NVIDIA SAYS IT WON'T ALLOW BACKDOOR ACCESS TO ITS SYSTEMS
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SHEINBAUM: WE GET 90 DAYS TO BUILD LONG TERM DEAL
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DIMON: 'WE SHOULD BE A LITTLE CAUTIOUS' ON RATE DECISION
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FERRARI SHARES DOWN AS MUCH AS 10.6%, BRIEFLY SET FOR BIGGEST ONE-DAY DROP SINCE 2016 LISTING
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🚨 TRUMP: WILL BE TALKING TO MEXICO OVER THE NEXT 90 DAYS WITH THE GOAL OF SIGNING A TRADE DEAL
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🚨 TRUMP: MEXICO HAS AGREED TO IMMEDIATELY TERMINATE ITS NON TARIFF TRADE BARRIERS
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US TELLS UN SECURITY COUNCIL: TRUMP HAS MADE CLEAR A DEAL TO END RUSSIA’S WAR IN UKRAINE MUST BE DONE BY AUG. 8
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KREMLIN SAYS BRICS ISN'T ANTI-AMERICAN: INTERFAX
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BRAZIL'S ALCKMIN: 35.9% OF TOTAL EXPORTS TO THE U.S. WILL FACE THE 50% TARIFF, AROUND 20% FALL UNDER GLOBAL RATES
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CHICAGO PMI JULY INDEX 47.1 (CONSENSUS 42.0)
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$NVDA - NVIDIA SHARES HIT RECORD HIGH, UP 1.4%
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CORE PCE INFLATION SLIGHTLY HIGHER, REDUCING CHANCES OF SEPTEMBER RATE CUT
The Federal Reserve’s key inflation measure, the core personal consumption expenditures (PCE) price index, rose 0.3% in June and 2.8% year-over-year—slightly above expectations. Headline PCE also increased 0.3% monthly and 2.6% annually, the highest since February.
This stronger inflation reading makes it less likely the Fed will cut interest rates in September, as officials want clearer signs that inflation is moving toward their 2% target. Investors now see only a 39% chance of a rate cut, down from earlier estimates.
The robust inflation report follows strong U.S. economic growth of 3% annualized in Q2, recovering from a dip caused by trade disruptions earlier this year.
Experts say this data supports the Fed’s recent decision to hold rates steady and suggests inflation remains stubborn.
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U.S. DOLLAR INDEX DXY HITS 100 FOR FIRST TIME SINCE MAY 29
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KALSHI TRADERS ARE NOW PRICING IN RISING ODDS OF ZERO CUTS IN 2025 — JUMPING TO 29%
“WSJ’s Timiraos: Core PCE inflation is beginning to look no better — and by some measures worse — than when the Fed started to cut last year.”
Powell stayed cautious at yesterday’s FOMC
https://t.co/FFxkIZrigw
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US JOBLESS CLAIMS +1K TO 218K IN JUL-26 WK; SURVEY 222K
US JUL-19 WEEK CONTINUING CLAIMS UNCHANGED AT 1,946,000
US JUL-19 WEEK JOBLESS CLAIMS UNREVISED AT 217K
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GOLDMAN SACHS CEO SOLOMON TO MEET TRUMP AT WHITE HOUSE
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MEXICAN PRESIDENT SHEINBAUM SAYS SHE HELD A 'VERY GOOD' PHONE CALL WITH TRUMP ON U.S. TARIFFS
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DIMON: 'SO FAR SO GOOD' ON TARIFF NEGOTIATIONS
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🚨 *TRUMP: AGREED TO EXTEND, FOR A 90 DAY PERIOD, DEAL WITH MEXICO
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🚨 TRUMP: MEXICO WILL CONTINUE TO PAY A 25% FENTANYL TARIFF, 25% TARIFF ON CARS, AND 50% TARIFF ON STEEL, ALUMINUM, AND COPPER
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NEURALINK: LAUNCHING A CLINICAL STUDY IN GREAT BRITAIN
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FEWER INTERNATIONAL TRAVELERS ARE VISITING U.S., BOOKING CEO SAYS
U.S. CONTINUES TO BE BOOKING'S SLOWEST-GROWING REGION, CEO SAYS
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BRAZIL'S ALCKMIN: U.S. TARIFFS ARE A LOSE-LOSE SITUATION, U.S. CONSUMERS WILL PAY MORE FOR PRODUCTS
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BRAZIL'S ALCKMIN: TRUMP EXCLUDED AROUND 45% OF WHAT WE EXPORT TO THE U.S. FROM 50% TARIFF
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TRUMP AND MEXICO’S SHEINBAUM TO DISCUSS TARIFFS TODAY
President Trump and Mexican President Claudia Sheinbaum are set to discuss trade and tariffs by phone on Thursday, ahead of Friday’s tariff deadline. Sheinbaum delayed her news conference to prepare for the call.
Mexican officials have been in Washington negotiating, with Economy Minister Marcelo Ebrard saying Mexico has done its part and now it’s up to the U.S. to decide on tariffs. Trump warned earlier that tariffs could rise to 30% if Mexico doesn’t do more to combat drug cartels.
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$MSFT - *MICROSOFT JUMPS 8.2% TO SURPASS $4 TRILLION IN MARKET VALUE
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$TSLA - TESLA: AI AND ENERGY IN FOCUS AMID AUTO CHALLENGES
Wolfe Research says Tesla's investment story is shifting toward AI and autonomy, with upcoming catalysts like Full Self-Driving (FSD) expansion, robotaxis, and the Optimus robot entering scaled production by 2026.
Despite long-term potential, near-term fundamentals are weak. Wolfe's 2025–26 EPS estimates ($1.62 and $1.67) are below consensus, citing risk to Model 3/Y demand as U.S. tax credits expire in 2025.
On the bright side, Tesla’s Energy segment is expected to double revenue by 2026 ($18B), helping offset cash burn as AI investment grows.
Bottom line: Tesla trades more on future tech than current numbers.
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*SOUTH AFRICA CUTS BENCHMARK RATE BY 25BPS TO 7%; EST. 7.00%
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🚨CHINA PAUSES US-BOUND COMPANY INVESTMENT AMID TRADE WAR
China has stopped approving outbound investments for companies looking to set up or expand operations in the U.S., amid trade negotiations between the world's two largest economies, Nikkei Asia has learned.
Local Chinese governments and the state economic planner, the National Development and Reform Commission, have ceased such approvals since April, according to people familiar with the matter.
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*US JUNE CORE PCE PRICE INDEX RISES 0.3% M/M; EST. +0.3%
*US JUNE CORE PCE PRICE INDEX RISES 2.8% Y/Y; EST. +2.7%
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