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  1. Asian Stocks Rise on Optimism for Fed Rate Cut: Markets Wrap

    (Bloomberg) — Asian equities rose, joining a global stock rally as bets the Federal Reserve will soon start cutting rates fuelled a rush into riskier corners of the market. Stocks in Japan and Australia climbed, while those in South Korea were steady after US shares advanced to fresh highs, pushing global stocks to a new peak. Gains in the US were marked by a rotation into smaller stocks, driven by risk-on appetite.

  2. BofA’s Moynihan Says Bank Is Investing More in Trading Arm

    (Bloomberg) — Bank of America Corp. is putting more money and balance-sheet resources behind its trading business, according to Chief Executive Officer Brian Moynihan. “You are seeing much more stability” in sales and trading, with back-to-back quarters of more than $1 billion in profit, Moynihan said in a Bloomberg Television interview Tuesday.

  3. China’s Central Bank Uses Hedge Fund Tactic to Tame Bond Bulls

    (Bloomberg) — China’s central bank is readying a bold new experiment in global monetary policy taking a leaf out of the hedge fund playbook and arranging to short sell bonds. As President Xi Jinping and his top Party colleagues prepared for this week’s once-in-five-year Third Plenum to chart the broad economic path ahead, Governor Pan Gongsheng’s People’s Bank of China.

  4. Fed’s Kugler Repeats Rate Cut Likely Appropriate Later This Year

    (Bloomberg) — Federal Reserve Governor Adriana Kugler said it would be appropriate to lower borrowing costs “later this year” if inflation continues to moderate alongside a cooling yet resilient labour market. Kugler emphasized the need to be data dependent, especially given the risks to inflation and employment have become much more balanced.

  5. S&P 500’s $18 Trillion Rally Is ‘Broadening Out’: Markets Wrap

    (Bloomberg) — Stocks hit all-time highs as bets the Federal Reserve will soon start cutting rates fuelled a rush into riskier corners of the market. Wall Street extended a pattern of money rotating into small caps and out of the mega cap “safety” since last week’s soft inflation data.

  6. Bond Traders Look Past Trump Trade to Bet Big on Fed Rate Cuts

    (Bloomberg) — It’s game on in the Treasuries futures and options markets where traders are piling into bets for earlier, deeper interest-rate cuts from the Federal Reserve. Traders are shifting their focus to the Fed’s policy moves now that the so-called Trump trade has set in.


  7. Nomura Reshuffles Asia Investment Bank Team, Cuts Jobs in Slump

    (Bloomberg) — Nomura Holdings Inc. is reshuffling its Asia investment-banking team and cutting jobs in an effort to reduce costs amid a deals slump in China and Hong Kong. Patrick Kwan, head of investment banking for Asia excluding Japan, is leaving the firm after more than two years in the role, according to an internal memo confirmed by a company spokesperson.

  8. UK inflation holds steady at Bank of England’s 2% target, above expectations

    U.K. inflation held steady at the Bank of England’s 2% target in June, Official National Statistics data showed Wednesday. The headline reading came in above analyst expectations at 1.9%, according to economists polled by Reuters. Services and core inflation were both in line with the previous month.

  9. Tesla Stock Will Surge 10-Fold on Robotaxi, Ark’s Wood Says

    (Bloomberg) — Tesla Inc.’s move into the more profitable autonomous taxi platform business will be a catalyst for a roughly 10-fold increase in its share price, according to Ark Investment Management LLC’s Cathie Wood. Describing the autonomous taxi ecosystem as an “$8 trillion to $10 trillion global revenue opportunity.

  10. Big Take: Trump on His Plan for Taxes, Tariffs, the Fed and More

    (Bloomberg Businessweek) — It’s late June, and Donald Trump is plotting his next presidency in the gilded offseason isolation of the Mar-a-Lago Club. The adoring club members may have decamped to cooler climates, but Trump is still in a good mood. Polls show a very tight race between him and President Joe Biden, but his fundraising is through the roof.

  11. Biden to Propose Supreme Court Reforms, Including Term Limits

    (Bloomberg) — President Joe Biden is planning to unveil proposals that could dramatically reshape the Supreme Court, including term limits on justices who now sit on the court for life, according to a person familiar with the deliberations. The effort represents a substantial shift for a president who has long resisted urging from many people in his party to support.

  12. IMF Warns of Higher Rates ‘Even Longer’ on Sticky Inflation

    (Bloomberg) — The International Monetary Fund warned that inflation in many major economies has been cooling slower than expected, flagging a potential risk to global growth from interest rates staying higher “for even longer.” The Washington-based lender, in an update to its flagship World Economic Outlook released Tuesday, zeroed in on stubborn services inflation.


  13. A Menendez Ouster from the Senate Could Set Off an NJ Scramble

    (Bloomberg Government) — Sen. Bob Menendez’s conviction on federal corruption charges Tuesday could shuffle the slim margins in both the Senate and House as fellow Democrats call on him to resign or face expulsion.

  14. Biden Pivots Back to Politics at NAACP After Trump Shooting

    (Bloomberg) — President Joe Biden said condemnation of the assassination attempt on Donald Trump should be joined by criticism of violence against Black Americans, rejection of political extremism and support for gun control, as he returned to the campaign trail in search of a path forward for his beleaguered campaign.

  15. ‘We Are Back’: Equity Trading Crushes Estimates for Big US Banks

    (Bloomberg) — Equities traders across Wall Street’s biggest banks pulled off a clean sweep of higher-than-expected quarterly gains by a startling margin. The 18% jump in combined revenue from helping clients bet on stocks was more than triple the increase analysts estimated.

  16. Charles Schwab Sinks After Vowing to Shrink Bank Over Time

    (Bloomberg) — Charles Schwab Corp. shares suffered their biggest intraday drop since the depths of last year’s regional-bank crisis after the investing giant warned it will have to shrink itself in order to protect profits. Going forward, Schwab is planning to rely more on off-balance sheet arrangements to house customers’ deposits.

  17. Morgan Stanley Traders, Bankers Top Estimates as Wealth Lags

    (Bloomberg) — Morgan Stanley’s traders joined the party across Wall Street in the second quarter even as the firm’s larger wealth business fell short of expectations. The bank’s trading business posted the biggest increase among its peers in the second quarter. Morgan Stanley, like its rivals Goldman Sachs Group Inc. and JPMorgan Chase & Co., beat expectations.

  18. Hedge Fund e360 Drops 25% as Commodities Traders’ Fortunes Swing

    (Bloomberg) — Hedge fund e360 Power suffered one of its worst-ever losses last month, joining a cohort of specialist commodities traders seeing a wild swing in their fortunes this year. The Texas-based firm plunged 25% in June, according to people with knowledge of the matter, who asked not to be identified discussing returns.

  19. Trump Media Taps Obscure SPAC-Friendly New Jersey Fund for Cash

    (Bloomberg) — A little-known New Jersey investment manager that focuses on financing micro-cap and small-cap companies has found its most high-profile deal: Donald Trump’s media startup. Yorkville Advisors, which operates out of Mountainside, about an hour’s drive from Wall Street, recently inked an agreement with Trump Media & Technology Group Corp.


  20. Cold Storage Firm Lineage Seeks Up to $3.85 Billion in IPO

    (Bloomberg) — Temperature-controlled storage and logistics giant Lineage Inc. is seeking to raise as much as $3.85 billion in its initial public offering. Novi, Michigan-based Lineage is offering 47 million shares for $70 to $82 each, according to a filing with the US Securities and Exchange Commission confirming an earlier Bloomberg News report.

  21. Copper Market’s Biggest Whale Fuels Speculation of a Major Shift

    (Bloomberg) — For months, as copper spiked to record levels and then fell back down again, one key question has bubbled up across the metals industry: What is China’s state grid operator up to? The world’s single biggest buyer of copper, State Grid Corp. of China, has slowed its purchases of copper wire this year, while at the same time ramping up purchases of aluminium.

  22. Ping An Insurance (2318 HK) shares fell after the insurer priced an offering of $3.5 billion in convertible bonds to fortify its capital position and support new initiatives.

    The insurer’s Hong Kong listed shares fell 5.4% on Tuesday, making the stock the top decliner in the Hang Seng Index. In China, Ping An’s A-shares closed 3.5% lower, extending 12-month losses to 15%.

  23. Rio Tinto shares fell 2.3% after the global miner warned that full-year copper output would be at the lower end of its guidance range.

    Mined copper output would be around 660,000 tons, at the bottom end of a range that goes up to 720,000 tons, it said. A disruption to operations at the Kennecott mine in Utah would crimp supply, said Rio, the world’s No. 2 miner by market capitalization. “We see good long-term value in Rio shares, although we are concerned about downside risk to iron ore prices,” Jefferies LLC analyst Christopher LaFemina said. “Growth in copper and higher prices for copper and aluminium should partially offset the negative impact of lower iron ore prices.”

  24. UnitedHealth shares jumped 6.5% after the health insurer reported second-quarter adjusted profits that topped estimates even as the firm saw medical costs that were higher than expected. RBC Capital Markets called the quarter results “noisy” but was pleased with the profit beat.

    SECOND QUARTER RESULTS: Revenue $98.86 billion, +6.4% y/y, estimate $98.95 billion. Adjusted EPS $6.80 vs. $6.14 y/y, estimate $6.60. Medical care ratio 85.1%. YEAR FORECAST: Still sees adjusted EPS $27.50 to $28.00, estimate $27.48. RBC Capital Markets, Ben Hendrix (outperform, PT $555): “We believe the added headwinds were well signalled by management and should serve as a clearing event for investors looking ahead to 2025.

  25. Dow futures are little changed after index posts best day since June 2023

    Dow futures are expected to rise on Wednesday after the 30-stock index posted its best day since June 2023. Futures tied to the Dow Jones Industrial Average gained 0.03%. S&P 500 futures inched lower by 0.21%, while Nasdaq 100 futures ticked down by 0.41%.


  26. Shopify shares are up 8.6% on Tuesday, after BofA upgraded the e-commerce platform to buy from neutral.

    “Following years of declining margin, we believe that the company has turned a corner on balanced growth and margin,” wrote analyst Brad Sills. The firm sees “solid revenue growth and FCF conversion from here,” lifted by steady market-share gains and disciplined expense spending. “Shopify appears well positioned to continue capturing share of the e-commerce market, while achieving better scale and FCF conversion to $82 from $78.

  27. ASML bookings surge as AI chip demand boosts purchases of its critical semiconductor tools

    ASML reported second-quarter earnings and sales that beat forecasts, as interest in artificial intelligence chips drives up demand for the Dutch firm’s critical semiconductor making equipment. ASML’s net bookings, or orders for its machinery, totaled 5.6 billion euros in the June quarter, rising more than 24% year-on-year. This is a key metric watched by the market.

  28. Gold prices extend gains to hit new record on Fed rate cut optimism

    Gold prices continued to notch new records Wednesday, lifted by increasing conviction that the Federal Reserve will cut interest rates in September. On Monday, Fed Chair Jerome Powell said the Fed won’t wait for inflation to reach the central bank’s 2% target before it begins cutting.

  29. Labor’s gains in London have private equity looking to exit the country

    The Labor Party won big in the UK earlier this month and takes charge of the country as a new Parliament starts on Wednesday. Keir Starmer, the incoming prime minister, has outlined aggressive changes to the private equity sector in his party’s campaign manifesto. The change in leadership comes at a time of economic uncertainty in the country.

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