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Saudi Arabia and Russia couldn’t wait the next OPEC meeting to announce further production cuts. Saudi announced that it will extend the 1mbpd cut into August – and maybe further – while Russia said it will reduce its production by half a million.
China imposed restrictions on exports of two chipmaking metals, gallium and germanium, that are used in EVs, defense and displays.
Geopolitical tensions barely boosted gold, or weighed on stock valuations, though the US 2-year yield flirted with the 5% mark.
Elsewhere, the Reserve Bank of Australia (RBA) kept rates unchanged at today’s monetary policy meeting, a no...

The first half of the year ends on a positive note for equities and not so much for the bonds. This is the exact opposite of what was predicted. The S&P500 hit a fresh year high at the last trading day of the first half and gained more than 17% so far this year, while Nasdaq 100 soared more than 40%! Apple hit $194 per share, and closed last week with a valuation above $3 trillion.
Of course, this incredible performance makes many investors wonder whether the equity rally could continue in the second half.
This week, US jobs data,...

Economic data released in the US yesterday further fueled the hawkish Federal Reserve (Fed) bets. The US 2-year yield jumped more than 3% to 4.90% for the first time since the mini banking crisis. The probability of a 25bp hike from the Fed in the July meeting jumped to 87%, while the pricing in the market suggests that the Fed’s two rate hikes are now likelier than not.
And perhaps because the aggressive Fed tightening doesn’t impact economic strength as badly ass expected, stock investors saw no urgence in selling their stocks on rising hawkish Fed expectations.
Yet, a further...

US and European stocks were up on Wednesday. The US chipmakers dampened appetite across the Atlantic Ocean on news that the Biden Administration will bring more restrictions to the US chipmakers’ exports toward China, but Nasdaq still eked out gains.
Elsewhere, the major central bankers’ speeches were the same background music. The Federal Reserve’s (Fed) Powell, the Bank of England’s (BoE) Bailey, and the European Central Bank’s (ECB) Lagarde agreed that their fight against inflation wasn’t done yet, and that more rate hikes are on the pipeline, especially now that the US banks passed the Fed’s stress test. In Japan,...

Thanks to big wealth management companies moving into crypto, Bitcoin could get a big influx of whale money. But what are the options for crypto traders to participate in this?

00:00 Intro
00:28 Preview
00:40 Bitcoin
04:36 Ethereum
06:36 DAI Stablecoin
08:53 Subscribe & Good bye

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US stocks shrugged off the early week pessimism on the back as of a set of strong economic data released yesterday.
We would’ve normally expected sentiment to be dampened by strong data because of more hawkish Federal Reserve (Fed) expectations, but the S&P500 jumped more than 1%, Nasdaq rallied almost 2%, while the Russell 2000 advanced around 1.5%.
Easing inflation is maybe why stock investors are happy with strong data.
The Australian inflation fell to a 13-month low, and the Canadian inflation fell more than expected, in a sign that the central bank efforts to pull prices lower is paying...

Financial markets kicked off the week on a weak note, but not because of the Wagner’s mini, failed, or fake coup over the weekend, but because of the diminishing rate cut bets for the Federal Reserve (Fed) for this year - and the beginning of next year.
But the US 2-year yield slumped below a two-month rising trend this morning, as the 10-year yield remains paralyzed a touch below the 3.75% level. The dollar index hardly challenges the 50-100-DMA area, and the stock markets are down, with the S&P500 steadily giving back gains, while MAMAA stocks are seen most vulnerable...

The weekend was eventful with the unexpected rebellion of the Wagner Group against the Kremlin.
The first reaction of the financial markets to Wagner’s mini coup was relatively calm. Gold remained flat, and even sold into the $1930 level. The dollar-swissy moved little near the 90 cents level. Crude oil was offered into the $70pb level, as nat gas futures jumped more than 2% at the weekly open, and specific stocks like United Co. Rusal International, a Russian aluminum producer that trades in Hong Kong, gapped lower at the open but recovered losses.
Equities in Asia were mostly under pressure...

Federal Reserve (Fed) Chair Powell didn’t say anything we didn’t know, or we wouldn’t expect in the first day of his semiannual testimony before the American lawmakers yesterday. He said that the Fed will continue hiking rates, but because they are getting closer to the destination, it’s normal to slow down the pace. He repeated that two more hikes are a good guess, and that the economy will suffer a period of tight credit conditions, below-average growth, and higher unemployment to return to lower inflation.
The US 2-year yield pushed higher. The 10-year yield was flat given that higher short...