Market news
Crypto, stocks, forex and macro, aggregated for traders.
Stocks-Bonds Correlation Hits Most Negative Since 1999
The 90-day correlation between the 10-year Treasury yield and the S&P 500 has fallen to -0.48, signaling rising yields are now weighing on equities.
Japan's June cash earnings rise 3.4% YoY, real wages up 1.6%
Japan's total cash earnings increased 3.4% year-on-year in June, matching expectations and accelerating from 3.2% in May, while inflation-adjusted real wages rose 1.6%.
Gold Slips Below $4,100 as Traders Weigh Fed Rate Path and US-Iran Talks
Gold price declines to near $4,070 in early Asian trading on Wednesday, with markets focused on Federal Reserve policy signals and US-Iran negotiations.
New Zealand Q2 Employment Beats Estimates, Unemployment Rate Rises to 5.6%
New Zealand's employment rose 0.5% q/q in Q2, surpassing the 0.1% forecast, but the unemployment rate climbed to 5.6%, above the 5.4% expectation, as participation increased to 70.7%.
Trump Claims Real Polls at All-Time High, Points to Tax Cuts and Jobs
Former President Trump states his internal polling numbers are the best they have ever been, citing historic tax cuts, employment, and foreign investment.
Bessent: Weak Yen, Energy Costs Drove Japan’s Inflation, Virtuous Cycle Ahead
U.S. Treasury Secretary Bessent attributed Japan's recent inflation uptick to a weak yen and elevated energy prices. He expects cooling energy costs and fading yen weakness to reduce inflation and spark a virtuous cycle for the economy and currency.
Booking Holdings Sees Resilient Demand, Attraction Tickets Grow Double-Digit
Booking Holdings' CFO reported double-digit growth in attraction tickets and a 4% rise in flight tickets year-over-year, despite Middle East pressures, and expressed confidence in summer booking trends.
Booking Holdings CFO Says Consumer Demand Resilient, Growth Across Regions
Booking Holdings CFO reports resilient consumer demand with modest shifts in travel behavior. Europe and Asia grew mid-single digits, while the US saw high single-digit growth, though long-haul pressure from the Middle East limited international room night gains.
Booking Holdings CEO: AI Referrals Small, But AI Cuts Service Costs
Booking Holdings’ CEO stated that AI-driven referrals remain a minor contributor to the business, while AI initiatives are cutting customer service costs per booking at a double-digit rate.
Anthropic and UK AISI Investigate Incident, No Evidence of Escape from Secure Environment
Anthropic says it is working closely with the UK's AI Safety Institute to gather details on an incident and has found no evidence of an escape from a secure environment.
Jay Clayton Sworn In as 9th U.S. Director of National Intelligence
Jay Clayton becomes the 9th U.S. Director of National Intelligence; Treasury Secretary Bessent hails his stewardship of national security.
U.S. Central Command Says Strait of Hormuz Remains Open
The U.S. military confirms the southern route through the Strait of Hormuz is free and open for all commercial vessels, with more than 1,000 ships assisted over the past three months despite Iranian aggression.
U.S. API Crude Inventories Build 2.7M Barrels, Surprising Markets
The American Petroleum Institute reported a 2.7 million barrel increase in U.S. crude stocks, against expectations for a 2 million barrel draw. Cushing inventories also rose sharply.
Booking Holdings CEO Reports Strong US Room Night Growth, Sees Asia as Key Opportunity
Booking Holdings’ CEO reported high single-digit growth in U.S. room nights driven by domestic demand, with direct channels contributing to higher engagement. He also identified Asia as one of the most attractive long-term opportunities in global travel.
Booking Holdings CEO Says Middle East Conflict Weighs on Travel Demand
Booking Holdings CEO flags that the Middle East conflict is pressuring long-haul international travel due to elevated airfares and reduced airline capacity, while domestic and intra-regional trips stay healthy.
Musk: SpaceX to Launch V3 Starlink Satellites on Next Starship, Build Exclusively on Nvidia
Elon Musk announced that SpaceX will deploy its first V3 Starlink satellites on the upcoming Starship flight and will exclusively use Nvidia hardware, projecting 2GW capacity by year-end and AI satellite launches next year.
FDA Authorizes Four New Nicotine Pouches, Citing Lower Harmful Chemicals
The FDA has authorized four new nicotine pouch products through the premarket tobacco application pathway, noting they contain lower levels of harmful chemicals than comparable oral tobacco products.
Oil Extends Slide on Strait of Hormuz Reopening Reports, Silver Rallies
Crude oil prices fell further on Tuesday following reports that an announcement on the reopening of the Strait of Hormuz could be imminent. Silver surged in contrast.
SpaceX Partners with Nvidia on Starmind AI-1 Orbital Payload
SpaceX and Nvidia are collaborating on the Starmind AI-1 payload, which will use Nvidia’s Rubin GPUs and Vera CPUs to bring data center-class compute into orbit, boosting satellite computing capacity to 250 kW.
S&P 500 Forward P/E Premium Hits 22%, Lowest Since 2020
The S&P 500's forward P/E premium over global equities has dropped to ~22%, the lowest since 2020, driven by robust US earnings growth far outpacing Europe.
LME Inventories Hit Five-Month Low as Shipments to China Drive Steep Backwardation
London Metal Exchange inventories fell to their lowest in five months amid shipments to China, pushing the cash-to-three-month spread to a $99.50/ton backwardation—the widest since January.
Copper Hits Mid-May High Above $14,000/Ton on US Import Surge Amid Tariff Wait
Copper prices in London topped $14,000 a metric ton, the highest since mid-May, as traders reacted to record U.S. imports of the metal. Over 200,000 tons arrived in July, the largest monthly volume in shipping data going back to 2014, ahead of an expected Trump tariff decision.
Analysts Warn Trump’s Dampened Threats Could Lead to Unpredictable Actions
Analysts caution that muting Trump’s threats may result in less predictability, especially if Republicans lose their congressional majorities and he shifts to more unilateral executive actions.
Trump Tariff Threats Increasingly Seen as Bluffs, Analysts Say
Officials and analysts believe President Trump's trade threats are often empty, citing retreats on China rare earths, Brazil tariffs, and Iran's Strait of Hormuz stance.