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  1. Asian Stocks Decline as Chip Selloff Gains Steam: Markets Wrap

    (Bloomberg) — Asian equities fell Thursday, following a selloff in technology stocks on concerns the US would impose tighter restrictions on chip sales to China. Stocks in Japan and South Korea dropped, with the TOPIX falling 1.2%, weighed down by a stronger yen and further fallout from heavy selling in chipmakers around the world.

  2. Asian Tech Selloff Deepens on Worry Over US Trade Restrictions

    (Bloomberg) — Asian technology stocks fell for a second day on concerns over tighter US curbs on semiconductor sales to China. Tokyo Electron Ltd. slid as much as 11% and was on course for its worst two-day loss since 2008. The Japanese chip-equipment maker was the biggest drag on the MSCI Asia Pacific Index, which fell as much as 0.8% Thursday.

  3. Former Fed Official Kaplan Sees Rate Cut Likely in September

    (Bloomberg) — The Federal Reserve is likely to reduce interest rates in September in light of recent progress on inflation, but the move isn’t likely to mark the beginning of a full-fledged rate-cut cycle, according to the former president of the Fed’s Dallas branch. “Its path for September is pretty clear,” Robert Kaplan, who left the Fed in October 2021 and is now vice.

  4. Xi to Map Out Vision for China’s Economy as Key Meeting Wraps Up

    (Bloomberg) — President Xi Jinping will unveil his long-term vision for China’s economy as he wraps up a twice-a-decade conclave on reform, days after unexpectedly weak growth figures piled pressure on Beijing to act urgently to reinvigorate domestic demand.

  5. Fed’s Beige Book Shows Slight Economic Growth, Cooling Inflation

    (Bloomberg) — The US economy grew at a slight pace heading into the third quarter, with a number of regions noting flat or declining activity, the Federal Reserve said in its Beige Book survey of regional business contacts. Employment also increased only slightly, according to the report Wednesday.

  6. BOJ Likely to Skip Rate Hike This Month, Former Official Says|

    (Bloomberg) — The Bank of Japan is unlikely to raise interest rates this month and will instead cut its bond buying a little more than expected to avoid any fuelling of yen weakness, according to a former executive director at the central bank. “I don’t think there’s a chance of a rate hike in July,” Hideo Hayakawa said in an interview Wednesday.


  7. Trump’s Anti-Inflation Plan Risks Spurring Even More Price Hikes

    (Bloomberg) — Speaker after speaker at the Republican National Convention this week has laid the blame for high inflation with the Biden administration. Virginia Governor Glenn Youngkin denounced “the silent thief of inflation unleashed by Joe Biden and Kamala Harris.

  8. Morgan Stanley Promotes Miles to Global M&A Head in Unit Revamp

    (Bloomberg) — Morgan Stanley has elevated a cadre of senior bankers in the first big revamp in its mergers and acquisitions business since Chief Executive Officer Ted Pick took the helm this year. The overhaul is intended to foster stronger integration between the capital markets and investment banking team.

  9. Biden’s Covid Case Delivers Latest Blow to Hard-Luck Campaign

    (Bloomberg) — President Joe Biden can’t catch a break. The president’s hopes of counter-programming the Republican National Convention were dashed Wednesday after he learned he had contracted Covid-19, forcing him to cancel an appearance before a key Latino advocacy group.

  10. Biden Campaign Co-Chair Warns Donors Drying Up, Semafor Says

    (Bloomberg) — Hollywood mogul Jeffrey Katzenberg, a co-chair of Joe Biden’s re-election campaign, told the president the patience of his donors is wearing thin, Semafor reported, citing people with knowledge of the matter. Biden met in Las Vegas Wednesday with Katzenberg and was warned that donors have all but stopped writing big checks.

  11. US Election Angst May Create Buying Opportunity for Korean Bonds

    (Bloomberg) — Heightened volatility stemming from the US elections later this year may provide a good opportunity to buy South Korea’s bonds, investors and analysts say. Political uncertainty surrounding the November vote could push up Korean yields, making short-term securities attractive due to the potential for local interest-rate cuts, according to Mirae Asset Global.

  12. Starmer Starts UK Reset with Europe as Trump and Vance Loom

    (Bloomberg) — Keir Starmer spent the UK election campaign promising to reset Britain’s relationship with Europe after years of soured relations since Brexit. Just two weeks into his tenure, he’ll be able to immerse himself in that endeavour as he hosts over 40 of the continent’s leaders at Winston Churchill’s ancestral home on Thursday.

  13. High-Flying Chipmakers See Worst Plunge Since 2020: Markets Wrap

    (Bloomberg) — The world’s largest technology companies got hammered as concern about tighter US restrictions on chip sales to China spurred a selloff in the industry that has led the bull market in stocks. From the US to Europe and Asia, chipmakers came under heavy pressure. American powerhouses Nvidia Corp., Advanced Micro Devices Inc. and Broadcom Inc. drove a closely.


  14. Gold Steadies Below Record as Traders Weigh Fed’s Rate Outlook

    (Bloomberg) — Gold held a small decline after hitting record high in the previous session, as investors booked in profits and traders considered their bets on Federal Reserve rate cuts. Bullion was steady in early Asia hours, after dipping on Wednesday from its new record amid signs that the rally had reached overextended levels.

  15. Yen spikes as spectre of intervention spooks investors

    Japan’s yen scaled a six-week high on Thursday, spurring speculation of an official push, while the dollar nursed broad losses as markets prepared for U.S. rate cuts in a few months. The euro, which scaled a four-month peak overnight, hovered near that level at $1.094 and sterling was steady at $1.3007, just below the one-year top it had made in overnight trade.

  16. Early Tesla Backer Debuts Funds Tied to Musk’s xAI, SpaceX

    (Bloomberg) — Ron Baron, an early backer of Tesla Inc., is deepening his embrace of Chief Executive Officer Elon Musk by setting up partnerships that would permit clients to invest in two of the billionaire’s private ventures. Baron Capital Management formed a pair of funds in recent months to invest solely in Musk’s xAI, the artificial intelligence startup that raised.

  17. RNC Day 3 Recap: JD Vance accepts nomination; Kai Trump, Peter Navarro deliver memorable moments

    The third day of the Republican National Convention focused on foreign policy and military issues, and featured the first speech that Sen. JD Vance of Ohio delivered as the running mate of former President Donald Trump. Vance’s speech portrayed Trump as “America’s last best hope to restore what if lost may never be found again.”

  18. Iger and Bay, LA Power Couple, to Buy Women’s Soccer Club

    (Bloomberg) — Willow Bay and her husband, Walt Disney Co. Chief Executive Officer Bob Iger, are taking over the Los Angeles women’s soccer team Angel City Football Club. Bay, dean of the University of Southern California’s journalism and communications school, will become the controlling owner in a deal that values the team at $250 million, the parties said in a statement.


  19. McKesson, Cencora and Cardinal Circle Florida Cancer Chain

    (Bloomberg) — Several publicly traded drug distributors are vying to buy Florida Cancer Specialists & Research Institute, a privately held operator of oncology clinics, people familiar with the matter said. McKesson Corp., Cencora Inc. and Cardinal Health Inc. are among firms that have offered to acquire the company.

  20. Settlement Speculation Pushes XRP to Front of Crypto Rally

    (Bloomberg) — A little-known cryptocurrency that is at the centre of a key legal fight for the industry is leading the latest rally in digital assets amid speculation that the company behind it may soon reach a settlement with US regulators.

  21. United Airlines profit jumps 23%, but third-quarter forecast disappoints amid industry overcapacity

    United Airlines grew its second-quarter profit thanks to strong travel demand, especially in international markets. United and Delta have been standouts in an airline industry awash in U.S. domestic capacity.

  22. Roche shares jumped 5.8% after its experimental weight loss pill showed meaningful weight reduction in an early-stage study among obesity patients, setting up the Swiss drugmaker as a challenger in the field.

    Patients who took the oral medication, CT-996, once a day for four weeks lost on average more than 7% of their starting weight, compared with a little over 1% weight loss in patients who received a placebo, the Swiss drugmaker said. Shares in Novo Nordisk A/S, maker of hit obesity drug Wegovy, and shares of Eli Lilly & Co., which sells the newest obesity blockbuster, Zepbound, both fell. In search of a turnaround after a series of trial failures in cancer and Alzheimer’s disease, Roche has thrown itself into the hottest field in pharmaceuticals: obesity drugs. An oral medicine is one of the as-yet-untapped areas in a weight-loss market that Goldman Sachs estimates may reach $130 billion annually by the end of the decade.

  23. Adidas shares rose 2.1% after it raised its annual profit target for the second time in three months amid soaring demand for classic sneakers like the Samba and more sales from the shrinking stockpile of Yeezy footwear.

    The sportswear company now expects to generate operating profit of around €1 billion, according to a statement. That’s up from the previous forecast of €700 million and in line with analyst estimates.
    Second-quarter sales also beat expectations, rising 11% from a year earlier. Excluding Yeezy products, sales would have risen by 16%, showing that Adidas’ recovering core business is becoming less dependent on the erstwhile collaboration with rapper Ye than it was last spring and summer. “Adidas has idiosyncratic brand and product momentum that is not fully reflected in consensus expectations, and underpins our positive equity view on the stock,” Piral Dadhania, an analyst at RBC Capital Markets, said.

  24. TSMC’s American depositary receipts fell 8% after comments from Trump and later by Biden’s administration as noted above.

    Trump, who officially became the Republican party’s presidential nominee on Monday, commented on Taiwan’s relationship with the U.S.”They did take about 100% of our chip business,” Trump told Bloomberg Businessweek. “Taiwan should pay us for defense. “You know, we’re no different than an insurance company. Taiwan doesn’t give us anything,” he added.


  25. Johnson & Johnson shares rose 3.7% after its second-quarter profit beat Wall Street projections on strong pharmaceutical sales. However, the company cut its full-year forecast to account for a spate of recent acquisitions.

    Adjusted earnings for the quarter were $2.82 a share, the company said, beating analysts’ average estimate by 11 cents. While drug sales were slightly ahead and medical device revenue fell a bit short, spending on research and development was below expectations. J&J’s share price has fallen this year as investors fret about declining sales of Stelara.

  26. Intel Corp. and GlobalFoundries Inc. rallied Wednesday, defying a broad selloff among chip companies, as investors speculated the two could benefit from fresh policies under either a Biden or Trump administration.

    Pat Gelsinger, who became Intel’s chief executive in 2021, has prioritized Intel Foundry as the key component of his turnaround plan. The goal is to provide an alternative to TSMC. Intel is widely regarded as the only viable domestic alternative with the ability and scale to make chip manufacturing work at large volumes. In March, Intel and the Biden Administration announced the Commerce Department has proposed up to $8.5 billion in direct funding to the chip maker from the Chips and Science Act. Intel said the funds will support factory projects in Arizona, New Mexico, Ohio, and Oregon.

  27. What would a second Trump presidency mean for China? Goldman Sachs weighs in

    If Donald Trump wins the U.S. presidential election, his plans for 60% tariffs on Chinese goods could be a “major downside growth risk” to China, according to Goldman Sachs. China’s economy grew by 4.7% in the second quarter compared to a year ago, missing economists’ expectations and bringing growth for the first half of the year to 5%.

  28. Stock futures rise slightly after Nasdaq’s worst day since 2022

    U.S. stock futures inched higher on Thursday morning after the Nasdaq Composite’s worst session since 2022 amid investors’ rotation out of big tech high-flyers. Dow Jones Industrial Average futures rose 68 points, or 0.16%. S&P 500 futures and Nasdaq 100 futures climbed 0.20% and 0.33%, respectively.

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