in NATO’ weapons push collides with EU’s ‘Buy European’ drive, as Politico puts it, where “The NATO chief wants to build the transatlantic military industrial complex, but the EU is backing its own companies.” Who will win that battle given Europe still needs LNG, which the US has and where Turkey may soon play a key role too, and given the US holds the cards on tech and, relatively, on rare earths?

Spain, while making the peace sign, is also pushing the European Commission to borrow an additional €850bn per year on behalf of EU countries to get lower yields – which may not get a ‘Made in Europe’ response from northern member states. That’s as the UK government is warned by the OBR that another £120 of tax hikes are needed as debt is on an unsustainable trajectory.

Political news matches this geopolitical and geoeconomic drama: the Democratic Party Maine Senate candidate Platner has dropped out over allegations of sexual assault (not his Nazi tattoo); the Democratic Governor of Kentucky has, in so many words, requested that Republican Senator McConnell show that he’s still with us, when rumour is that he isn’t; and in the UK, Reform UK’s Farage is likely to contest a 6 August by-election solely against a man who wears a dustbin on his head, with the key policy pledge of building “at least one affordable home.”

Lastly, and deliberately last, the Fed minutes headline was that ‘a few’ members saw the case for a June hike. And?

• First, it may not be long until we don’t get much information about what the Fed is thinking under the Warsh Doctrine.
• Second, backwards-looking reports can’t keep up with the speed and scale of geopolitical developments.
• Third, the economic models of those who write those reports can’t predict geopolitical outcomes.

As this Global Daily’s title says, “It ain't over till it's over, but...” – and that covers the usefulness of central-bank ‘he said, she said’ just as much as it does the US-Iran ‘he said, he said’ MoU.  

Tyler Durden Thu, 07/09/2026 - 10:00

Everyone loves a media catfight. Keith Olbermann and Bill O’Reilly back in the day. Or Don Lemon and Kaitlan Collins BTS-style. And more recently, we brought you the eyewitness account of a Jim Acosta and Michael Tracey argument that nearly devolved into fisticuffs.  Still, nothing is better than a media war declared on the eve...

Bloom Energy Defends Supply Chain, Calls Hunterbrook Report "False And Misleading"

Bloom Energy is responding forcefully against allegations made by short seller Hunterbrook Capital, rejecting the firm's claims about its accounting, supply chain and growth prospects a day after a report sent shares sharply lower.

The clean energy company said Thursday that Hunterbrook's assertions regarding its financial reporting and access to critical raw materials are "false and misleading," according to a statement reported by Bloomberg.

The response comes after Hunterbrook published an investigation on July 8 that questioned Bloom's independence from Chinese suppliers and argued that the company's long-term manufacturing ambitions may be constrained by global scandium availability. Hunterbrook disclosed that it stands to benefit if Bloom's shares decline through a short position.

Bloom specifically defended its financial reporting, saying allegations concerning its accounting are contradicted by its audited financial statements. The company also disputed Hunterbrook's central thesis surrounding scandium oxide, the specialty material used in Bloom's solid oxide fuel cells.

Bloom said it has sufficient scandium oxide supply to meet both current production needs and its existing customer backlog. It added that its scandium supply is not dependent on China, either for current operations or future demand growth. Looking further ahead, Bloom said it has visibility across its supply chain sufficient to support production capacity of 25 gigawatts of fuel cells annually, adding that it expects to continue expanding that capacity over time.

Hunterbrook's report, published Wednesday under the title Bloom's Big Lie, argued that Bloom's public messaging about its supply chain conflicts with trade data and supplier relationships. According to the investigation, multiple international trade routes appear to connect Bloom's supply chain to Chinese sources of scandium despite repeated statements from CEO K.R. Sridhar that the company has "no China supply chain."

Hunterbrook said its research relied on global shipping records, corporate filings and satellite imagery. The report also cited a representative from Chinese producer Hunan Oriental Scandium who allegedly identified Bloom as one of its largest customers.

The report further argued that Bloom's long-term manufacturing targets face a fundamental resource constraint. Hunterbrook estimated that producing five gigawatts of fuel cells annually would require roughly 220 tons of scandium oxide each year, nearly the entire projected global supply of approximately 240 tons, raising questions about whether the company's expansion plans are feasible.

Hunterbrook also challenged Bloom's reported order backlog. The firm argued that while Bloom has discussed an approximately $20 billion backlog, audited contractual performance obligations are substantially smaller, at roughly $492 million, suggesting investors may be overstating the visibility of future revenue.

The report helped send Bloom shares down roughly 6% on Wednesday. Bloom's Thursday response marks its formal rebuttal to the allegations, with the company maintaining that its audited financial statements, supply chain and access to scandium fully support its current operations and future growth plans.

Recall, back in 2019 now-defunct short seller Hindenburg Research also took on Bloom, highlighting "trick accounting", claiming "Bloom’s technology is not sustainable, clean, green, or remotely profitable" and raising a question to the company about how important the price and supply of scandium was to the company's supply chain. 

Tyler Durden Thu, 07/09/2026 - 09:40

Palm Beach International Airport in Florida was formally rechristened President Donald J. Trump International Airport Thursday morning — with the commander in chief’s own Boeing 757 making the first landing. The 89-year-old hub, located five miles west of Trump’s Mar-a-Lago resort, was renamed via legislation passed in February by the Republican-controlled Florida legislature and signed...

The 33-year-old rapper's most recent public relationship was an on-again, off-again romance with another athlete -- NFL player Stefon Diggs.

The 33-year-old rapper's most recent public relationship was an on-again, off-again romance with another athlete -- NFL player Stefon Diggs.

Surveillance cameras captured multiple suspects shoving the victim to the ground, then repeatedly punching and kicking him.

"We're playing human beings and human beings aren't perfect."

United States men's soccer is in complete disarray as alumni are now at each other's throats over their star's unceremonious exit from the World Cup.

Stars like Katie Holmes and Julia Roberts wear the brand on repeat.

Stars like Katie Holmes and Julia Roberts wear the brand on repeat.

Porsche Sales Tumble To Weakest In Six Years As Chinese Demand Plummets

Days after Germany's top financial newspaper, Handelsblatt, reported that Porsche AG is planning more than 4,000 job cuts, the sports-car maker on Thursday revealed first-half sales figures that were the weakest in six years, with its China business falling off a cliff.

For the January to June period, Porsche reported 122,306 vehicle deliveries across global markets, a 16% decline from the same period a year earlier.

The first-half slump marked Porsche's weakest sales performance since 2020, with its top market, North America, seeing a 13% decline in vehicle sales, while China suffered an outright 32% decline.

Softening luxury demand in the West and China's deepening slowdown are increasingly concerning for the high-end automaker.

"With around 122,000 customer deliveries in the first half of 2026, we are below the same period last year but in line with our expectations," Matthias Becker, Member of the Executive Board for Sales and Marketing at Porsche AG, wrote in a statement.

Porsche blamed the slowdown in North America on several issues:

Among the sales regions, North America remains at the top with 37,712 deliveries. The decline of around 13 per cent can be attributed, among other factors, to the expiration of tax incentives for electric and hybrid vehicles as well as the end of production of the combustion-engined 718.

Dismal delivery figures follow a report by Handelsblatt that said Porsche was considering eliminating as many as 4,000.

Porsche's profit eroded further in the first quarter as the automaker faced mounting pressure from tariffs, geopolitical turmoil, and gaps in its model lineup. The emergence of Chinese EV giants like BYD and Chery in Europe has been a troubling development not just for Porsche but other legacy EU automakers.

Porsche is part of the Volkswagen Group, where the VW CEO recently warned that more than 100,000 jobs could be eliminated as part of a massive overhaul.

Tyler Durden Thu, 07/09/2026 - 09:20

Feeling sick as soon as you relax? A doctor explains the science behind this phenomenon, why it may happen after prolonged stress and how to lower your risk on vacation.

No damages or injuries were reported, police said.

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