What will shifting politics mean for economics?

• Joint military exercises scheduled next month between the Philippines and the U.S. will be the last for the longtime allies, as President Rodrigo Duterte seeks to build stronger trade and investment ties with China and Russia.
• Meanwhile, the U.S. military is deploying some 600 additional troops to Iraq as part of a campaign to retake Mosul from Islamic State, raising the number of U.S. troops on the ground to about 5,000.
• ETFs: EPHE