- Etheruem has been a big loser on the day, down around 3%
- Wall Street Journal: “Trump Is Shifting to Dealmaking Mode on China”
- ICYMI – Trump says he will not fire Fed Chair Powell – “I don’t think that’s necessary”
- U.S. new home supply hits 9.8-months — a rare level with recession risk
- Country Garden eases debt talks by meeting key bank demands
- Asia military clash continues. 100000 displaced, emergency Security Council meeting called
- USD/JPY has continued its rally, above 147.40 now
- Intel warns it could exit advanced chip manufacturing
- Yuan rally faces doubts as analysts expect renewed weakness
- PBOC sets USD/ CNY reference rate for today at 7.1419 (vs. estimate at 7.1609)
- Firms adopting AI outperform on earnings and stock returns, says Morgan Stanley
- Recap – Tokyo inflation > BoJ target – reinforcing hike expectations late 2025/early 2026
- Trump says Australia has agreed to accept US beef
- Japan’s June Services PPI +3.2% y/y, matching expectations of +3.2%
- Swiss franc finds breathing room—but for how long?
- Tokyo headline July CPI 2.9% (vs. 3% expected)
- Leadership uncertainty at the Fed weighs on dollar, says BofA
- UK consumer confidence slips, GfK says households bracing for tougher times ahead
- The latest penny meme stock going crazy: 3 bn shares traded, 15% of exchange volume
- Former Feds Warsh says he’d support a rate cut if he was still at the Fed
- Trump-linked fund manager sues Fed over secrecy, while pushing its own political agenda
- The response to Intel’s earnings is lukewarm: “revenue impresses but losses pile up”
- Nvidia AI chip repair business booms in China despite U.S. ban
- Goldman Sachs expects Apple to top earnings and revenue estimates
- Investinglive Americas FX news wrap 24 Jul; ECB kept rates unchanged
- How to start investing in the stock market?
- Trump says he spoke with Powell about interest rates, there was “no tension”
- U.S. Treasury’s Bessent says U.S. in pretty good place with China on trade
- Major US indices close mixed. Dow lower. S&P near unchanged. NASDAQ marginally higher.
- Trump is in da house! (He is touring the Fed renovation project, walking with Powell)
President Trump and Fed Chair Powell toured the Federal Reserve’s construction site on Thursday. As expected, Trump handled the media spotlight with ease, while Powell appeared notably less comfortable. Trump later dismissed speculation he might remove Powell from his post, saying:
- “To do that is a big move, and I don’t think that’s necessary.”
Beyond this, there were no major headlines to drive markets, though we did get a few notable data points.
UK GfK Consumer Sentiment:
- British households remain cautious, with a marked tilt toward saving. The GfK savings index surged 7 points to +34, its highest level since late 2007, suggesting rising consumer concern heading into the second half of the year.
Japan – Tokyo CPI (July):
Inflation in the Tokyo area held firm, with all three key measures remaining well above the Bank of Japan’s 2% target:
-
Headline CPI: +2.9% y/y (exp. 3.0%, prior 3.1%)
-
Core CPI (ex-fresh food): +2.9% y/y (exp. 3.0%, prior 3.1%)
-
Core-core CPI (ex-fresh food & energy): +3.1% y/y (unchanged)
This data feeds into the BOJ’s July 30–31 policy meeting, where it is expected to revise up its inflation forecasts. Rates are still forecast to remain on hold, with the next potential hike seen late this year or in early 2026.
Corporate – Intel Q2 Earnings:
- Intel’s Q2 results drew lukewarm analyst responses. Revenue came in ahead of estimates, but EPS missed. CEO Lip-Bu Tan issued a stark warning, saying the company could exit advanced chip manufacturing within four years if it fails to secure major foundry clients. Structural challenges persist.
FX Market:
The U.S. dollar saw mild gains, with USD/JPY and USD/CHF among the better performers. The narrative around near-term USD weakness on potential Fed leadership changes continues to fade, especially after Trump’s Powell remarks. USD/JPY traded back above 147.40 late in the session.
Asia-Pac
stocks:
- Hong
Kong (Hang Seng) -1% - Japan
(Nikkei 225) -0.75 - Shanghai
Composite -0.35%
—
USD/JPY rose but as drifted back as I post:
This article was written by Eamonn Sheridan at investinglive.com.