US Stocks Surge in Shortened Session, S&P and Nasdaq Close at Fresh Records
US equities closed strong on Thursday in a holiday-shortened session, led by gains in the Nasdaq and S&P 500, both finishing at new all-time highs.
Markets cheered the solid June employment report, which showed stronger-than-expected hiring despite mixed signals from private surveys earlier in the week.
Headline job numbers:
Total nonfarm payrolls: +147,000 (vs. +110,000 expected)
Total private sector: +74,000 — slowest since October 2024
Government: +73,000 (nearly half of total gains)
Industry breakdown:
Goods-producing: +6,000
Mining & logging: –2,000
Construction: +15,000
Manufacturing: –7,000
Government breakdown:
State government: +47,000 (mostly from +40K in education)
Local government education: +23,000
Federal government: –7,000
Healthcare & social assistance: +39,000 (driven by hospitals +16K, nursing/residential care +14K, social assistance +19K)
Other major industries, such as wholesale, retail, transport, financial services, leisure & hospitality, and professional services, saw minimal to no net change.
Key takeaways: The robust headline gain masks a heavy reliance on government hiring and healthcare. Private sector growth was notably soft, while manufacturing again lost jobs, highlighting persistent weakness in that sector.
Thursday’s market closing snapshot:
Dow Jones Industrial Average: +344.11 points (+0.77%) at 44,828.53
S&P 500: +51.93 points (+0.83%) at 6,279.35 (new record)
Nasdaq Composite: +207.97 points (+1.02%) at 20,601.10 (new record)
Russell 2000: +22.65 points (+1.02%) at 2,249.03
Weekly performance:
Dow: +2.30%
S&P 500: +1.72%
Nasdaq: +1.62%
Russell 2000: +3.52%
Year-to-date:
Dow: +5.37%
S&P 500: +6.76%
Nasdaq: +6.68%
Russell 2000: +0.84%
U.S. Adds 147,000 Jobs in June, Topping Expectations
June’s non-farm payrolls rose by 147,000, beating the 110,000 estimate.
Revisions added a net 16,000 jobs over the prior two months, offsetting a large downward revision previously reported.
The unemployment rate fell to 4.1%, below the expected 4.3%, with the unrounded figure at 4.117% (down from 4.244%).
Labor force participation dipped slightly to 62.3% from 62.4%.
Average hourly earnings rose 0.3% month-over-month, aligning with forecasts and easing from May’s 0.4%. Year-over-year wage growth stayed steady at 3.9%.
Average weekly hours edged down to 34.2 from 34.3.
Private payrolls disappointed at +74,000 (the weakest since October 2024), while government hiring surged by 73,000.
The household survey showed a gain of 93,000 jobs, with full-time positions jumping by 437,000 and part-time roles dropping by 367,000.
Atlanta Fed Lifts Q2 GDPNow Forecast to 2.6%
The Atlanta Fed’s GDPNow model nudged its estimate for second-quarter U.S. growth up to 2.6%, slightly higher than the previous 2.5%.
This modest upward revision suggests a firmer economic footing heading into the advance Q2 GDP report, set to be released on July 30.
The Atlanta Fed GDPNow growth estimate for Q2 rose to 2.6% from 2.5% on July 1. In their own words:
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2025 is 2.6 percent on July 3, up from 2.5 percent on July 1. After recent releases from the US Census Bureau, the US Bureau of Economic Analysis, the US Bureau of Labor Statistics, and the Institute for Supply Management, the nowcasts of second-quarter real personal consumption expenditures growth and real gross private domestic investment growth increased from 1.5 percent and -11.9 percent, respectively, to 1.6 percent and -11.7 percent, while the nowcast of second-quarter real government expenditures growth increased from 2.0 percent to 2.3 percent.
U.S. ISM Services Index Rises to 50.8 in June
The ISM services index for June ticked up to 50.8, beating the 50.5 estimate and rising from 49.9 in May.
Key subcomponents included:
Prices paid: 67.5, down from 68.7
New orders: 51.3, up sharply from 46.7
Employment: 47.2, down from 50.7 — lowest since March
Business activity: 54.2, well above prior 50.0
Supplier deliveries: 50.3, down from 52.5
Inventories: 52.7, up from 49.7
Backlogs: 42.4, down from 43.4
New export orders: 51.1, up from 48.5
Imports: 51.7, up from 48.2
Inventory sentiment: 57.1, down from 62.9
The data show resilience in services activity, although labor conditions remain a weak spot.
Comments in the report:
“Restaurant sales and traffic remain flat to prior year. Staffing is adequate for our current needs, and no supply chain concerns this month.” [Accommodation & Food Services]
“Increased cost from tariffs and the potential for tariffs is impacting cost increases. Higher cost of high-dollar items like 150-horsepower farm tractors are forcing farmers to delay purchasing or purchase used equipment. Tension in the Middle East is creating great concern and uncertainty.” [Agriculture, Forestry, Fishing & Hunting]
“Sales remain stubbornly slow due to affordability issues with higher mortgage rates and high property values. Residential construction has embarked on cost-cutting measures through value engineering, supplier margin reductions and layoffs.” [Construction]
“Prices have gone up from tariff recovery fees — separate line items — but the supply chain, deliveries and inventories have remained mostly stable after the initial disruption. Costs continue to increase across the board, so our goal is to mitigate that.” [Health Care & Social Assistance]
“General uncertainty around the economy continues to drive increases in prices. Also, lots of SaaS (software-as-a-service) vendors are using the AI (artificial intelligence) boom to restructure pricing and products, resulting in massive increases.” [Information]
“After several slow months, business is starting to increase. New requests are going out to suppliers.” [Other Services]
“Confidence in a predictable economic environment has eroded to a point where capital investments are being severely curtailed.” [Professional, Scientific & Technical Services]
“Business growth is slow. Global economic conditions impacted by U.S. tariffs are creating significant uncertainty, which is holding businesses back from making short- to medium-term business decisions.” [Real Estate, Rental & Leasing]
“Lead times are extending in the past month or two. Seeing high-single- or low-double-digit percent increases in pricing on metals related to commodity hardware and products.” [Utilities]
“Business seems to be picking up. Many of the macroeconomic factors that were concerning look to be playing out in our favor. High interest rates are still a problem. Supplies are ample for current business levels.” [Wholesale Trade]
U.S. Services PMI Final Reading at 52.9 for June
The S&P Global final services PMI for June came in at 52.9, slightly below the preliminary estimate of 53.1 and easing from May’s 53.7.
The composite index matched at 52.9 versus 52.8 in the flash reading.
The data suggest the U.S. services sector is still in expansion mode but losing a bit of momentum as the quarter wraps up.
Chris Williamson, Chief Business Economist at S&P Global Market Intelligence
“The US service sector reported a welcome combination of sustained growth and increased hiring in June, but also reported elevated price pressures, all of which could add to pressure on policymakers to remain cautious with regard to any further loosening of monetary policy.
“Viewed alongside an improvement in manufacturing growth reported in June, the services PMI indicates that the economy grew at a reasonable annualized rate approaching 1.5% in the second quarter, with momentum having improved since the lull seen in April. Rising demand for services has meanwhile encouraged firms to take on additional staff at a rate not seen since January.
“We are seeing some worrying signs of weakness below the headline numbers, however, notably in respect to exports and falling activity among consumer-facing service providers, which has curbed the overall pace of economic expansion. Concerns over government policies have meanwhile created uncertainty and dampened spending on services more broadly, while also ensuring confidence in the outlook remains subdued compared to the optimism seen at the start of the year. The continued expansion of business activity in the coming months along the lines seen in June is therefore by no means assured.
“Price pressures have remained elevated in June. Although weak demand and intense competition were reported to have helped moderate the overall rate of increase compared to May, the overall rate of prices charged inflation for services remains the second-highest for over two years, thanks to widely- reported tariff-related cost increases, and will likely contribute to higher consumer price inflation in the near-term.”
U.S. Factory Orders Surge 8.2% in May
Factory orders jumped by 8.2% in May, in line with forecasts, bouncing strongly after April’s 3.9% revised decline.
Durable goods orders matched the advanced estimate, climbing 16.4% after last month’s 6.6% rise.
Durables excluding defense rose 15.5%, and those excluding transportation increased by 0.5%, both confirming preliminary readings.
Non-defense capital goods excluding aircraft climbed 1.7%, supporting signs of business investment resilience.
Shipments rose slightly by 0.1% to $599.4 billion, snapping two months of declines.
Unfilled orders expanded by 3.4% to $1.46 trillion, marking gains in ten of the past eleven months.
U.S. Initial Jobless Claims Edge Lower
Initial claims for unemployment benefits totaled 233,000 last week, coming in better than the 240,000 forecast.
The prior week’s figure was revised up slightly to 237,000.
The four-week moving average for initial claims fell to 241,500 from 245,250.
Continuing claims rose modestly to 1.964 million, above the 1.956 million estimate but down from the prior week’s 1.974 million.
The four-week average of continuing claims climbed to 1.857 million, the highest level since December 2021, hinting at a gradual softening in labor market momentum.
U.S. May Trade Gap Widens More Than Expected
The U.S. trade deficit expanded in May to $71.5 billion, exceeding forecasts for a $71.0 billion gap.
Revised April data showed a deficit of $60.3 billion (originally $61.6 billion).
Exports slipped to $279.0 billion from a revised $290.6 billion in April, marking a noticeable slowdown in outbound shipments.
Imports, meanwhile, held steady at $350.5 billion versus April’s revised $350.8 billion figure.
The broader trade picture suggests weaker global demand is weighing on U.S. exports, even as domestic consumption remains resilient.
Fed’s Bostic: Significant risk that upward pressure on prices will be around for some time
Comments from Bostic
Tariffs have not been set quickly, leaving firms uncertain what final rates will be and waiting to make pricing decisions
The Fed must be more explicit in how it discusses jobs mandate
The job market is basically at target, allowing the focus to remain on inflation
Recent inflation data has been at target in recent months but all forward-looking signs indicate it will go higher
If the job market started to deteriorate with higher unemployment or employers planning layoffs, that would have to be considered
At some point government debt will have implications in the market place, crowding out other investments
That will have implications for mon pol and its efficacy
Bessent: I’ll leave the rockets to Elon, he can leave the finances to me
Speaking on CNBC
He is sure the US will grow GDP faster than the deficit
Does not believe the CBO growth estimates
What we’ve seen so far is that tariffs haven’t hurt
I’m going to stick with the market’s take, not economists
A huge amount of trade with Vietnam is transshipment from China
I would say that tariffs are not inflationary
Greer will be working over the weekend on EU trade
Countries should be careful, their rate could boomerang back to April 2 rate
Japan has an election July 20, we will see what happens afterwards
Both sides thought the UK was an excellent deal
A lot of the jobs today were created by state and local governments
Overall it was a good jobs number but it can depend on things like when teachers were hired or left payrolls
I think we are going to see capex take off after the budget bill
Lots of good candidates for Fed chair, will start working on that in the fall
Expect to see about 100 countries get minimum 10% reciprocal tax
We are going to be announcing several deals
IMF:U.S. tax/spending bill would add to fiscal deficit, runs counter to reducing deficit
IMF cautions on U.S. tax/spending bill impact on deficit, economic forecast in July update
The IMF is on the wires saying:
Russian economy is slowing sharply; recent developments suggest growth may be even lower than 1.5% projected in April.
There is consensus that U.S. tax and spending bill would add to fiscal deficit, runs counter to reducing federal debt.
Examining details of legislation on U.S. economy; will address in update to economic forecast in July.
Tariff rates after July 9 will be assessed as part of late July World Economic Outlook update.
Global trade environment is shifting significantly but countries can do a lot to build their own resilience.
U.S. needs to reduce its fiscal deficits to put debt-to-GDP ratio on decisive downward path; needs to reach consensus on how best to do that
Atlanta Fed Pres. Bostic: Adjustment of prices to trade will not be simple
Says that adjustments could take a year or more
Adjustment of prices to trade and other policies will not be short or simple and could take a year or more.
Labor market remains healthy; do not see signs of serious deterioration.
The U.S. is likely to see a period of higher inflation readings.
It is not the right time to shift monetary policy given the uncertainty.
A “wait and see” approach on interest rates remains appropriate, particularly given the economy’s resilience.
There is a risk that high inflation could begin to influence consumer psychology.
Fed should consider making a commitment to stable inflation expectations more explicitly in its framework.
Businesses are delaying hiring and investments; expect demand to stagnate or decline if costs continue rising.
Recent sanguine inflation readings are a result of businesses delaying price increases to get clarity on final tariff levels.
US Bessent: I am meeting with the EU negotiator today
Remarks from the US Treasury Secretary, Scott Bessent
Tariffs can cantilever back up to April 2 levels.
I warn countries not to drag out trade talks.
We’ll see what happens with the EU.
I see great demand for US debt.
Debt management process is methodical.
We won’t have to worry about x-date later this morning.
Debt limit measure should get us into 2027.
Inflation expectations should be coming down.
U.S. House Advances Key Procedural Vote for Reconciliation Bill
The U.S. House of Representatives passed a crucial procedural rule vote on Wednesday, clearing a major hurdle for the final floor vote on the reconciliation bill.
The vote was close, passing 219 to 213, and took nearly six hours to finalize.
This procedural victory allows the House to formally begin debating the bill text itself. Though procedural, it was an essential step to advance President Trump’s ambitious legislative agenda.
Bloomberg reported that Jerome Powell may not leave the Federal Reserve altogether when his term as chair ends in May 2026.
While Powell’s chair tenure expires next year, his seat on the Board of Governors runs until January 2028, leaving the door open for him to continue influencing policy even if a new chair is appointed.
The final decision remains unclear as Trump and advisers weigh potential replacements.
Slow Erosion of U.S. Dollar Dominance, Says Westpac
Westpac analysts shared insights from the recent ECB Sintra conference, highlighting that the U.S. dollar’s global dominance will decline gradually rather than collapse quickly.
ECB President Christine Lagarde suggested the euro could assume a larger reserve role, but this requires robust legal backing and deeper European capital markets.
Bank of Korea Governor Rhee echoed the slow-shift theme, pointing out that recent Korean won gains stem from domestic stability and higher hedging by Korean institutions, rather than pure dollar weakness.
Canada’s Trade Deficit Narrows Slightly in May
Canada recorded a trade deficit of C$5.90 billion in May, matching market expectations.
April’s shortfall was revised wider to C$7.60 billion from the initial C$7.14 billion estimate.
Exports edged higher to C$60.81 billion from April’s revised C$60.12 billion.
Imports decreased to C$66.66 billion, down from a revised C$67.72 billion previously.
While the data showed some improvement, the trade balance remains under pressure amid fluctuating commodity prices and shifting global demand patterns.
Gold Slides as Strong US Jobs Data Crushes July Rate Cut Hopes
Gold prices tumbled Thursday as a stronger-than-expected US jobs report triggered a rally in the US dollar and pushed Treasury yields higher, effectively dashing market hopes for a near-term Fed rate cut.
Spot gold dropped 0.80% to $3,332, after reaching an intraday high of $3,365 earlier.
The robust labor data showed 147,000 jobs added in June, easily beating the 110,000 forecast and up from May’s revised 144,000. The unemployment rate ticked down to 4.1%, approaching the 4% mark and indicating a solid labor market backdrop despite recent weaker signals from the ADP report.
Investor reaction:
US dollar strengthened sharply (DXY +0.34% at 97.10).
US Treasury yields rose as traders slashed bets on aggressive Fed easing.
Futures markets now price in just two rate cuts for 2025, down from around 65 basis points of cuts anticipated at the start of July.
Additional context: Initial jobless claims fell to 233,000 last week, beating estimates and showing further labor resilience. Meanwhile, the ISM Services PMI rebounded to 50.8 in June from 49.9 in May, marking a return to expansion.
In Washington, the House of Representatives advanced President Trump’s “One Big Beautiful Bill,” aimed at a fiscal boost but projected to increase the US deficit by $3.3 trillion over the next decade. Treasury Secretary Scott Bessent emphasized that rate decisions rest with the Fed but hinted at more trade deals following the Vietnam agreement.
Fed outlook: Atlanta Fed President Raphael Bostic reiterated a cautious approach to policy, warning that tariff-driven price increases could boost inflation over the next year and complicate rate cut decisions.
Gold market supply backdrop: According to the World Gold Council, central banks added 20 tonnes of gold to reserves in May, led by Kazakhstan (+7t), Turkey (+6t), and Poland (+6t).
Market summary: Gold’s retreat reflects a broad re-pricing of US monetary policy prospects and stronger economic momentum. With traders now expecting fewer cuts, bullion faces a tougher road in the near term despite central bank buying and fiscal risks.
Oil Ends Lower on the Day, But Posts Weekly Gain
Crude prices settled lower on Friday but still gained $2 over the week, shrugging off concerns that dominated headlines just months ago.
WTI continues to show signs of a bullish bottoming pattern, with buyers stepping in on dips.
Technical indicators, including the 4-hour RSI, stay comfortably above 50, hinting at steady upward momentum.
Key upside targets include resistance at $67.00 — a level touched on June 24 and July 2 — and further up at $68.85 (38.2% retracement of the June slide), followed by the psychological $70 mark.
Immediate support lies at $65.90, while a decisive break below $64.00 could bring the June 6 low at $62.20 into focus.
Traders now turn their attention to next week’s OPEC+ meeting, where an additional 144,000 bpd supply increase is expected to be confirmed.
U.S. Rig Count Falls, Canada’s Jumps
Baker Hughes data showed the U.S. rig count fell by 8 this week to 539, marking a continued downtrend.
Oil rigs dropped by 7 to 425, gas rigs fell by 1 to 108, and miscellaneous rigs held steady at 6.
Compared to a year ago, the U.S. rig count is down 46 rigs overall, with oil rigs off by 54, gas rigs up by 7, and miscellaneous rigs up by 1.
Offshore rigs in the U.S. ticked up by 1 to 13 but remain 10 lower year-over-year.
In Canada, the rig count rose by 11 to 151, with oil rigs up 8 to 102 and gas rigs up 3 to 49.
Year-on-year, Canada’s count is down by 24 rigs.
OPEC+ Likely to Approve Another Output Increase as Oil Rallies
Oil prices climbed sharply on Thursday, with ICE Brent closing nearly 3% higher, boosted by trade optimism after the US-Vietnam deal, ING’s Ewa Manthey and Warren Patterson noted.
This optimism could be short-lived. OPEC+ meets this weekend to decide on August production, and markets expect another significant output hike of 411,000 barrels per day.
Complicating the outlook is the looming end to President Trump’s 90-day reciprocal tariff pause next week. New tariffs could hit US trading partners if additional deals aren’t finalized, adding uncertainty to global trade.
Meanwhile, US Energy Information Administration (EIA) data showed a crude inventory build of 3.85 million barrels last week, ending a streak of declines since mid-May.
The increase was largely due to a steep 1.97 million barrels per day drop in exports and a 975,000 barrels per day rise in imports. Gasoline stocks rose by 4.19 million barrels, while distillates fell by 1.71 million barrels.
Central Banks Accelerate Gold Purchases in May, Led by Kazakhstan
Global central banks increased their net gold reserves by 20 tonnes in May, a 66.7% jump from April, according to ING analysts Ewa Manthey and Warren Patterson.
Though this figure is below the 12-month average of 27 tonnes, it signals a clear rebound in demand.
Kazakhstan led the buying spree, adding 7 tonnes, pushing its total net purchases this year to over 14 tonnes.
Poland’s central bank followed closely with 6 tonnes added in May, bringing its 2025 total to 67 tonnes. Turkey’s central bank matched Poland with a 6-tonne increase, taking its year-to-date total to 15 tonnes.
Major European equity indices finished Thursday in the green, with Spain’s Ibex leading the way with a near 1% gain.
Here’s a snapshot of the closing levels:
German DAX up 112.06 points (0.47%) to 23,902.18
France’s CAC 40 up 16.13 points (0.21%) to 7,754.56
UK FTSE 100 up 48.51 points (0.55%) to 8,823.21
Spain’s Ibex up 138.31 points (0.98%) to 14,182.90
Italy’s FTSE MIB up 157.89 points (0.40%) to 39,943.16
The day’s gains reflect steadying sentiment after recent jitters, helped by easing political tensions in the UK and stronger regional data.
Eurozone June Services PMI Rises to 50.5
The final June reading for the eurozone services PMI landed at 50.5, above the flash estimate of 50.0 and up from May’s 49.7.
The Composite PMI improved to 50.6 versus a preliminary 50.2, also above May’s 50.2.
Despite the slight expansion, businesses continued to report soft demand, with new work declining further.
Input cost inflation cooled to a seven-month low but remained elevated, keeping price pressures alive and capping optimism for a stronger recovery.
HCOB notes that:
“The service sector has been more or less stagnant since April. A look at the longer-term trend reveals that the average pace of growth seen since the summer of 2021 has fallen short of the PMI full survey average. This marks a prolonged period of relatively weak growth, and one which has never been surpassed in length over the course of the PMI’s 27 years of data. The last two recessions in the service sector, which were the result of the financial market crisis of 2008/2009 and the euro crisis of 2012, followed a relatively rapid slowdown in growth and are unlikely to repeat themselves in this form. This may be due to the structural aspect of labour shortages, which has become apparent since COVID-19. This has meant that, unlike in the past, companies have refrained from cutting jobs, even in weak quarters. As a result, private consumption, the key growth driver for the service sector, has not slumped massively since 2021. In June, companies even hired more people than in May, and a recession may therefore be avoided in the foreseeable future.
“The question is whether a robust recovery is even possible after the sluggishness in the service sector in recent years. This will probably be difficult for the eurozone as a whole, but in Germany, the largest eurozone economy, it is certainly a probable outcome, given the extraordinary stimulus package that the new government is currently putting in place. Even if civil engineering and the defence sector will benefit most from this, the fiscal stimulus is also likely to spread to the service sector, especially in the coming year. In any case, expectations for the next 12 months have improved for the eurozone, although the figure remains below the long-term average.
“The European Central Bank is unlikely to be entirely happy that sales prices in the services sector rose more strongly in June and that input prices are also rising sharply. In view of other factors such as the strong euro and the deflationary effect of US tariffs on the eurozone, the significance of services inflation, which looked more critical a year ago, is receding somewhat into the background.”
Germany’s June Services PMI Edges Up to 49.7
Germany’s services sector showed signs of stabilization in June, with the final HCOB Services PMI coming in at 49.7, beating the preliminary 49.4 and sharply higher than May’s 47.1.
The Composite PMI finalized at 50.4, confirming the flash estimate and up from May’s 48.5.
Employment picked up modestly, while the declines in new business and outstanding work moderated, signaling a potential inflection point for the second half of the year.
Commenting on the PMI data, Dr. Cyrus de la Rubia, Chief Economist at Hamburg Commercial Bank, said:
“Service providers have been having somewhat of a tough time for three months now. After a deeper slump in May, the situation has stabilised somewhat, but business activity declined again in June. It has been difficult to pinpoint exactly where the sector is in the economic cycle for several years now. Since Covid-19, relatively strong volatility has been observed in activity in this sector, where growth and contraction alternate at relatively short intervals.
“We expect economic growth in Germany to pick up in the second half of the year, benefiting not only the construction sector and industry, but also the service sector. This is backed by the massive economic stimulus package that the German government is currently putting in place. We should not expect miracles, but we do expect a solid boost for growth, which could be around 1.6 percent next year.
“In addition to sluggish demand, service providers continue to be hit by relatively sharp cost increases. At least companies are in a position to pass on some of these cost increases to their customers. In June, companies managed to raise their sales prices at almost the same rate as in the previous month. From a corporate perspective, this points to a relatively healthy market structure without ruinous price competition.
“Service providers are still unwilling to bring themselves to make bold job cuts. On the contrary, more people were hired in the last month than in May. Taking a positive view, this could be interpreted as meaning that service providers are confident that they will soon receive more orders. This is backed by the anecdotal evidence of some companies that want to expand capacity and by an uptick in expectations for future activity, even though they remain subdued by historical standards.
“Being a bit more sceptical, higher employment could suggest that more people are needed to achieve a similar level of activity as before. Corporate employment policy of expanding the workforce would be the result of many people only partially meeting the requirements of their jobs – thus you need more of them to do the same amount of labour – and therefore labour productivity declines. We are inclined to back this – admittedly bold – thesis.”
France’s Final Services PMI Revised Up to 49.6
France’s services PMI for June was revised higher to 49.6 in the final reading, up from the preliminary 48.7 estimate and above May’s 48.9.
The Composite PMI also nudged up to 49.2 from the initial 48.5 flash figure, nearly matching May’s 49.3.
The adjustment indicates a slightly less severe contraction in services activity to close Q2.
Order books and activity fell at a slower rate, while business confidence spiked to an eight-month peak.
Nonetheless, labor market conditions remain wobbly and continue to cloud the recovery outlook.
HCOB notes that:
“Overall activity in the French private sector economy remained broadly stable in June compared to the previous month. However, a divergence between sectors is becoming more apparent: while the manufacturing sector failed to continue its upward trend, the services sector showed a modest improvement, albeit remaining in contractionary territory for nearly a year. Despite the absence of a clear upward trend, service sector activity has shown some little gains in recent months, contributing to the Composite Output Index hovering just below the expansion threshold.
“Signs of stabilisation in the service sector are emerging, underpinned by tentative improvements in underlying demand conditions. However, it seems too early to call this a real upturn. Notably, the decline in new business eased for the second consecutive month, marking the slowest rate of contraction since the beginning of the year. Furthermore, new export orders returned to growth following a prolonged period of decline.
“After a brief episode of output price deflation in May, June saw a renewed increase in prices, with survey respondents indicating a partial pass-through of higher input costs to customers. Operating expenses continued to rise at a solid pace, driven by a combination of wage pressures, elevated electricity prices, and increased transportation costs. The latter potentially reflected temporary disruptions linked to the recent escalation of conflict in the Middle East. Nonetheless, overall price increases remained moderate and below their long-term average.
“Business sentiment among French service providers improved markedly in June. Easing inflationary pressures and a less restrictive monetary policy stance are expected to support household consumption and business investment over the coming year. However, uncertainty surrounding potential tariff measures -pending a decision on July 8 – could weigh on sentiment in the near term. In light of still-muted demand conditions, service sector firms are actively exploring opportunities to adjust staffing levels downward.”
Italy’s June Services PMI Softens to 52.1
Italy’s services sector maintained expansion territory in June but at a slightly softer pace, with the HCOB Services PMI landing at 52.1, below the forecast of 52.7 and down from May’s 53.2.
The Composite PMI dropped to 51.1, missing the expected 52.0 and falling from 52.5 previously.
While activity and new business continued to grow, momentum cooled slightly.
Job creation reached its highest level in a year, reflecting improved confidence. However, service providers raised prices at a milder pace despite facing ongoing cost pressures.
Commenting on the PMI data, Nils Müller, Junior Economist at Hamburg Commercial Bank, said:
“Italy’s services sector maintained its growth trajectory in June, albeit at a slightly slower pace, with the HCOB Services PMI easing to 52.1 from May’s near one-year high. While the deceleration may raise eyebrows, the underlying dynamics suggest a sector still buoyed by resilient domestic demand and cautious optimism. Business activity and new work continued to expand at rates above historical norms, supported by new service launches and client wins. However, the momentum softened, hinting at a more measured pace of recovery heading into the second half of the year.
“Employment surged at the fastest rate in a year, reflecting firms’ confidence in sustained workloads. Yet, this optimism remains tempered. Business expectations improved to a four-month high, but sentiment is still below long-run averages, shaped by persistent geopolitical and economic uncertainties. Export business remains a weak spot, contracting at the sharpest rate since January, as subdued demand from key European markets and global trade tensions continue to weigh on international sales.
“Input cost pressures intensified, driven by elevated wages and rising energy and raw material prices. Despite this, firms showed restraint in passing on costs, with selling prices rising at a softer pace. This suggests a strategic balancing act: protecting margins without alienating price-sensitive consumers.
“Looking ahead, Italy’s services sector appears stable but cautious. With domestic demand holding firm and financing conditions improving through the ECB’s policy easing, the groundwork for continued expansion is in place – provided external headwinds don’t intensify.”
Spanish Services PMI Climbs to 51.9 in June
Spain’s services sector continued its gradual rebound in June, with the HCOB Services PMI climbing to 51.9, ahead of expectations at 51.0 and improving from May’s 51.3.
The Composite PMI also ticked up to 52.1 from a prior 51.4.
Although new work contracted for the first time in over 18 months, the growth in services was primarily driven by activity from existing contracts.
Business sentiment has turned more optimistic, providing some support for the second half of the year.
HCOB notes that:
“Spain’s private sector economy expanded at a slightly faster pace in June, supported by marginal gains in both manufacturing and services, according to the latest HCOB PMI headline figures. However, activity growth remains well below the elevated readings observed at the beginning of the year. “Political uncertainty has emerged as a potential headwind, which could translate into heightened uncertainty in the months ahead – particularly if a major government crisis unfolds. This introduces downside risks to the economic outlook. Despite political tensions, service sector firms reported a slight improvement in their future business outlook. This may reflect a belief that the current political developments will not significantly disrupt underlying economic fundamentals or consumer demand.
“At the same time, underlying demand conditions in the service sector appear to be weakening. For the first time in a yearand-a-half, order books declined for overall new business. Still, the cautiously optimistic outlook encouraged firms to continue expanding their workforce, albeit at a slower pace through the second quarter. The decline in outstanding business also suggests that labour market conditions in the service sector may loosen further.
“Operating costs remain elevated, with wage pressures persisting across the services sector. Some firms also reported higher transportation costs, though this is likely a temporary effect, assuming the ceasefire in the Middle East holds. In response, prices charged by service providers rose again in June—with inflation accelerating to the fastest pace recorded so far this year.”
UK Services PMI Hits 52.8 in June
The UK’s services sector gained momentum in June, with the final S&P Global Services PMI printing at 52.8, comfortably ahead of the flash 51.3 estimate and up from May’s 50.9.
The Composite PMI rose to 52.0, surpassing the preliminary 50.7 and the prior 50.3.
Key highlights included the first rise in new orders in three months and a continued reduction in staffing levels.
The pace of output price inflation slowed to its lowest since February 2021, potentially offering relief to the Bank of England’s inflation headaches.
Tim Moore, Economics Director at S&P Global Market Intelligence, said:
“June data highlighted a modest rebound in UK service sector growth, fuelled by a turnaround in domestic business and consumer spending after a soft patch during the spring. Business activity expansion was slightly stronger than the earlier ‘flash’ estimate for June and the fastest seen since August 2024.
“While total new work picked up in June, shrinking export sales were a constraint on service sector growth. Survey respondents cited headwinds from US tariffs and geopolitical tensions, which resulted in subdued demand conditions across global markets.
“Meanwhile, concerns about elevated payroll costs meant that service providers were reluctant to turn on the hiring taps. Employment numbers decreased for the ninth month running and at a faster pace than in May, with job shedding again often attributed to redundancies as well as the non-replacement of voluntary leavers.
“The latest survey pointed to a considerable slowdown in overall cost inflation across the service economy, which allowed for the slowest rise in output charges since February 2021. “A combination of easing price pressures and lower employment leaves the door open for the Bank of England to resume its run of interest rate cuts at the next policy meeting in August.”
Swiss Inflation Edges Up Slightly in June
Data from Switzerland’s Federal Statistics Office showed a small uptick in consumer prices for June, rising 0.1% year-on-year, which came in above expectations for a 0.1% decline.
This follows a -0.1% reading in May.
Core CPI also picked up slightly, advancing 0.6% from a year earlier, compared to May’s 0.5%.
Although these figures offer the Swiss National Bank a momentary sigh of relief, inflation remains dangerously close to deflation territory, far from any comfortably balanced zone.
ECB Meeting Accounts: Limited Appetite to Hold Rates Steady
The European Central Bank’s June meeting minutes revealed that only a few Governing Council members supported maintaining current interest rates, highlighting the division over future policy moves.
Members generally agreed that the temporary inflation undershoot should not derail the medium-term trajectory.
Growth risks remained tilted to the downside, with trade tensions and global uncertainty clouding the outlook.
A stronger euro since March and potential further tariff escalations were cited as headwinds for exports and inflation.
Most of the downside inflation risks were linked to external factors like weaker energy prices and currency appreciation rather than immediate domestic demand shifts.
China Monitoring U.S.-Vietnam Deal, Warns of Retaliation
China’s Ministry of Commerce announced it is carefully evaluating its stance in response to the newly announced U.S.-Vietnam trade agreement.
Beijing vowed to firmly safeguard its economic interests and expressed strong opposition to any arrangements that undermine China’s position.
China also stressed it would respond decisively if necessary to defend its rights in light of shifting trade dynamics.
China’s June Caixin Services PMI Slips to Nine-Month Low
China’s private-sector Caixin services PMI dropped to 50.6 in June, the lowest reading in nine months and down from May’s 51.1.
The slowdown was tied to weaker demand and a sharp fall in new export orders — the steepest decline since December 2022.
Employment growth decelerated, creating the fastest backlog buildup in a year. Prices charged by service providers fell at the steepest rate in over three years, underscoring fierce competition and reduced pricing power.
Despite softer conditions, business confidence stayed positive, with overall expectations unchanged from May.
The composite PMI stood at 51.3, up from May’s 49.6, supported by stronger manufacturing momentum.
U.S. Greenlights Ethane Shipments to China by Enterprise
Enterprise Products Partners announced it has received approval from the U.S. to resume ethane exports to China, reversing a short-lived restriction imposed in late May and early June.
The initial ban was tied to tensions over China’s slow exports of rare earth materials.
Last week’s agreement between Washington and Beijing on rare earth and magnet supply paved the way for lifting the restrictions, easing a fresh bottleneck in the energy trade.
Xiaomi Eyes Global EV Expansion Starting in 2027
Xiaomi CEO Lei Jun confirmed the company’s plan to start exporting its electric vehicles in 2027, reaffirming earlier hints.
Lei stressed that surging domestic demand for the SU7 sedan and the new YU7 SUV requires Xiaomi to focus on Chinese consumers first.
Since December, the SU7 has outsold Tesla’s Model 3 each month, while the YU7 saw massive orders within hours of launch.
Wait times for the YU7 now exceed one year, fueling frustration among buyers. Lei admitted production bottlenecks but promised efforts to increase capacity without revealing concrete measures.
U.S. Lifts Export Curbs on Synopsys Products to China
Synopsys announced that Washington has officially revoked its recent export restrictions on the company’s products destined for China.
The move, part of a broader thaw in U.S.-China tech tensions, will enable Synopsys to restore full access for Chinese clients. The company is now evaluating the overall business impact of the lifted controls.
Tesla China Sales Edge Up in June
Tesla delivered 61,000 electric vehicles in China during June, marking a 3.7% increase from the same month last year.
While details beyond the headline figure remain scarce for now, the growth offers a bit of relief for Tesla amid a competitive Chinese EV market and broader volatility in global demand.
PBOC sets USD/ CNY reference rate for today at 7.1523 (vs. estimate at 7.1618)
PBOC CNY reference rate setting for the trading session ahead.
PBOC injected 57.2bn yuan via 7-day reverse repos at 1.40%
509.3bn yuan mature today
net drain is 452.1bn yuan
Australia’s Services PMI Surges in June
Australia’s S&P Global final services PMI climbed to 51.8 in June, up from May’s 50.6 and higher than the flash reading of 51.3.
The composite PMI rose to 51.6 (flash: 51.2; May: 50.5), reflecting broader expansion.
June saw stronger demand fueling service sector growth and hiring gains, offsetting weakness in manufacturing.
Export orders fell amid global uncertainties, but business confidence spiked to its highest level in three years.
Subdued price pressures further support the possibility of monetary easing later this year.
Australian May Trade Surplus Misses by Wide Margin
Australia’s trade surplus in May shrank sharply to AUD 2.24 billion, far below the expected AUD 5.09 billion and down from April’s AUD 5.41 billion.
Exports slipped 2.7% month-on-month, following April’s 2.4% drop, while imports jumped 3.8% (vs. 1.1% prior).
The larger-than-expected contraction highlights fragility in external demand and marks a setback for Australia’s trade-driven recovery momentum.
New Zealand’s Commodity Price Index Posts Monthly Decline
New Zealand’s ANZ World Commodity Price Index fell 2.3% month-over-month in June, reversing from May’s 1.9% gain.
In New Zealand dollar terms, the index dropped 3.4% on the month (after a 0.5% rise in May).
Year-on-year, prices were still up 11% in USD and 15.5% in NZD terms.
ANZ noted global shipping costs rose generally in June, though exporters expect easing costs in the months ahead as global demand softens.
Japan’s Rengo Union Group Revises Average Wage Hike to 5.25%
Japan’s largest labor federation, Rengo, has revised its final average wage increase for this fiscal year to 5.25%, down slightly from the earlier second-round figure of 5.40%.
Despite the downward adjustment, this still surpasses the 5.10% average hike agreed for fiscal 2024, marking a second straight year with wage gains above 5%.
As usual, final figures tend to be scaled back a bit, but the robust upward momentum in wage growth remains a significant development for Japan’s domestic demand outlook.
BOJ’s Takata: Be Ready to Tighten Policy if U.S. Trade Situation Improves
Bank of Japan board member Naoki Takata stressed that the BOJ should be prepared to restart policy tightening if progress emerges in U.S. trade negotiations.
Speaking to business executives in Mie prefecture, Takata said the bank is currently in a temporary “pause” regarding interest rate hikes and should remain open to shifting gears once the environment stabilizes.
“With so much uncertainty surrounding U.S. policy directions, the BOJ must stay agile and avoid being overly pessimistic,” he noted.
Japan June Services PMI Hits 51.7, Highest Since February
Japan’s final Jibun Bank services PMI for June printed at 51.7, above the flash estimate of 51.5 and up from May’s 51.0.
This marks the third straight month of expansion.
June saw business sentiment rise to a four-month high, slight acceleration in new order growth, and the fastest job growth since January.
Export demand, largely tied to tourism, grew but at its slowest rate since December.
Input cost inflation moderated to a six-month low, while output prices rose at their quickest pace in 14 months.
The composite PMI reached 51.5, its strongest since February.
BoJ’s Takata – BOJ is currently only pausing its policy rate hike cycle
Takata speech is on “Economic Activity, Prices, and Monetary Policy in Japan”
Headlines via Reuters:
BOJ should continue to further adjust degree of monetary accommodation if it can confirm that positive corporate behaviour is being maintained
But with likelihood of slowdown in U.S. economy due to tariffs, careful monitoring needed on risk that divergence in U.S.-Japan monetary policy stance could bring about high market volatility, particularly in FX markets
U.S. economy is unlikely to see a serious recession
BOJ is currently only pausing its policy rate hike cycle, should continue to make ‘gear shift’ after certain period of ‘wait and see’
There is persistent speculation of a rebound in U.S. inflation due to the imposition of reciprocal tariffs
Given that uncertainties regarding various U.S. policies remain high, I believe BOJ should conduct monetary policy in a more flexible manner without being too pessimistic
This is because BOJ may need to nimbly shift back to rate hike cycle in response to policy changes in the United States, in additional to taking action in case downward pressure on economy increases
To maintain momentum toward hitting its price target, BoJ also needs to maintain its current accommodative monetary policy stance
A rise in the risk premium on super-long-term JGBs tends to induce a deterioration in market functioning, with volatility spilling over to the entire yield curve
It should be noted that such rise in risk premium on super-long JGBs, yield curve volatility, may unintentionally give rise to the risk of monetary tightening effects transmitting widely across the market
The impact of U.S. tariff policy will likely push down Japan’s economy through such channels as a slowdown in overseas economies, a decline in domestic corporate profits, and an associated slowdown in wage increases.
Japan’s corporate profits have remained on an improving trend recently.
Consumption likely to continue increasing moderately.
Signs of home-made inflation have finally emerged in Japan.
I believe Japan’s economy is at a stage where BOJ’s price stability target is close to being achieved.
Will like to closely monitor whether the momentum toward achieving the price stability target, which has finally started to operate, will not be dampened by U.S. tariff policy.
I am paying particular attention to the possibility of significant market volatility, depending on the expectations for new U.S. trade policy
Want to scrutinise whether speculation over US policy could lead to strong yen, hurt Japan’s corporate profits
My view is that the BOJ needs to support economic activity for the time being by maintaining its current accommodative monetary policy stance
South Korea’s Lee: U.S. tariff negotiations looking very difficult
South Korea’s President Lee
Doing best to derive national interest-centered, practical, and win-win results in trade negotiations between South Korea and the U.S.
Must improve relations with North Korea based on secure U.S.-South Korea alliance
Cannot say if can conclude U.S. tariff talks by July 8
Two sides are not really clear on what they want concerning tariff talks
BTC’s rebound from June lows around $98,000 has been driven by decreasing sell pressure among whales and large investors. CryptoQuant data suggests whales maintained a risk-on posture even after April’s tariff-triggered market correction.
Glassnode reports total unrealized profits now stand at $1.2 trillion — a potential warning sign if sentiment turns.
Spot Bitcoin ETFs saw net inflows of about $408 million on Wednesday, with no outflows recorded. Fidelity’s FBTC led the pack, attracting $184 million. Total net assets in US Bitcoin ETFs are now nearly $137 billion, with $49 billion in cumulative net inflows.
Ethereum’s rally above its 50-day and 100-day EMAs is supported by a rising RSI (57) and MACD buy signals, pointing to potential moves toward $2,735 and $2,882.
XRP Eyes $2.30 as Ripple Pushes for National Bank License
XRP’s price advanced to around $2.29 on Thursday, breaking through resistance levels thanks to broader crypto optimism.
Open Interest in XRP rose to $4.47 billion, while trading volume soared 93% to $7.31 billion, per CoinGlass.
Ripple revealed it has applied for a national bank charter with the US Office of the Comptroller of the Currency (OCC), a move that would give it both state and federal oversight.
If successful, Ripple would also strengthen its case for a Federal Reserve master account to hold reserves for RLUSD, its USD-backed stablecoin currently valued at $469 million.
Ripple CEO Brad Garlinghouse said on X that the bank license would help RLUSD set a “regulatory-first” standard in a $250 billion+ stablecoin market.
This week, Ripple also announced a partnership with OpenPayd to expand cross-border payments in euros and pounds, emphasizing its push for institutional-grade payment solutions.
Near Protocol Rallies on Bitwise NEAR Staking ETP Launch
Near Protocol (NEAR) climbed to $2.26 on Thursday, benefiting from the broader market rebound and a surge in institutional interest.
A 7% rise in Open Interest to $237 million and a 61% increase in volume to $649 million signal growing momentum.
Bitwise Europe launched a NEAR staking ETP on Deutsche Börse Xetra under ticker “NEAR,” offering investors regulated exposure to NEAR while earning staking rewards of about 5.5% net after fees.
Illia Polosukhin, Near’s co-founder, said the ETP supports Near’s mission of creating an “AI-driven internet” that prioritizes people over platforms.
Near remains the second-largest AI-focused crypto asset with a market cap of $2.8 billion, trailing only Bittensor’s $2.9 billion.
Algorand Breaks Out After Multi-Chain Upgrade via Wormhole
Algorand (ALGO) pushed above $0.1850 on Thursday, buoyed by a multi-chain interoperability upgrade.
The launch of Wormhole Native Token Transfers (NTT), developed alongside Folks Finance, has reignited interest in ALGO, lifting it from lows of $0.1521.
Technically, ALGO is eyeing moves toward $0.2598 and $0.3665, supported by a bullish MACD and RSI structure.
Wormhole’s NTT supports more than 50 blockchains, allowing seamless multi-chain token transfers without wrapping.
Robinson Burkey of Wormhole Foundation emphasized that the update “future-proofs Algorand’s DeFi ecosystem” and enhances user experiences across chains.
Staci Warden, Algorand Foundation’s CEO, stressed that interoperability is central to the chain’s strategy, especially to boost its decentralized finance (DeFi) reach.
JD.com and Ant Group Lobby for Yuan-Pegged Stablecoin in Hong Kong
Chinese tech giants JD.com and Ant Group are urging Beijing to approve a yuan-backed stablecoin in Hong Kong to compete directly with Tether’s USDT, which dominates global trade settlements.
Both firms already plan to launch Hong Kong dollar-backed stablecoins starting August 1 when new local regulations take effect, but they argue a yuan-pegged coin is crucial to boost the yuan’s global adoption.
At present, nearly all stablecoins are tied to the US dollar, with USDT holding a 68.2% market share. Chinese exporters frequently rely on USDT to bypass currency volatility and capital controls.
While China banned cryptocurrencies in 2021, officials have shown growing openness to regulated stablecoins for cross-border payments.
The upcoming Hong Kong Stablecoin Ordinance provides a licensing pathway, potentially opening the door for broader digital yuan use in global trade.
New Solana ETF Launches in the U.S.
A new ETF providing direct exposure to Solana began trading Wednesday on the Cboe BZX Exchange.
The REX-Osprey Solana + Staking ETF is the first U.S.-listed fund to invest directly in Solana, the sixth-largest cryptocurrency by market cap.
This move opens Solana to mainstream investors who prefer traditional brokerage accounts rather than holding tokens directly.
Analysts say this ETF could pave the way for similar niche crypto products, but caution that limited volume may lead to future fund closures if interest doesn’t hold.
Major indices close strong: Nasdaq and S&P 500 both hit fresh record highs. Nasdaq +1.02% at 20,601.10, S&P +0.83% at 6,279.35, Dow +0.77%, Russell 2000 +1.02%.
June jobs data solid: Nonfarm payrolls +147K (vs. +110K expected), unemployment rate dropped to 4.1%. Gains heavily concentrated in government (+73K) and healthcare/social assistance (+39K). Manufacturing jobs slipped (-7K). Private sector growth weakest since October 2024.
Initial jobless claims: Fell to 233K (below 240K expected), signaling continued labor market resilience.
ISM services PMI: Rebounded to 50.8 in June, up from 49.9 in May; business activity and new orders improved.
S&P Global final services PMI: Revised slightly lower to 52.9 from 53.1 prelim, still solid.
Factory orders: Rose sharply by 8.2% in May, in line with estimates; strong rebound after April’s -3.9%.
May trade balance: Wider deficit at -$71.5B (vs. -$71B expected); exports fell sharply to $279B, imports steady at $350.5B.
Atlanta Fed GDPNow: Q2 growth estimate nudged up to 2.6% from 2.5%.
House moves forward: Rule vote clears way for Trump’s “One Big Beautiful Bill”; final passage expected soon, estimated to raise debt by $3.3 trillion over next decade.
Canada
May trade deficit: Held steady at -C$5.90B, in line with expectations. Exports edged up to C$60.81B; imports fell to C$66.66B.
Commodities
Gold: Dropped 0.80% to $3,332 as strong US jobs data dampened rate cut hopes. Traders now price in just two Fed cuts this year. Central banks added 20 tonnes to reserves in May, led by Kazakhstan, Turkey, and Poland.
Oil: Settled lower Friday but gained $2 on the week. WTI consolidating above $67; bullish momentum intact if it clears $67–$70 area. Baker Hughes rig count: US -8 to 539, Canada +11 to 151.
OPEC+: Expected to approve another supply hike (+411K b/d) this weekend. EIA data showed US crude inventories rose 3.85M barrels last week; exports down sharply.
Europe
Equities closed higher: Spain’s Ibex led (+0.98%), followed by FTSE 100 (+0.55%), DAX (+0.47%), CAC 40 (+0.21%), FTSE MIB (+0.40%).
June services PMIs:
Eurozone: Final services PMI revised up to 50.5, composite at 50.6; signals mild expansion.
Germany: Services PMI 49.7, composite 50.4; jobs growth improved.
ECB accounts: Few members wanted to keep rates steady, but concerns remain about trade tensions, euro strength, and possible energy price declines.
SwitzerlandJune CPI: +0.1% y/y vs. -0.1% expected. Core CPI +0.6% (prior +0.5%). Slightly lifts deflation fears, but inflation remains very low.
Japan
Rengo union wage hike forecast: Final average wage hike for FY25 now 5.25%, revised down slightly but still above 5% for the second year.
Services PMI: Final June reading at 51.7 (improved from prelim); composite at 51.5. New orders and confidence up; employment growth strongest since January.
BOJ Takata comments: Suggested readiness to resume rate hikes if US trade negotiations improve.
China
Caixin June services PMI: Dropped to 50.6 (prior 51.1), slowest in 9 months; composite index 51.3. Export orders fell sharply, pricing pressure intensified, but overall sentiment stayed positive.
Tech giants push yuan stablecoin: JD.com and Ant Group urge PBOC to allow yuan-based stablecoin in Hong Kong to reduce USDT reliance; new HK stablecoin framework starts August 1.
Synopsys export restrictions lifted: US removed recent bans on shipments to China, Synopsys assessing business impact.
S&P Global June services PMI surged to 51.8 (prior 50.6), composite to 51.6. Business confidence at 3-year high, price pressures mild.
New Zealand:
ANZ commodity price index fell 2.3% m/m in June (prior +1.9%), but up 11% y/y. Exporters see global shipping costs easing soon.
Vietnam:
Final trade deal with US expected “within weeks,” will include big ag and aircraft purchases, rules to curb Chinese transshipment.
Crypto
Bitcoin: Broke above $109,000 resistance, driven by institutional demand and resumed spot ETF inflows ($408M net inflows Wednesday). Total ETF AUM ~$137B.
Ethereum: Above $2,600; RSI at 57 supports upside. Potential targets: $2,735 and $2,882.
XRP: Rose above $2.29; open interest up to $4.47B, volume soared 93% to $7.31B. Ripple applied for US national banking charter, plus a Fed master account.
Near Protocol (NEAR): Climbed to $2.26; Bitwise Europe launched staking ETP on Deutsche Börse Xetra.
Algorand (ALGO): Advanced after integrating Wormhole’s multi-chain token transfer standard, supports future DeFi expansion.
Yuan stablecoin push: JD.com and Ant Group lobbying for yuan-backed stablecoin to rival USDT.
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