🌳 China and EU Host Discussions Over the Recent EV Tariffs; Multip-le Asset Managers Submitted Updated Proposals to Their ETH ETFs

Macro & TradFi

China and the European Union have agreed to initiate talks regarding the EU's proposed tariffs on electric vehicles (EVs) (https://www.bloomberg.com/news/articles/2024-06-22/china-european-union-agree-to-hold-talks-on-ev-tariffs) imported from China. The decision follows recent EU announcements of potential tariffs reaching up to 48% on Chinese EVs starting in July, escalating trade tensions between the two entities. The consultations were confirmed after a video conference between Chinese Commerce Minister Wang Wentao and EU Trade Commissioner Valdis Dombrovskis. Both sides characterized the discussions as "candid and constructive", committing to engage based on factual information and in adherence to WTO rules. The talks are expected to continue at various levels in the coming weeks as they seek an effective resolution to the trade dispute.

Meanwhile, Chinese authorities (https://www.cnbc.com/2024/06/21/china-talks-up-support-for-ipos-investors-are-watching-the-speed-of-approval.html) have also introduced new policies aimed at revitalizing venture capital (VC) activities amidst a recent slowdown exacerbated by regulatory scrutiny. The State Council's measures, announced to promote "high-quality development of venture capital," focus on improving the IPO approval process and expanding exit channels for VC investments. Marcia Ellis from Morrison Foerster highlighted the critical need for clearer IPO pathways to attract VC investments, which have been deterred by uncertain exits in recent times. The reforms also aim to streamline overseas listing management and foreign currency exchange rules, which is crucial for facilitating smoother exits for VC funds. Despite previous challenges, including tightened regulations post-Didi's controversial U.S. listing, optimism remains for increased IPO approvals and supportive measures to foster innovation and growth in China's venture capital ecosystem.

Lastly, on Friday, U.S. stocks showed mixed results as the Dow Jones Industrial Average edged up by less than 0.1%, marking a weekly gain of 1.5%. Conversely, the S&P 500 and Nasdaq Composite each fell 0.2%. Semiconductor stocks, including Nvidia, Broadcom, and Micron, continued their decline for a second consecutive day, contributing to the Nasdaq's downturn. Treasury yields rose following strong PMI data indicating robust U.S. business activity growth in June, which tempered expectations of imminent Federal Reserve interest rate cuts. In individual stock movements, Alphabet reached a record high with a 1.9% gain, while Nvidia fell 3.2% amid ongoing regulatory concerns and profit-taking after briefly becoming the world's most valuable company earlier in the week. Investors will be looking out for the US Core PCE Price Index due this Friday at 20:30 SGT.

DeFi & CeFi

   •   Asset managers update proposals for Ether ETFs, eyeing July launch

   •   Standard Chartered Is building a spot BTC, ETH trading desk

   •   Pantera believes Solana will dominate blockchain sector, compares its rise to Apple’s breakthrough with macOS

   •   Bitcoin offers ‘economic immortality,’ will reach $10M per coin— Michael Saylor

   •   Artela extends blockchain functionality, details new parallel architecture

🌳 China and EU Host Discussions Over the Recent EV Tariffs; Multip-le Asset Managers Submitted Updated Proposals to Their ETH ETFs

Macro & TradFi

China and the European Union have agreed to initiate talks regarding the EU's proposed tariffs on electric vehicles (EVs) (https://www.bloomberg.com/news/articles/2024-06-22/china-european-union-agree-to-hold-talks-on-ev-tariffs) imported from China. The decision follows recent EU announcements of potential tariffs reaching up to 48% on Chinese EVs starting in July, escalating trade tensions between the two entities. The consultations were confirmed after a video conference between Chinese Commerce Minister Wang Wentao and EU Trade Commissioner Valdis Dombrovskis. Both sides characterized the discussions as "candid and constructive", committing to engage based on factual information and in adherence to WTO rules. The talks are expected to continue at various levels in the coming weeks as they seek an effective resolution to the trade dispute.

Meanwhile, Chinese authorities (https://www.cnbc.com/2024/06/21/china-talks-up-support-for-ipos-investors-are-watching-the-speed-of-approval.html) have also introduced new policies aimed at revitalizing venture capital (VC) activities amidst a recent slowdown exacerbated by regulatory scrutiny. The State Council's measures, announced to promote "high-quality development of venture capital," focus on improving the IPO approval process and expanding exit channels for VC investments. Marcia Ellis from Morrison Foerster highlighted the critical need for clearer IPO pathways to attract VC investments, which have been deterred by uncertain exits in recent times. The reforms also aim to streamline overseas listing management and foreign currency exchange rules, which is crucial for facilitating smoother exits for VC funds. Despite previous challenges, including tightened regulations post-Didi's controversial U.S. listing, optimism remains for increased IPO approvals and supportive measures to foster innovation and growth in China's venture capital ecosystem.

Lastly, on Friday, U.S. stocks showed mixed results as the Dow Jones Industrial Average edged up by less than 0.1%, marking a weekly gain of 1.5%. Conversely, the S&P 500 and Nasdaq Composite each fell 0.2%. Semiconductor stocks, including Nvidia, Broadcom, and Micron, continued their decline for a second consecutive day, contributing to the Nasdaq's downturn. Treasury yields rose following strong PMI data indicating robust U.S. business activity growth in June, which tempered expectations of imminent Federal Reserve interest rate cuts. In individual stock movements, Alphabet reached a record high with a 1.9% gain, while Nvidia fell 3.2% amid ongoing regulatory concerns and profit-taking after briefly becoming the world's most valuable company earlier in the week. Investors will be looking out for the US Core PCE Price Index due this Friday at 20:30 SGT.

DeFi & CeFi

   •   Asset managers update proposals for Ether ETFs, eyeing July launch

   •   Standard Chartered Is building a spot BTC, ETH trading desk

   •   Pantera believes Solana will dominate blockchain sector, compares its rise to Apple’s breakthrough with macOS

   •   Bitcoin offers ‘economic immortality,’ will reach $10M per coin— Michael Saylor

   •   Artela extends blockchain functionality, details new parallel architecture