Macronomics

In June, construction industry saw largest increase in layoff announcements per ChallengerGray ... hasn't seen a spike that large since September 2007

Boom in active bond ETFs could put total inflows on track for $1tn year - FT

GERMANY MAY FACTORY ORDERS FALL 1.6% M/M; EST. +0.5% - BBG *GERMANY MAY FACTORY ORDERS FALL 8.6% Y/Y; EST. -6.1%

'The 3-month rolling correlation between SPX returns and the number of advancers is at an all-time low. The only period remotely resembling what we're seeing now came in 3Q of 2000.'