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[The Hormuz Letter @HormuzLetter]

BREAKING: The US has begun major strikes on Iranian infrastructure, hitting the Bandar Khamir overpass bridge connecting Bandar Abbas to Lar, the Gariveh Bridge, a third bridge in Hormozgan Province, and a major railway station west of Bandar Abbas connecting to the Shahid Rajaei port, a key freight hub linking Iran’s largest commercial port to the country’s national rail network. The Bandar Khamir overpass was struck while cars were on it, killing at least 1 with several injured. The Gariveh Bridge strike killed 2 and injured 4.

Additional US strikes have hit a telecommunications tower in Bandar Abbas causing damage to nearby residential buildings and civilian casualties, and a civilian airport in Iranshahr in southeastern Iran.

This directly triggers Iran's IRGC warning today that if the US strikes Iranian infrastructure, Iran will "destroy every last piece of infrastructure in the entire region as if it had never existed," and the Houthis warning of closing the Bab al-Mandab Strait.

[zerohedge @zerohedge]

Goldman - "As of July 13, a total of over 1.2 million leveraged retail accounts across the Korean market triggered margin calls. Approximately 320,000–360,000 accounts were fully liquidated by brokers. South Korea has an adult population (aged 15–64) of 35.7 million people… i.e. 1 in 30 (3.4%) adults got margin called."

[The Hormuz Report @HormuzReport]

BREAKING: The UAE has reportedly entered the war against Iran directly, launching Yabhon Loitering kamikaze drone at Bandar Abbas in its first known use of the weapon in the conflict, per Iranian media.

A major Iranian escalation is now increasingly likely. Iran's IRGC has specifically threatened to strike the UAE's Fujairah energy corridor before.

Today's footage over Iran's Bandar Abbas:

[Liz Thomas @LizThomasStrat]

The minutes of Warsh's first Fed meeting scores as the most hawkish since April 2022.

[Evan @StockMKTNewz]

The United States 🇺🇸, Japan 🇯🇵, and South Korea 🇰🇷 just signed a new pact around working together to accelerate

Small Modular Nuclear Reactor Development

[Rory Johnston @Rory_Johnston]

The post-MOU flow of oil exiting the Strait of Hormuz has been impressive.

But it's already pulling back from its late-June highs—and you have to ask how much Tehran is going to continue to tolerate now that Washington just cancelled Iran's sanctions waiver:

[Cameron Murray @DrCameronMurray]

Source
https://t.co/4H4XOhEcow

[Parnell Palme McGuinness @parnellpalme]

My column: The government has just shredded young Australians’ chance to get ahead. And is hoping they’ll vote for it out of blind anger. https://t.co/GXQGS9ZlCk

[Giuliano @Giuliano_Mana]

I think about this every single day.

What happened in Singapore should be mandatory study in schools.
It's the single greatest wealth creation in the history of capitalism.

Why Lee Kuan Yew was an absolute genius🧵

[Tarric Brooker aka Avid Commentator 🇦🇺 @AvidCommentator]

This is insane.

Become a foreign tax resident for even "one day", lose all the cumulative benefits of years of indexation for capital gains purposes.

h/t @Aussie_Truth25

Source: PWC
https://t.co/lnexmIRGYD

[Global Markets Investor @GlobalMktObserv]

⚠️Investors in South Korea use MORE LEVERAGE than ever:

Margin loans in South Korea surged to a record ~$24.7 billion (38 trillion won) on May 29, up +39% from ~$17.8 billion (27.3 trillion won) at end-2025.

Margin debt in South Korea has more than DOUBLED over the last 12 months.

This figure likely understates the full picture, as many stock-backed loans are recorded under different categories or extended by smaller lenders outside the official reporting scope.

Moreover, margin loans carry annual interest rates of 7% to 9%, meaning if stock prices fall, brokerages can forcibly liquidate positions to recover their loans, setting the stage for a rapid and self-reinforcing selloff.

Leverage this extreme can turn a market correction into a margin call cascade. And it looks like it already happened on Friday and Monday.

[Lukas Ekwueme @ekwufinance]

Oil importers are dumping US Treasuries to buy oil

In March, they dumped $60B with oil averaging ~ $90.

How much will they dump when inventories run low and oil surges?

[Rosanna Prestia, MBA @RosannaInvests]

🚨 The “blowout” jobs report that just killed your rate cut? Misleading.

It was bartenders. 🍺

70K hospitality hires for the World Cup -> 5x normal. Wall Street saw a hot economy. It was a soccer tournament.

Back out the one-off and there’s NO blowout -> just trend. Yes, there’s a soccer tournament sitting on top of a trend-line economy. 🤯

Look under the hood. 🧵

[The Kobeissi Letter @KobeissiLetter]

BREAKING: Iran’s President Pezeshkian has submitted an official letter of resignation to the Office of the Supreme Leader, per Iran International.

In the letter, Pezeshkian stressed that the president and the government have effectively been excluded from major decision-making processes in the country and the IRGC has taken control of affairs.

Pezeshkian added that under such circumstances he is unable to run the government and carry out his legal responsibilities, and for that reason has requested to step down immediately.

It is not yet clear whether Supreme Leader Khamenei will accept the president's resignation.

[Tobias Carlisle @Greenbackd]

This is one of the most important macro charts for understanding why financial assets have remained strong despite persistent concerns about deficits, debt, and weak household balance sheets.

Because national accounting identities must balance, when one sector (government/households/foreign trade) runs a deficit, another must run a surplus (corporates).

[Tarric Brooker aka Avid Commentator 🇦🇺 @AvidCommentator]

I'm not buying this Labor is all about helping young people narrative.

Rental growth is 6.8% nationally (SQM) and vacancy rates remain collapsed.

We have the highest home building rate of major Anglosphere nations, yet we still have an acute rental crisis.

Young people are battling just to secure a roof over their heads and even the National Housing Supply and Affordability Council (a federal government organisation) knows this is crushing household formation rates.

While I do believe that there are elements of Labor who do genuinely want to fix things and were likely the driving force behind the changes targeting property investment on existing homes, the reality is what we are seeing is at best giving with one hand and taking with the other.

Ultimately, the reality is the government cant even be honest with renters why they must continue to suffer, instead allowing the government to be insulated by the propagation of myths and outright lies.

History will not be kind.

[Rohit @ai_rohitt]

INSTEAD OF WATCHING AN HOUR OF NETFLIX TONIGHT.

This 1 hour Stanford lecture by Joel Peterson will teach you more about negotiation and getting what you want than most people learn in years.

Bookmark it and give it an hour, no matter what.

[Tracy Shuchart (𝒞𝒽𝒾 ) @chigrl]

she would be correct >

Fed’s Logan Warns US Oil Production Won’t Fill Global Supply Gap

Federal Reserve Bank of Dallas President Lorie Logan sounded a warning signal that the world’s supply of oil and natural gas may start to dwindle if shipping through the Strait of Hormuz doesn’t return to normal soon.

Logan, whose district includes the Permian Basin — the world’s largest shale-oil field — said US production won’t be able to fill the gap in global oil supplies driven by the war in Iran. Capital, labor and other input constrains — combined with the physical limitations to piping natural gas out of West Texas fields — mean consumers may face a new reality where critical sources of fuel are not as widely available, Logan said Wednesday at a Bank of Japan conference in Tokyo.

About 10% of global oil supplies have been trapped in the Persian Gulf by the war. So far, Logan said, reserve drawdowns have helped fill the gap, but, she added, inventories are finite. (Bloomberg)

[Nick Sortor @nicksortor]

🚨 BREAKING: Vice President JD Vance has made an UNPLANNED RETURN to Washington, DC, and his motorcade is racing to the White House

President Trump has summoned his whole national security team to a meeting on Iran.

POTUS is also scheduled to hold a conference call at 1pm ET with the leaders of several Arab nations.

[John Kemp @JKempEnergy]

[CHARTBOOK] Strait of Hormuz closure and the oil shock of 2026 - slides for a presentation to the British Institute of Energy Economics: https://t.co/yL3UeeaHjW