Currencies
The dollar spot index slipped 0.2%, with all G-10 currencies up versus the greenback.
Oil
The big story of course is the big drop in gasoline prices, which are expected to turn food and energy into a net drag. Oil dropped, with crude futures holding near $90.
United States
Economists expect inflation in the US to have cooled in July, though by how much seems to be the big question for traders. Now, the $203 billion market which once yielded several deals a week and padded portfolios across the world from Pimco to UBS is all but dead. Coinbase posted a record $1.1 billion second-quarter loss and lower-than-expected revenue.Online prices in the US declined for the first time since 2020 as pandemic-related demand dropped.
Today s Must Reads Coming up | The US consumer price index may show slowing annual increases in July, with a median forecast of 8.7% anticipated by economists. Pelosi s swing through Asia aimed to convey the US s strong and unshakable support for the region, but ended up leaving many countries in stunned silence. Weak productivity growth makes the Fed’s inflation challenge even harder. It might not help, from the Fed’s perspective, that over the last several weeks financial conditions have eased considerably.
Ukraine received powerful weapons including long-range artillery such as the US-supplied HIMARS systems that have proved effective on the understanding it wouldn t strike inside Russia. The President Trump-backed network Truth Social in particular has quickly filled with speculation about political violence. Far-right militias have actively promoted some form of secession from the US for more than a decade, he said.
Today s Must Reads Coming up | The US consumer price index may show slowing annual increases in July, with a median forecast of 8.7% anticipated by economists. Pelosi s swing through Asia aimed to convey the US s strong and unshakable support for the region, but ended up leaving many countries in stunned silence. Weak productivity growth makes the Fed’s inflation challenge even harder. It might not help, from the Fed’s perspective, that over the last several weeks financial conditions have eased considerably.
Ukraine received powerful weapons including long-range artillery such as the US-supplied HIMARS systems that have proved effective on the understanding it wouldn t strike inside Russia. The President Trump-backed network Truth Social in particular has quickly filled with speculation about political violence. Far-right militias have actively promoted some form of secession from the US for more than a decade, he said.
China
China s ambassador to Australia warned Canberra to take Beijing s stance on Taiwan seriously, saying it regards the island as Australia does its offshore state of Tasmania. It comes as Beijing accuses Taiwan s ruling party of damaging the chances of peaceful unification.
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