Meet J.D. Vance, Trump’s VP pick - see reports below
Donald Trump has rewritten his keynote speech for the Republican National Convention this week as he changes his election strategy to focus on a message of national unity after an attempt on his life
FED speak and pricing : Powell said recent data has boosted confidence that inflation is heading toward the Fed’s 2% goal >>> markets have fully priced in two 25-bp reductions for 2024, with implied odds of a third reaching about 60%
Since the Presidential debate, US 30-year Treasuries are 10bps wider, and higher in yield. That's with softer economic data driving 2s thirty basis points lower in yield, pricing in rate cuts (bull steepening)
A company sued a bank arguing that because Covid ICO loans were 80% ICO-guaranteed, they were under the impression that they only had to repay 20%, and he company won the case !
China’s carbon dioxide emissions are on track for a first annual decline since 2016, a signal the world’s top polluter may have already peaked its output of greenhouse gases. "Xi Jinping’s long quest for technology-driven “high-quality growth” is actually starting to pay off."/BBG
Google and Microsoft now each consume more power than some fairly big countries
BlackRock assets under management hit all-time high of $10.6tn
Precious metals going about their business and pushing higher
Markets : coincidence or not, SPX500 gave up a little bit of ground when Vance was announced yesterday, long-end on the move, USDollar a must follow clearly if Trump was to follow up on 'pushing USD down is good for exports' etc. A lot of rate cuts priced in with FED too, so markets 'may struggle' going into earnings, which really kick-off next week
Venture capitalist, embraced populist politics garnered national attention, #Rumble where he owns a 20% stake went up 20% yesterday, Trump Media jumped 30% or so too, he often talkied about being open to 'devalue' the USD to increase exports, a fan of PLTR too, and eliminating EV tax credits etc, a choice that will divide many folks and business community, and raise alarm bells among more traditional Republicans on Wall Street who are worried Donald Trump's vice-presidential pick could shape the party platform for years to come
Top EU leaders will boycott meetings hosted by Hungary's Orbán after his outreach to Russia, China (msn.com)
The Fed shouldn't cut rates at all this year as the US is poised for a 2nd half rebound, macro strategist says (msn.com) >>> the other view
Top Polluter China’s Shrinking Emissions Put Carbon Peak in Play - Bloomberg >>> China went through this to be less dependent on oil and gas from overseas, brought energy prices costs lower , helped by also hydro power
Michael Pettis on X: "1/6 Bloomberg: "Xi Jinping’s long quest for technology-driven “high-quality growth” is actually starting to pay off." Good article on the success of China's technology push, but very confused about the impact on rebalancing demand. https://t.co/Gw0CGkaDKc" / X
Venezuela is experiencing days of turmoil over the prospect of political change | International | EL PAÍS English (elpais.com)
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