This week's NATO summit in Madrid, Spain, grabbed headlines for its renewed focus on viewing Russia's wars in Ukraine and China as a threat. U.S. President Joe Biden said the developments showed that the U.S.-led military coalition was "moving toward a place that reflects the reality of the second quarter of the 21st century."

 A message of transatlantic solidarity against Putin's goals: Biden promises US and NATO will 'stick to Ukraine'. The global response to every crisis caused by Russia's invasion of Ukraine suggests that Russian President Vladimir Putin is "getting what he doesn't want," Biden cited Moscow's anger over Sweden and Finland's decision to join NATO. We are more united than ever. Add Finland and Sweden and we'll be stronger than ever. They all have strong armies, they all have. We will add 800 miles of NATO border-Russian border along Finland. Sweden goes all in.

Russia is feeling the effects: Biden, while pledging to "support Ukraine for as long as possible," said Ukraine's war had already taken its toll on Russia as it defaulted on its foreign debt for the first time in a century. "They paid a very, very heavy price for it.

Inflation is a global problem, and Russia is to blame: Biden also addressed rising natural gas prices and food shortages around the world, especially in the U.S. mainland, directly blaming Russia for its invasion of Ukraine. "Ultimately, the ultimate reason for the rise in gas prices is Russia, which has blocked Ukraine's Black Sea ports and won't allow grain exports from one of the world's main grain producing regions. The reason the food crisis exists is Russia.

While pledging to "support Ukraine as much as possible," U.S. President Joe Biden said the war in Ukraine had already taken its toll on Russia. "Look at the impact of the war on Ukraine on Russia. They had to turn their backs on the national debt from the start, almost 100+ years. They've lost 15 years of gains." Already successful in their economy. They're in a bind because I'm forced to deal with something that can be exported to Russia, in terms of technology. They're going to have trouble sustaining oil production because they don't have the technology to do that and their weapons systems and some military systems are in a similar situation,"

Biden also pointed to the work NATO has done to address rising gas and oil prices and food insecurity affecting different parts of the world due to Russia's war in Ukraine. We asked our team to look into the details of Russia's oil price cap to reduce Putin's income while not hurting Americans and other people at the gas station. We will seek to use funds from tariffs on Russian goods to help rebuild Ukraine. We have committed more than $4.5 billion—more than half of which has come from the United States to address food insecurity and the immediate crisis caused by the Russian war.

 Financial data and events to focus on today:

The Hong Kong Stock Exchange is closed for one day and northbound trading is closed; the Canadian stock market is closed for one day

21:45 US June Markit manufacturing PMI final value

22:00 US June ISM Manufacturing PMI

22:00 Monthly rate of US construction spending in May

The next day at 01:00 the total number of oil rigs in the United States for the week of July 1

The next day at 03:30, the US CFTC released the weekly position report