🌳 Biden Explains Decision to Withdraw From Race; Hashdex Submits S-1 For Its Crypto Index ETF in US

Macro & TradFi

In a heartfelt address from the Oval Office, President Joe Biden explained his decision (https://www.cnbc.com/2024/07/24/biden-oval-office-address-election-dropout.html) to withdraw from the 2024 presidential race and endorse Vice President Kamala Harris as his successor, stating that putting "personal ambition" aside was necessary to "pass the torch" to a new generation. Biden emphasized that the defense of democracy outweighed any personal or political considerations, and he framed his departure as a strategic move to unite the Democratic Party and confront former President Donald Trump effectively. Since Biden's announcement, Harris has garnered extensive support from Democratic lawmakers, secured substantial donations, and closed the gap with Trump in the polls.

In other news, India is considering adjustments to its bond issuance rules (https://www.bloomberg.com/news/articles/2024-07-24/india-may-tweak-rules-to-check-hot-flows-on-bond-index-entry) to manage potential volatility from large foreign inflows. The Finance Ministry may modify the fully accessible route for new securities, particularly by imposing limits on foreign investments in FAR (Fully Accessible Route) bonds if inflows become excessive. This consideration follows India’s recent inclusion in JPMorgan's global emerging markets bond index, which has already attracted $12 billion in inflows, with projections suggesting up to $25 billion by March. While the Reserve Bank of India (RBI) has been actively managing these inflows and increasing foreign exchange reserves, it remains vigilant about the potential impacts on liquidity and currency stability.

On July 24, 2024, U.S. stock indexes tumbled sharply, led by a significant drop in technology stocks after disappointing earnings from Tesla and Alphabet. The Nasdaq Composite fell 3.6%, marking its largest one-day point drop since 2022, while the S&P 500 and Dow Jones declined 2.3% and 1.3%, respectively. Tesla shares plummeted 12% due to a substantial decline in profits, and Alphabet's stock dropped 5%. The selloff affected other tech giants, including Nvidia and Microsoft. Small-cap stocks, which had recently outperformed, also fell, with the Russell 2000 down 2.1%. Enphase Energy and AT&T were among the few gainers, with Enphase rising 13% after better-than-expected guidance and AT&T gaining 5.2% due to strong customer additions. The yield on 10-year Treasurys rose to 4.28% as investors awaited crucial economic data. US GDP and Initial jobless claims are due today at 20:30 SGT, while US Personal Income and PCE Price Index are due tomorrow at 20:30 SGT.

🌳 Biden Explains Decision to Withdraw From Race; Hashdex Submits S-1 For Its Crypto Index ETF in US

Macro & TradFi

In a heartfelt address from the Oval Office, President Joe Biden explained his decision (https://www.cnbc.com/2024/07/24/biden-oval-office-address-election-dropout.html) to withdraw from the 2024 presidential race and endorse Vice President Kamala Harris as his successor, stating that putting "personal ambition" aside was necessary to "pass the torch" to a new generation. Biden emphasized that the defense of democracy outweighed any personal or political considerations, and he framed his departure as a strategic move to unite the Democratic Party and confront former President Donald Trump effectively. Since Biden's announcement, Harris has garnered extensive support from Democratic lawmakers, secured substantial donations, and closed the gap with Trump in the polls.

In other news, India is considering adjustments to its bond issuance rules (https://www.bloomberg.com/news/articles/2024-07-24/india-may-tweak-rules-to-check-hot-flows-on-bond-index-entry) to manage potential volatility from large foreign inflows. The Finance Ministry may modify the fully accessible route for new securities, particularly by imposing limits on foreign investments in FAR (Fully Accessible Route) bonds if inflows become excessive. This consideration follows India’s recent inclusion in JPMorgan's global emerging markets bond index, which has already attracted $12 billion in inflows, with projections suggesting up to $25 billion by March. While the Reserve Bank of India (RBI) has been actively managing these inflows and increasing foreign exchange reserves, it remains vigilant about the potential impacts on liquidity and currency stability.

On July 24, 2024, U.S. stock indexes tumbled sharply, led by a significant drop in technology stocks after disappointing earnings from Tesla and Alphabet. The Nasdaq Composite fell 3.6%, marking its largest one-day point drop since 2022, while the S&P 500 and Dow Jones declined 2.3% and 1.3%, respectively. Tesla shares plummeted 12% due to a substantial decline in profits, and Alphabet's stock dropped 5%. The selloff affected other tech giants, including Nvidia and Microsoft. Small-cap stocks, which had recently outperformed, also fell, with the Russell 2000 down 2.1%. Enphase Energy and AT&T were among the few gainers, with Enphase rising 13% after better-than-expected guidance and AT&T gaining 5.2% due to strong customer additions. The yield on 10-year Treasurys rose to 4.28% as investors awaited crucial economic data. US GDP and Initial jobless claims are due today at 20:30 SGT, while US Personal Income and PCE Price Index are due tomorrow at 20:30 SGT.