1. G20 in Hamburg: Trump meets Putin, G19 moves ahead with climate goals, and protests condemning capitalism.
President Donald Trump and President Vladimir Putin met for the first time since the 2016 election. Trump pressed Putin in regards to Russian interference in the 2016 election in which Trump was victorious, but Putin denied any involvement.
The meeting between the two presidents, who were joined by Tillerson and Lavrov, lasted twice as long as expected.
The 19 members agreed on Saturday to move ahead with the climate goals outlined in the Paris Agreement, despite the United State’s involvement, declaring it “irreversible.” The members signed off on a detailed policy blueprint which outlined how the countries could reach their goal.
Protests continued every night of the summit. A lot of violence forced heavy police intervention.
2. North Korea tests Inter-Continental Ballistic Missiles (ICBM).
Following the missile testing on Wednesday, North Korea dubbed the testing a “4th of July gift package” for the U.S.
This has been seen as a direct threat, as it’s believed that the tested missiles may be capable of reaching Hawaii and Alaska.
3. The Iraqi government declares victory over Mosul against ISIS.
The Iraqi prime minister, Haider al-Abadi, arrived in Mosul to mark the formal end to the battle which began in October last year.
Millions have been displaced as a consequence of the battle and thousands of people have died.
While the broader fight yet continues, Iraq can enjoy this victory. However, the country faces a major battle in restoring the city after its near destruction at the hands of ISIS.
4. Despite a few states managing to pass a budget this week, five states are still left without a budget.
Republicans joined Democrats in Illinois to override Governor Bruce Rauner’s veto of the spending plan, allowing for the end of the longest state budget impasse in American history.
Legislatures from Connecticut, Massachusetts, Oregon, Rhode Island, and Wisconsin have yet to pass a budget for the new fiscal year that began July 1st.
5. The United States adds 222,000 jobs in the month of June.
Despite the impressive job growth, wage growth was only modest.
Certainly, the job growth is good news for the president who had not seen a major growth in jobs, despite his campaign promises in what has been dubbed the “Trump Bump.”
Weekly Market Recap
The market is faring well as stocks are up across the board, albeit by only small margins. The shortened holiday week saw minimal turbulence despite the job report having been released on Friday due to the heightened caution caused by G20 and geopolitical uncertainties.
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This week's read is a beautifully written review of Sir. Roger Scruton's latest book.