Market news
Crypto, stocks, forex and macro, aggregated for traders.
Trump to Meet Zelenskyy at NATO Summit as US Pushes for 5% Defense Spending
President Trump will meet Ukrainian President Zelenskyy at the NATO summit in Turkey as allies seek renewed efforts to end the Russia-Ukraine war, while the US pushes for a 5% GDP defense spending target.
Oil Eases as OPEC+ Boosts Supply; Focus Shifts to Earnings
Oil edged lower after OPEC+ agreed to a modest output increase for August, while market attention turns to Q2 earnings and the AI rally. Traders have dialed back expectations of a near-term Fed rate hike following softer US jobs data.
June Jobs Report at 57K Disappoints, Wall Street Turns Bearish
The June jobs report came in at a disappointing 57,000, far below expectations, prompting a bearish outlook on Wall Street during a shortened holiday trading week.
Japan May Join Iran's Post-War Reconstruction, Experts Urge Energy Diversification
Japan could participate in rebuilding Iran after conflict, as experts call for diversifying energy supplies. Iran cites historic ties, while analysts say Tehran aims to strain Japan-U.S. relations.
US Stock Market Reaches Record $81 Trillion, Now 48% of Global Market Cap
US stock market capitalization hit a record ~$81 trillion, accounting for ~48% of global market cap. It is now larger than the next 18 stock markets combined and twice as large as China, Japan, Hong Kong, and Taiwan combined.
Alibaba Wins Temporary Relief From US Lobbying Ban as Judge Pauses Pentagon Restrictions
A federal judge has temporarily blocked a Pentagon-imposed ban on Alibaba's lobbying access, granting the company continued federal lobbying privileges while a constitutional challenge proceeds.
OPEC+ Hikes August Output by 188,000 bpd Despite Oil Price Slump
OPEC+ agreed to increase August oil output by 188,000 barrels per day, the fifth consecutive monthly hike, despite a sharp drop in oil prices. The group retains flexibility to adjust production based on market conditions.
Seven OPEC Countries Agree to 188K Bpd Production Adjustment, Next Meeting Aug 2
OPEC nations including Saudi Arabia and Russia will adjust output by 188,000 barrels per day, reaffirming their commitment to market stability. The next meeting is scheduled for August 2.
US Tech Funds Attract Second-Largest Weekly Inflows on Record
Technology funds pulled in $14.3 billion in the week ending July 1, marking the second-highest weekly inflow ever. Meanwhile, US equity funds saw $17.2 billion in outflows, the largest weekly withdrawal since March, signaling a sharp rotation into tech.
Kobeissi Letter Publishes Weekly Chart for July 6
The Kobeissi Letter has released its weekly edition and Chart of the Week for the week of July 6th, available via the provided links.
North Korea Tests 12 Long-Range Cruise Missiles from New Destroyer
North Korea fired 12 long-range, nuclear-capable cruise missiles in quick succession from its new Choe Hyon-class guided-missile destroyer, marking the first launch from this vessel.
Germany: Ukraine No Longer Needs Taurus Missiles, Own Drones Striking Russian Targets
German Defence Minister Pistorius said Ukraine no longer requires Taurus cruise missiles because its own drones are successfully striking Russian oil refineries and military logistics deep inside Russia.
Macron to Visit Damascus, First Western Leader in Post-Assad Syria
French President Emmanuel Macron plans to visit Damascus soon, becoming the first Western head of state to visit Syria since the fall of the Assad regime. He will lead a delegation of investors and companies, signaling France's interest in Syria's reconstruction.
Egypt's Sisi Vows to Prevent Future Institutional Sieges
President Sisi has declared that Egypt’s parliament, cabinet, and defense ministry will never again be vulnerable to threats, and that institutional sieges will not be repeated.
Egypt's Sisi Cites Past Sieges to Justify Relocation to New Capital
President Abdel Fattah el-Sisi invoked previous attacks on state buildings to defend moving all government institutions to a new administrative capital outside Cairo.
Netanyahu Cabinet Votes to Defy High Court in Broadcast Regulator Dispute
Israel's cabinet unanimously voted to disregard a High Court order to keep the broadcast regulator operational, in an unprecedented challenge to judicial authority.
0DTE Options Surge to Record 48% of Retail Volume, Over 30% of Total US Options
0DTE options now account for a record 48% of retail options volume, more than tripling in five years. In May they made up 30% of total US options volume, pushing the average option expiry to under three days.
US Prime-Age Labor Participation Rate Posts Record Drop in June
The US labor force participation rate for 25- to 54-year-olds fell 0.6 percentage points in June—the second-largest monthly decline on record. The overall participation rate has now dropped for seven consecutive months to 61.5%, the lowest since February 2021.
AI CapEx of Big Tech to Surpass US Defense Spending by 2027
Combined AI capital expenditure by Alphabet, Amazon, Meta, Microsoft, and Oracle is projected to reach 3.2% of US GDP in 2027, overtaking the 2.7% of GDP allocated to national defense.
Berkshire Hathaway to Acquire Taylor Morrison in $6.8B Cash Deal
Berkshire Hathaway has agreed to acquire homebuilder Taylor Morrison for approximately $6.8 billion in cash, a move that could stimulate the US housing market amid Chinese investors retreating from America.
Greater Bay Area Strengthens Innovation Hub Status with Regional Integration
The Greater Bay Area, comprising Guangdong, Hong Kong, and Macao, is leveraging complementary strengths to boost technological innovation, reinforcing its position as a top innovation hub in China, according to Xinhua.
Key Macro Events This Week: PMI, ADP, Fed Minutes, Jobs & Housing Data
This week features June S&P Global Services PMI, ADP employment, Fed meeting minutes, jobless claims, existing home sales, and the IEA monthly report. Earnings season is one week away.
Russia Designates Digital Ministry as Sole AI Regulator
The Russian Ministry of Digital Development will become the single regulator for artificial intelligence under a draft government decree, taking over policy formation, technology coordination, and mandatory requirements for AI systems.
US Margin Debt Nears Dot-Com Era Peak, Warning for Markets
US margin debt has climbed to $1.4 trillion, equivalent to 6.2% of M2 money supply, just below the 6.3% record set during the Dot-Com bubble. Past peaks at similar levels in 2000, 2007, and 2021 preceded major stock market corrections.