Germany is being hit by a heat wave and another drought.
Economically important waterway Rhine has lower & lower water levels. The depth of the Rhine at the gauge tower at Kaub has sunk to 1.06. Source: HolgerZ, Bloomberg
China's Inflation Rate Eases to Zero
Deflation in China? China's Consumer Price Index (CPI) year-on-year growth rate in June dropped to 0% (prev. 0.2%). Producer Price Index (PPI) year-on-year growth rate dropped to -5.4% (prev. -4.6%). Source: Bloomberg
S&P 500 Concentration Now Tops the Tech Bubble
The return spread between the seven largest S&P500 stocks compared to the rest of the index is now higher than when the Dot Com Bubble Burst. Source: Barchart, Bloomberg
Novartis back on the top of the triangle
Novartis (NOVN SW) is back on the triangle. Bad news of company losing patent ruling related to Entresto drug, has sent the stock down more than 3% in the last 30 min of trading. Keep an eye at this level.
Vinci back on major breakout level
Vinci (DG FP) is back again on major breakout level. Will we see a rebound from here ? Source : Bloomberg
Binance chief strategy officer says departure is ‘on good terms’
Binance chief strategy officer Patrick Hillmann has confirmed his departure from the embattled crypto exchange. Hillman’s response on social media appears to address reports which said he, along with two other Binance executives, were leaving due to CEO Changpeng Zhao’s response to ongoing investigations by the US Department of Justice (DOJ).“I continue to respect and support [Binance CEO Changpeng Zhao] and am grateful for having had the incredible opportunity to work under his leadership,” Hillmann tweeted.
Source: Blockworks
10-year German yield : a key technical breakout triggered?
The German 10-year yield has experienced a significant surge of almost 30 basis points since the start of July, marking a notable technical breakout. This breach of the 2.5% resistance level has the potential to alter short-term market sentiment and pave the way for higher rates. The upward momentum has been fueled by several factors, including the synchronized hawkishness observed in developed countries such as the US, Eurozone, and the UK last week. Additionally, hawkish FOMC minutes (release yesterday) and resilient hard data, including strong employment figures in the US and robust industrial production in Europe, have contributed to the yield's upward trajectory. It is worth noting the emergence of a catching-up effect in soft data, as indicated by the latest report on the U.S. ISM composite index. Tomorrow's release of the June NFP report could further ignite the discussion. Will we test the year's highs (2.75%) in this early summer period?
UAE emerges as a pro-Bitcoin mining destination in the Middle East
he United Arab Emirates (UAE) is gradually solidifying its status as a go-to Bitcoin
BTC mining destination in the Middle East. The country has established itself as a pro-Web3 destination for crypto-focused companies with over 30 free trade zones and a growing contribution to the Bitcoin mining hash rate. Abu Dhabi has become a hub for all kinds of crypto mining activity in the UAE due to its energy efficiency and status as the center of trade in the country.
Source: CoinTelegraph
