Market news
Crypto, stocks, forex and macro, aggregated for traders.
US seen cutting Canadian auto tariff to 15% in possible deal
Washington is poised to reduce the tariff on Canadian autos to 15% from 25% under a trade deal, though an agreement is not final, Bloomberg sources say.
Silver Surges Past $66 as Falling US Yields Boost XAG/USD
Silver rose more than 5% on Wednesday, with XAG/USD reaching $66.68 as US Treasury yields declined and the Treasury moved to cap long-end borrowing costs.
US Total Debt Crosses $40 Trillion for First Time
Total US debt has officially reached $40 trillion for the first time, equivalent to about $119,699 per American.
Cass Freight Index Falls 4.8% YoY, Matching 2020 Low
The Cass Freight Index dropped 4.8% year-over-year in July to 0.96, tying its lowest level since the 2020 pandemic and extending the longest monthly decline streak on record.
Dollar Hits Three-Month Low as Bitcoin Rallies After Trump Crypto Push
The U.S. dollar dropped to its lowest level in three months while Bitcoin reached its highest since March after President Trump pressed Congress to pass crypto legislation and hosted industry executives at the White House. Chipmakers lagged the broader market.
Treasury Buyback Plans Lift Stocks as 30-Year Yield Drops
US equities rebounded after the Treasury said it would at least double liquidity-support buybacks of longer-dated debt, helping push the 30-year yield down 10 basis points to 5.19%.
Fed July Minutes: Key Passage Near End on Balance-Sheet Shrinking
The Federal Reserve’s July meeting minutes arrived Wednesday, with the most important wording placed in a late paragraph that many readers may skip.
US Public Debt Outstanding Tops $40 Trillion for First Time
Total U.S. public debt outstanding surpassed $40 trillion for the first time on Tuesday, according to Treasury figures, after doubling since 2017.
Treasury Support and Falling Yields Fuel Bullish Precious Metals Sentiment
Stronger official signals of support for the U.S. bond market, falling yields, a weaker dollar, renewed ETF inflows and central-bank buying are lifting bullish sentiment across precious metals.
Gold Surges 3.6% Toward $4,500 as US Treasury Doubles Long-Dated Buybacks
Gold rallied 3.6% toward $4,500 after the US Treasury doubled long-dated bond buybacks to at least $4 billion per operation, pushing 30-year yields lower and weakening the dollar.
US Military Coordinates Tanker Moves With Gulf Partners as Fighters Shield Ships
U.S. forces are coordinating tanker movements with Gulf partners while fighter jets protect vessels from Iranian drones and cruise missiles, Axios reports.
US Opens Protected Shipping Corridor in Strait of Hormuz
U.S. forces are reportedly moving nearly 10 million barrels of oil per day through a protected corridor in the southern Strait of Hormuz, with 15–20 tankers transiting nightly.
US-Canada Trade Deal Seen Cutting Steel and Aluminum Tariffs to 25%
A source familiar with the talks said the expected U.S.-Canada trade deal would lower U.S. tariffs on Canadian steel and aluminum to 25%, with quota arrangements, and cut tariffs on Canadian autos to 15%.
US Ground Beef Hits Record $7.10 per Pound as Prices Jump 9% YoY
Average US ground beef prices rose 9% year over year in July to a record $7.10 per pound, while steak reached $13.10 per pound. Beef sales volumes slipped as consumers pulled back.
Iran Says No Blocked Funds Released, Proposes BRICS Financial Corridor
Iran’s central bank governor says blocked assets have not yet been released under the current agreement, while Tehran is pushing for a new BRICS financial corridor.
Fractile Chip Startup Said to Discuss $6.5B Valuation and $600M Raise
Chip startup Fractile is reportedly in talks for a $6.5 billion valuation and a $600 million capital raise, following a $220 million round three months earlier.
FOMC July Minutes Flag Elevated Inflation
The Federal Reserve's July FOMC minutes, released Wednesday, show officials saw inflation as still elevated.
FOMC Minutes Show Officials Flag Elevated Inflation
The Federal Reserve's July meeting minutes show policymakers viewed inflation as still elevated based on information available at the time.
US Steel and Aluminum Stocks Drop on Report of Halved Canada Tariffs
US steel and aluminum producers fell after a report that Washington may halve tariffs on Canadian steel and aluminum, with Nucor and Steel Dynamics down 6.2% each.
FOMC Minutes Show Policymakers See Inflation as Elevated
The Federal Reserve's July meeting minutes indicate officials viewed inflation as still elevated, keeping a cautious policy tone.
US Forces Redirect 65 Commercial Vessels in Iran Blockade Enforcement
U.S. Central Command says U.S. forces have redirected 65 commercial vessels, disabled three and boarded two as of August 19 while enforcing the blockade against Iran.
US Treasury Forced Into Shorter-Term, Higher-Cost Debt as Yields Surge
Washington is replacing longer-dated, lower-cost borrowing with shorter-term, more expensive debt as long-end rates climb, according to The Kobeissi Letter.
Netanyahu: Israel Acted After Turkey Sought Aleppo Airfield Presence
Israeli Prime Minister Netanyahu said Israel warned Turkey against establishing itself at an airfield near Aleppo, then took stronger action when the message was ignored.
US and Canada Near Deal to Lower Steel and Aluminum Tariffs
A tentative agreement would cut US tariffs on certain Canadian steel and aluminum imports from 50% to 25%, with talks still ongoing.