Market news
Crypto, stocks, forex and macro, aggregated for traders.
AI Token Price Collapse Weighs on Big Tech Valuations
Falling AI token prices are raising concerns about the profitability of advanced AI models, putting pressure on hyperscaler stocks like Amazon, Microsoft, Meta, and Alphabet.
USD/JPY Holds Neutral as Markets Weigh US PMIs and ADP Data
The USD/JPY pair traded in a neutral zone on Tuesday as investors digested the latest US PMI figures and ADP employment data, awaiting a stronger catalyst from the Federal Reserve.
US Supreme Court Expands DHS Power Over Green Card Holders
The US Supreme Court ruled 6-3 that DHS can revoke lawful permanent resident status if the holder leaves the US with pending criminal charges, even without a conviction.
France Heatwave Overwhelms Emergency Call Centers as Calls Surge 50%
A severe heatwave in France has led to a 50% increase in calls to SAMU emergency services in the Île-de-France region, straining healthcare response as temperatures rise.
British Pound Slides on UK Political Uncertainty, Strong US PMI
The British Pound fell over 0.40% on Tuesday as risk appetite soured amid UK political uncertainty and a hot US PMI print. GBP/USD traded at 1.3195 after reaching a daily high.
Rand Paul Accuses Fauci of Funding Wuhan Lab Research, Misleading Congress
Senator Rand Paul has revived allegations that U.S. taxpayer funds supported gain-of-function research at the Wuhan Institute of Virology, potentially contributing to the COVID-19 pandemic, and that Dr. Anthony Fauci approved the experiments and later misled Congress.
Fed Rate Hike Probability Jumps to 25% for July Meeting
Markets now see a 25% chance the Federal Reserve will raise interest rates at its July 29 meeting, a sharp reversal from earlier expectations of two rate cuts by that date.
RBA Steady Rate Supported by Slowing Demand – TD Securities
Softer Australian PMI data, featuring weaker new orders and moderating price pressures, supports the Reserve Bank of Australia keeping its cash rate unchanged at 4.35%, according to TD Securities.
Canadian Dollar Slides to Multi-Month Low as Fed Rate Hike Bets Rise, Oil Weighs
USD/CAD climbed to 1.4190 on Tuesday, extending its winning streak to four days and hitting the highest level since April, driven by rising Fed rate hike expectations and falling oil prices.
South Korea Stocks Plunge on Unrealized Gains Tax Proposal
South Korean stocks fell sharply after lawmakers and civic groups discussed taxing unrealized gains from stocks and real estate, sparking a 'Black Tuesday' selloff.
Rabobank Cuts TTF Natural Gas Forecasts on Easing Strait of Hormuz Risks
Rabobank energy strategists lowered their TTF natural gas price forecasts, citing reduced supply risks from the Strait of Hormuz.
Euro Area Composite PMI Holds at 49.5 in June, Signaling Contraction
Euro area business activity remained in contraction in June with the composite PMI at 49.5, according to Nomura strategists, pointing to weak growth and persistent price pressures.
Virell Trade Launches Stabliq Wallet for Stablecoin Transactions on Ethereum and TRON
Virell Trade introduces Stabliq Wallet, a non-custodial wallet enabling stablecoin transactions without holding native tokens for gas fees on Ethereum and TRON.
GBP Softens on Disappointing PMI, CBI Data – Scotiabank
The British Pound weakened against the US Dollar after weaker-than-expected PMI and CBI survey data, with fiscal concerns also limiting any rebound, according to Scotiabank strategists.
Commerzbank Sees Limited Downside for Oil as Iran Sanctions Ease
Commerzbank analyst Carsten Fritsch says Brent crude has dropped below $80, briefly touching $76.5, after the US allowed Iran to export oil until at least August, but sees limited further downside.
TD Securities: Copper Sees CTA Selling as Demand Risks Outweigh Supply Worries
TD Securities notes that copper is experiencing large CTA selling as the market shifts focus from Strait of Hormuz supply risks to macro and demand-side concerns.
Micron Earnings and South Korea Tax News Drive Stock Market Volatility
Micron Technology's upcoming earnings report is fueling market swings similar to Nvidia's 2023-2024 earnings days, while South Korea's proposed tax on unrealized stock gains and record leverage amplify volatility. The broader AI narrative remains intact.
BoE's Taylor: Weak Economy Supports Holding Rates
Bank of England policymaker Alan Taylor said the UK enters the current shock with a very weak economy and argued that keeping interest rates on hold for an extended period remains the most appropriate policy response.
BoC Governor Warns Growing Global Imbalances Risk Financial Stability
Bank of Canada Governor Tiff Macklem stated that rising global imbalances could increase financial stability risks.
RY Elliott Wave Forecast Targets $226.96–$270.20 for Wave (3) Advance
Royal Bank of Canada (RY) shares are projected to advance in Wave (3) with a price target range of $226.96 to $270.20, according to an Elliott Wave analysis.
Ex-BIS head Carstens sees stablecoins coexisting with fiat, urges regulatory coordination
Former BIS chief Agustín Carstens says stablecoins could drive financial innovation and inclusion, but require better global regulatory coordination.
US S&P Global Composite PMI Rises to 52.2 in June
The flash estimate of the US S&P Global Composite PMI improved to 52.2 in June from 51.5 in May, indicating expansion in the private sector.
Canadian Dollar Softens as USD Rally Persists – Scotiabank
Scotiabank strategists note the Canadian Dollar remains soft despite a modest gain against the US Dollar, supported by firmer May CPI and stable US-Canada spreads.
Oil Prices Drop as US Grants 60-Day Waiver on Iranian Exports
Oil prices fell sharply after the US granted a 60-day waiver allowing Iranian exports, compounding pressure from rising flows through the Strait of Hormuz, according to ING analysts.