🌳 Trump Selects JD Vance as Running Mate, Securing Midwest Votes; SEC Approves ETH ETFs for Trading, Boosting Market

Macro & TradFi

Donald Trump has selected Senator JD Vance (https://www.ft.com/content/aef1a7cf-13ee-4c8a-9509-e7218aa2429a) as his running mate for the 2024 election, signaling a strategic move to secure votes in the critical swing states of the industrial Midwest. Vance, a former Marine and author of "Hillbilly Elegy," rose to political prominence with his populist views, which have garnered support from the Republican base but caused friction with traditional Republicans due to his isolationist foreign policy and economic protectionism. Trump's announcement, made at the Republican National Convention, positions Vance as a key player in the campaign, highlighting his appeal to blue-collar voters and his potential to help Trump overcome the "blue wall" states crucial for a Republican victory. Concurrently, a Florida judge has dismissed the classified documents (https://www.ft.com/content/b1b47009-6606-40ed-a370-a21a861aee3a) case against Donald Trump, ruling that the appointment of the special counsel was unconstitutional. This decision marks a significant legal victory for Trump ahead of the 2024 Republican National Convention.

In other news, China's economic growth slowed to 4.7% (https://www.ft.com/content/d39f93d9-34b2-4710-9bc7-730c2c4c466d) year-on-year in the second quarter, missing the forecasted 5.1% and marking a decrease from the 5.3% growth in the first quarter, according to official data. This slowdown is attributed to weak consumer demand and a prolonged property sector downturn, prompting policymakers to increase intervention to boost confidence. Industrial production slightly exceeded expectations with a 5.3% rise in June, while retail sales disappointed with only a 2% increase. The ongoing Communist Party plenum is expected to set the direction for future economic policy amid concerns of domestic demand softening, despite strong export performance. Observers anticipate potential stimulus measures, especially for the struggling housing market, as the government aims to achieve a 5% growth target for the year. Several major banks, including Goldman Sachs and JPMorgan, have revised their full-year growth forecasts downward in response to the latest data, reflecting growing economic uncertainties.

Last Friday, US stocks rose as investors evaluated comments from Federal Reserve Chair Jerome Powell. Powell said recent inflation readings "do add somewhat to confidence (https://www.ft.com/content/7c34caa9-4664-4515-b743-49c16ed274ac)" that inflation is heading toward the Fed’s 2% goal, possibly paving the way for a near-term rate cut. The S&P 500 gained 0.28%, the Nasdaq increased by 0.27%, and the Dow Jones Industrial Average edged up by 0.53%. Meanwhile, trading houses are facing losses of at least $1 billion on cocoa derivatives due to Ghana's failure to deliver beans, forcing the liquidation of short positions. Goldman Sachs surged 2.57% after reporting more than a doubling of profits, driven by higher fees from debt underwriting and robust performance in its fixed-income trading division. Attention is now on China's Third Plenum meeting, scheduled from July 15 to 18, expected to set long-term economic and political policies. Additionally, US retail sales data will be released tonight at 20:30 SGT.

DeFi & CeFi

   •   ETH ETFs will reportedly start trading next Tuesday

   •   Galaxy’s former GP was reported to have gambled away $3.67M of investor funds

   •   Trump chose J.D. Vance as his VP candidate, disclosing over $100K Bitcoin holdings

   •   Plaintiffs file new complaints against Tether’s class action lawsuit

🌳 Trump Selects JD Vance as Running Mate, Securing Midwest Votes; SEC Approves ETH ETFs for Trading, Boosting Market

Macro & TradFi

Donald Trump has selected Senator JD Vance (https://www.ft.com/content/aef1a7cf-13ee-4c8a-9509-e7218aa2429a) as his running mate for the 2024 election, signaling a strategic move to secure votes in the critical swing states of the industrial Midwest. Vance, a former Marine and author of "Hillbilly Elegy," rose to political prominence with his populist views, which have garnered support from the Republican base but caused friction with traditional Republicans due to his isolationist foreign policy and economic protectionism. Trump's announcement, made at the Republican National Convention, positions Vance as a key player in the campaign, highlighting his appeal to blue-collar voters and his potential to help Trump overcome the "blue wall" states crucial for a Republican victory. Concurrently, a Florida judge has dismissed the classified documents (https://www.ft.com/content/b1b47009-6606-40ed-a370-a21a861aee3a) case against Donald Trump, ruling that the appointment of the special counsel was unconstitutional. This decision marks a significant legal victory for Trump ahead of the 2024 Republican National Convention.

In other news, China's economic growth slowed to 4.7% (https://www.ft.com/content/d39f93d9-34b2-4710-9bc7-730c2c4c466d) year-on-year in the second quarter, missing the forecasted 5.1% and marking a decrease from the 5.3% growth in the first quarter, according to official data. This slowdown is attributed to weak consumer demand and a prolonged property sector downturn, prompting policymakers to increase intervention to boost confidence. Industrial production slightly exceeded expectations with a 5.3% rise in June, while retail sales disappointed with only a 2% increase. The ongoing Communist Party plenum is expected to set the direction for future economic policy amid concerns of domestic demand softening, despite strong export performance. Observers anticipate potential stimulus measures, especially for the struggling housing market, as the government aims to achieve a 5% growth target for the year. Several major banks, including Goldman Sachs and JPMorgan, have revised their full-year growth forecasts downward in response to the latest data, reflecting growing economic uncertainties.

Last Friday, US stocks rose as investors evaluated comments from Federal Reserve Chair Jerome Powell. Powell said recent inflation readings "do add somewhat to confidence (https://www.ft.com/content/7c34caa9-4664-4515-b743-49c16ed274ac)" that inflation is heading toward the Fed’s 2% goal, possibly paving the way for a near-term rate cut. The S&P 500 gained 0.28%, the Nasdaq increased by 0.27%, and the Dow Jones Industrial Average edged up by 0.53%. Meanwhile, trading houses are facing losses of at least $1 billion on cocoa derivatives due to Ghana's failure to deliver beans, forcing the liquidation of short positions. Goldman Sachs surged 2.57% after reporting more than a doubling of profits, driven by higher fees from debt underwriting and robust performance in its fixed-income trading division. Attention is now on China's Third Plenum meeting, scheduled from July 15 to 18, expected to set long-term economic and political policies. Additionally, US retail sales data will be released tonight at 20:30 SGT.

DeFi & CeFi

   •   ETH ETFs will reportedly start trading next Tuesday

   •   Galaxy’s former GP was reported to have gambled away $3.67M of investor funds

   •   Trump chose J.D. Vance as his VP candidate, disclosing over $100K Bitcoin holdings

   •   Plaintiffs file new complaints against Tether’s class action lawsuit