Syz the moment

Crypto trading volumes rose in June for the first time in three months amid optimism following the filing of spot bitcoin exchange-traded-fund (ETF) proposals by BlackRock and other asset managers The combined spot and derivative trading volumes on centralized exchanges climbed 14% to $2.71 trillion, according to a report by CCData. This was the first monthly increase in trading volume since March, said the report. Among other high-profile U.S. institutions that filed or refiled last month with the U.S. Securities and Exchange Commission (SEC) for spot bitcoin ETFs were Fidelity, Invesco and WisdomTree.

Source : CCData, Coindesk

The Bloomberg US High Yield CCC-rated bond index has recorded an impressive 9.6% gain in 2023. Despite concerns of an impending U.S. recession, the lowest quality segment of the high yield market has emerged as one of the top performers in the U.S. fixed income space. The resilience of the U.S. economy and robust release of hard data have contributed to a significant tightening of the average credit spread for CCC-rated bonds, reaching a 1-year low of 835bps. This represents a 165bps tightening since the beginning of the year. Notably, CCC-rated credit spreads are currently below the historical average of 925bps, while the average yield remains in line with historical levels at 12.8% compared to 12.7%. Furthermore, it is worth mentioning that less than 2% of the index is set to mature in 2024. The question now arises: will CCC-rated bonds continue to outperform driven by strong technical factors, or have we reached the top? Source: Bloomberg.

Belarus is moving to ban peer-to-peer crypto transactions in an effort to reduce alleged fraud. The government is working on the legislation needed to formally make the transactions illegal. Citizens will instead have to turn to crypto exchanges registered with Hi-Tech Park (HTP) to make transactions “for transparency and control,” according to a social media post from Alexander Ringevish of the Ministry of Internal Affairs.

Source: Blockworks

Yahoo, the Dotcom sensation that was delisted in 2017 following its acquisition by Verizon, is reportedly considering a re-listing. Yahoo CEO Jim Lanzone has said he intends to take the company public again, as the Internet services company looks to return to its glory days, the Financial Times reported, citing an interview with the executive. The latter stressed that the company was ready for the planned IPO. Yahoo is "financially ready", with an excellent balance sheet, he is quoted as saying, while stressing that the company is "very profitable". Source : Financial Times

TotalEnergies (TTE FP) broke recently the July 2021 uptrend. It spent about 7 days below that level on poor volume. It is now trading again over the uptrend !

US Curves flattened further, with the 2s10s curve hitting -109bp, in-line with the lowest level in 42 years.

Bund yields rose, while the 2s10s curve dropped to -83bp, the most inverted level in over 30 years.

Source: Bloomberg, Haver Analytics, Morgan Stanley Whitephone

Astrazeneca (AZN LN) is down more than 6% today. It has reached first support zone 10’558-10’688 but will it find enough support ? Next major level 10’186-10’280. Source : Bloomberg

Moments later, OPEC+ ally Russia announced it would "voluntarily" extend its August oil export cut by 500,000 barrels a day to ensure oil market balance, Deputy Prime Minister Alexander Novak said in a statement. The 1 million-barrel-per-day Saudi production cut that began this month - in addition to existing OPEC+-agreed restrictions - will continue into August and could be extended, according to a statement issued by the state-run Saudi Press Agency. The cuts will take the kingdom's production to around 9 million barrels a day, its lowest level for several years. Source: zerohedge