Round up of today’s market news

North American News

US Equities End Week on a Sluggish Note

• Closing changes

• S&P 500 down 0.2%
• Nasdaq Comp down 0.2%
• Russell 2000 up 0.2%
• DJIA flat

On the week:

• S&P 500 +0.6%
• Nasdaq flat
• DJIA +1.4%

US June S&P Global flash services PMI 55.1 vs 53.7

• Services and manufacturing surveys from S&P Global

• 26-month high
• Prior was 54.8
• Manufacturing 51.7 vs 51.0 expected
• Prior manufacturing was 51.3
• Composite 54.6 vs 54.5
• Selling prices ‘at one of the lowest levels of the past four years’ and a five-month low
• “Improved business confidence for the year ahead, notably in the service sector, as well as renewed pressure on operating capacity from rising demand”
• Services future prospects hit a five-month high
• Service sector payrolls rose to the greatest extent for five months, helping reverse some of the declines seen in the sector over the prior two months

Chris Williamson, Chief Business Economist at S&P Global Market Intelligence said:

“The early PMI data signal the fastest economic expansion for over two years in June, hinting at an encouragingly robust end to the second quarter while at the same time inflation pressures have cooled. The PMI is running at a level broadly consistent with the economy growing at an annualized rate of just under 2.5%. The upturn is broad-based, as rising demand continues to filter through the economy. Although led by the service sector, reflecting strong domestic spending, the expansion is being supported by an ongoing recovery in manufacturing, which so far this year is enjoying its best growth spell for two years. The survey also brings welcome news in terms of job gains, with a renewed appetite to hire being driven by improved business optimism about the outlook.Selling price inflation has meanwhile cooled again afterticking higher in May, down to one of the lowest levels seen over the past four years. Historical comparisons indicate that the latest decline brings the survey’s price gauge intoline with the Fed’s 2% inflation target.”

Prices:

US May existing home sales 4.11m vs 4.10m expected

• May 2024 US existing home sales data

• Prior was 4.10m
• Inventory at 3.7 months vs 3.5m prior
• Median price +5.8% from May 2023 at $419.3K
• Sales down 0.7% m/m

US leading index for May -0.5% versus -0.3% estimate

• US leading index for May 2024

• Prior month -0.6%
• Leading index for May -0.5% versus -0.3% estimate.

Fed’s Barkin says wants clearer signals on falling inflation before a rate cut

• Federal Reserve Bank of Richmond President Thomas Barkin

• wants to see clearer signs of falling inflation before a rate cut
• says the Federal Reserve is positioned well, has necessary tools for the job
• the flow of data will determine further moves after the first rate cut

Ex-Fed Bullard says he expects a slow pace of rate cuts from the FOMC

• Bullard is the previous President of the St. Louis Fed

• US economy remains strong
• Expects slow rate cut pace

Trump immigration policy – College graduates to automatically get a Green Card

• Automatic stay in the US once college completed

Trump news crossing on immigration policy

• If you graduate from a college you should get automatically as part of your diploma a green card to be able to stay in United States

Info comes via Reuters.

Canada April retail sales +0.7% vs +0.7% expected

• Canada retail sales data for April 2024 and preliminary May data

• Prior was -0.2%
• Ex autos +1.8% vs +0.7% expected
• Ex autos and gasoline +1.4%
• Motor vehicle and parts dealers -2.2%
• Food and beverage retailers +1.9%, led by grocery stores
• Alberta +3.1%, Ontario -1.0% with Toronto sales -2.5%
• Preliminary May data -0.6% m/m

Canada May producer price index 0.0% versus 0.5% estimate

• Canadian May producer price index data

• Prior month 1.5% revised to 1.4%
• Producer Prices MoM 0.0% vs 0.5% estimate
• Producer prices YoY 1.8 % vs 1.4% last month revised to 1.3%. This was the biggest year on year increase since January 2023.
• Raw material prices MoM -1.0% vs 5.5% last month revised to 5.3%. Excluding accrued energy products, the RMPI rose 2.4%
• Raw material prices YoY 7.6% vs 3.1% last month revised to 2.9%

The PPI was unchanged after four consecutive months of increases.

Details:

• Energy prices and petroleum products -3.9% (first decrease after three month-to-month increases.The declines were due to lower prices for crude oil
• Lumber and other wood products -4.9%. Softwoods fell -10.2% for the largest decrease since June 2022
• Primary nonferrous metal products, +4.3%
• Meat, fish and dairy products +1.6%
• Crude energy products fell -6.4% in May for its first decrease since December 2023.

The large YoY RMPI increase is partially explained by base effects. May 2023 showed a large decline of -5.4% which exited the equation for this month.

• Ex energy and petroleum products the index rose 0.5%.

Commodities

Gold Rally Fizzles with $40 Plunge

• Sharp reversal lower in gold today

The recent price action in gold has raised concerns among market analysts, as the precious metal experienced an outside reversal lower today. Over the past two months, gold prices have been forming a potential head-and-shoulders top pattern, which suggests a target of $2150 if the pattern fully develops. Yesterday, gold bulls attempted to break above the late-May highs, but their efforts were thwarted. Today, sellers dominated the market, driving the price down by $40 to $2318.

This sharp decline follows the release of data indicating a robust US service sector, with the S&P Global services PMI reaching a 26-month high. This surprising strength in the service sector has implications for monetary policy, as it suggests that the Federal Reserve might refrain from cutting interest rates this year. The prospect of sustained higher interest rates could encourage aggressive profit-taking in gold, adding to the downward pressure on prices. The market’s reaction underscores the delicate balance between economic data and investor sentiment, highlighting the ongoing volatility in the gold market.

Crude Oil backs away from fresh highs on EIA natural gas buildup

• WTI tumbled back below $81.00 on Friday, tested $81.50.
• The EIA reported a surprise buildup in natural gas reserves, clipping drawdown hopes.
• US Crude Oil productivity remains close to all-time highs.

WTI US Crude Oil hit a fresh high for the week early Friday before slumping back into negative territory for the day after the Energy Information Administration (EIA) noted that US Crude Oil production remains near all-time peaks and a larger-than-expected buildup in Natural Gas reserves.

The EIA reported a 71 billion cubic feet (Bcf) increase in the amount of available working natural gas in storage, bringing US reserves to a multi-month high of 3,045 Bcf for the week ended June 14.The previous week’s increase of 74 Bcf was expected to a steeper drop in buildup to only 69 Bcf.

Baker Hughes oil rig count -3 to 485

• The Baker Hughes rig count for the current week

• Oil rigs -3 at 485
• Natural gas rigs unchanged at 98
• Total rigs -2 at 588

EU News

European equity close: Soft finish but a better week

• Closing changes for the main European bourses

• Stoxx 600 -0.6%
• German DAX -0.35%
• UK FTSE 100 -0.4%
• French CAC -0.4%
• Italy MIB -0.9%
• Spain IBEX -1.0%

On the week:

• Stoxx 600 +0.9%
• German DAX +1.1%
• UK FTSE 100 +1.6%
• French CAC +1.8%
• Italy MIB +2.1%
• Spain IBEX +0.5%

Eurozone June flash services PMI 52.6 vs 53.5 expected

• Latest data released by HCOB – 21 June 2024

• Prior 53.2
• Manufacturing PMI 45.6 vs 47.9 expected
• Prior 47.3
• Composite PMI 50.8 vs 52.5 expected
• Prior 52.2

Business activity in the euro area slows sharply towards the end of Q2, with manufacturing continuing to prove to be a drag. The output index there is seen slumping to a six-month low. Meanwhile, the services sector reading also eased but to a three-month low.

Looking at the details, new orders were seen contracting for the first time in four months while the pace of growth in employment conditions was the weakest since March. HCOB notes that:

“Is the recovery in the manufacturing sector ending before it began?Both we and the market consensus anticipated that the increase in the index in May would be followed by another rise in June, potentially setting the stage for an upward trend. However, rather than moving closer to expansionary territory, the HCOB Flash Eurozone Manufacturing PMI reading fell, dashing hopes for a recovery. This setback was compounded by the fact that new orders, which typically serve as a good indicator of near-term activity, fell at a much faster rate than in May. This rapid decline in new orders suggests that a recovery may be further off than initially expected.

“The services sector continues to keep the Eurozone afloat. Even though activity didn’t pick up as much as last month and fell short of what most analysts were expecting, the overall expansion was solid. Parallel to the softer activity figures, service providers were a bit more reserved when it came to increasing their staffing levels. Using the preliminary HCOB Flash Eurozone Composite Output Index in a simple regression analysis, the GDP estimate for the second quarter indicates a slight downgrade but still points to positive growth of 0.2% compared to the first quarter.

“The ECB, which cut interest rates in June, may feel vindicated by prices data which signalled easing pressure in the Eurozone’s service sector. However, the HCOB PMI do not provide ammunition for another rate cut in July by the ECB. This is because, for the biggest Eurozone economy, Germany, service providers increased their selling prices at a sharper pace than in May. In addition, in the Eurozone manufacturing sector, which experienced deflation in output charges over the last 14 months, we may see a return of selling price inflation again as input prices in the region increased in June for the first time since February 2023.

“The worsening situation in both the services and manufacturing sectors in France might be tied to the results of the recent European Parliament election and President Emmanuel Macron’s announcement of snap elections on June 30. This unexpected turn of events has likely stirred up a lot of uncertainty about future economic policies, causing many companies to hit the brakes on new investments and orders. In any case, it is evident that France’s poor economic performance has significantly contributed to the deteriorating economic conditions in the Eurozone.”

Germany June flash manufacturing PMI 43.4 vs 46.4 expected

• Latest data released by HCOB – 21 June 2024

• Prior 45.4
• Services PMI 53.5 vs 54.4 expected
• Prior 54.2
• Composite PMI 50.6 vs 52.7 expected
• Prior 52.4

The readings above are all two-month lows but still points to a marginal expansion in the German economy for June. That said, an accelerated drop in manufacturing production, softening business optimism, and weaker labour market conditions are negative takeaways from the report today. HCOB notes that:

“What a sharp dip at the end of the second quarter. After showing some promising signs of bouncing back, the manufacturing sector hit a wall and started moving in the opposite direction in June. The market consensus had assumed that the headline manufacturing PMI would rise by one point to 46.4, but instead it fell by two points to 43.4. The production slump is pretty sobering, but what’s even more concerning is that new orders are plummeting at a much faster rate. Last month’s numbers were already troubling, but June’s figures paint an even grimmer picture. The HCOB Composite Output Index is mainly dragged down by manufacturing production. If you use the composite index for a simple regression to estimate GDP in the second quarter, you now get a marginal decline in economic output instead of our prior estimate of slight growth.

“It’s an uphill struggle. All indicators point to the fact that demand for industrial goods is not getting off the ground, despite an improved global environment. It’s not just the significant reduction in incoming orders from both home and abroad that’s concerning. On top of that, the persistent decrease in inventories, a trend observed since early 2023, continues unabated. Over the last three months, businesses have been clearing out their stocks of finished goods at an increasingly fast rate. This seems to be a clear indication that the demand recovery is taking a hit.

“Fortunately, Germany’s economic performance is not only based on the manufacturing industry, but also on the service sector. The latter continues to be in good shape. Although momentum slowed slightly in June, the sector is not lacking in self-confidence, which is reflected in the fact that companies raised their sales prices more sharply in June than in the previous month. Service providers cannot complain about a lack of new orders either and export business is also picking up a bit.

“The ECB’s persistent headache these days is inflation in the service sector.The HCOB PMI data from Germany offers little reason to reduce these concerns.Services input prices, in which labour costs play an important role, have risen almost as much as in May and sales prices are even showing a stronger increase than in the previous month. According to official statistics, wages and salaries rose by 6.3% in the first quarter in Germany, and we’ve seen a continued impact on operating expenses from labour costs in the second quarter. This should be a further reason for the ECB to proceed cautiously with interest rate cuts.”

France June flash services PMI 48.8 vs 50.0 expected

• Latest data released by HCOB – 21 June 2024

• Prior 49.3
• Manufacturing PMI 45.3 vs 46.8 expected
• Prior 46.4
• Composite PMI 48.2 vs 49.5 expected
• Prior 48.9

The readings above are a further setback to the French economy after the softer ones in May already. A renewed downturn in new orders in particular is the main drag for the month. Meanwhile, employment conditions eased to a three-month low and there was also a decline in business confidence with the election outlook weighing. HCOB notes that:

“The French economy likely grew by 0.1% in the second quarter of 2024.At least that’s what our HCOB nowcast model suggests, with more pronounced growth in the service sector.Although the Composite PMI only crossed the threshold of 50 once this quarter, the index is still stronger compared to the first quarter of this year. However, the French economy seems to have weakened again in June with new orders coming in lower, especially from the services sector. For the third and fourth quarter, we expect a GDP boost from the Olympics taking place in July and August in France.

“The uncertainty of the upcoming elections has French businesses stalling and fearing tougher times. According to anecdotal evidence, some panel members linked lower activity levels to the upcoming elections. This was also seen in neworders, especially in the service sector, which declined for the first time in three months.In addition, output expectations for the coming twelve months have weakened, partially due to higher uncertainty about the upcoming election, but also due to higher geopolitical risks.

“Lower interest rates are already filtering through to the French economy. Some service companies reportedly lowered their output prices as a result of the decline in lending costs.Nonetheless, input price inflation remains at an elevated level andquickened for manufacturers due to higher raw material prices, including metals. Additionally, wages continue to pose a risk to service input price inflation, which could translate into higher output price inflation.

“France has not yet benefited from the global trade recovery. This is evident in the PMI for New Export Business, which has remained below the threshold of 50 for the twenty-eighth consecutive month. We anticipate the French economy to start participating and benefiting from the global trade recovery from the third quarter.”

France June business confidence 99 vs 99 prior

• Latest data released by INSEE – 21 June 2024

• Prior 99
• Manufacturing confidence 99
• Prior 99
• Services confidence 101
• Prior 101; revised to 102

UK May retail sales +2.9% vs +1.5% m/m expected

• Latest data released by ONS – 21 June 2024

• Prior -2.3%; revised to -1.8%
• Retail sales +1.3% vs -0.9% y/y expected
• Prior -2.7%; revised to -2.3%
• Retail sales (ex autos, fuel) +2.9% vs +1.3% m/m expected
• Prior -2.0%; revised to -1.4%
• Retail sales (ex autos, fuel) +1.2% vs -0.8% y/y expected
• Prior -3.0%; revised to -2.5%

UK June flash services PMI 51.2 vs 53.0 expected

• Latest data released by S&P Global – 21 June 2024

• Prior 52.9
• Manufacturing PMI 51.4 vs 51.3 expected
• Prior 51.2
• Composite PMI 51.7 vs 53.1 expected
• Prior 53.0

The headline reading is a 7-month low and that is weighing on the overall UK business activity for June. The only bright side is that manufacturing conditions are seen improving further, with the reading there being a 23-month high. Going back to services activity, S&P Global notes that there is some evidence that the slowdown was partly driven by a pause in client spending decisions ahead of the election period.

“Flash PMI survey data for June signal a slowing in the pace of economic growth, indicating that GDP is now growing at a sluggish quarterly rate of just over 0.1%.

“The slowdown in part reflects uncertainty around the business environment in the lead up to the general election, with many firms seeing a hiatus in decision making pending clarity on various policies.

“Meanwhile, from an inflation perspective, stubbornlypersistent service sector inflation – a major barrier to lowerinterest rates – remains evident in the survey, but should at least cool further from the current 5.7% pace in coming months. However, companies’ costs are rising, most notably in manufacturing, where shipping costs in particular are spiking again and adding to a renewed rise in inflationary pressures from goods.

“In short, while a slowdown in economic growth may prove temporary, should businesses react positively to the policies announced by any new government, the stubbornness of underlying inflationary pressures above the Bank of England’s target still looks somewhat engrained.”

Asia-Pacific-World News

Treasury proposes ban on many investments in Chinese semiconductor production

• The US continues to try to halt Chinese advances in semiconductors

The US is determined to dominate semiconductors and not allow China to catch up.

• New proposed rules restrict US investment in key sectors
• Rules ban certain investments in design, automation, fabrication and advanced packaging tools
• Quantum computers and AI also targeted
• Proposes notification requirements for all other investments in Chinese AI system development

China warns of ‘trade war’ if EU continues to escalate trade frictions

• Remarks by the Chinese commerce ministry

• The responsibility lies entirely with the EU side
• Hopes that EU would meet China halfway and handle differences through dialogue

For some context, the EU launched five new anti-dumping investigations against China in May. That was seen totaling to roughly $1.71 billion. And they are following that up with proposed tariffs on Chinese electric cars. If China were to retaliate, the likes of Germany would be the most at risk given their exposure to trade with China.

Canada’s government is preparing a potential tariff package on Chinese-made EVs

Ontario Premier Doug Ford was in the news on Thursday calling on the federal government to place a 100% tariff on electric vehicles manufactured in China.

Ford warned that not doing so places jobs at “risk” in Ontario.

PBOC sets USD/ CNY reference rate for today at 7.1196 (vs. estimate at 7.2698)

• PBOC CNY reference rate setting for the trading session ahead

PBOC injects 10bn via 7-day RR, sets rate at an unchanged 1.8%

• 2 bn yuan mature today
• a net 8 bn yuan injection Open Market Operations (OMOs)

Australia preliminary June PMI: Manufacturing 47.5 (prior 49.7) Services 51.0 (prior 52.5)

• Australia Flash PMI from Judo Bank / S&P Global

Preliminary Judo Bank S&P Australian Manufacturing PMI 47.5

• prior 49.7

Services 51.0

• prior 52.5

Composite 50.5

• prior 52.1

Warren Hogan, Chief Economic Advisor at Judo Bank this in brief on the employment and inflation aspects:

• “The composite employment index was down but remains comfortably above neutral, suggesting ongoing labour demand in June.
• “The composite input price index fell below the 60 level for the first time since January 2021, a sign that business cost growth might be easing. Hopefully, we are seeing the start of a genuine moderation in business cost growth. This is essential to reducing inflation in an economy with very little productivity growth over recent years. Final prices also eased but remained at an index level that points to above target inflation.
• “Service sector price indicators pulled back in June, consistent with the view that inflation is gradually easing in 2024. However, index levels point to inflation still above the RBA’s target of 2-3%.

BOJ’s Uchida: Uncertainty surrounding economic, price outlook remains high

• Remarks by BOJ deputy governor, Shinichi Uchida

• Japanese economy is recovering moderately, albeit with some weak signs
• Underlying inflation likely to gradually accelerate
• Yet to decide on specifics of bond tapering plan
• But size of reduction in bond purchases likely to be significant

Japan data – May CPI Headline 2.8% y/y vs. 2.9% expected

• Core measures are rising more slowly than the headline

• CPI ex fresh food YoY 2.5% vs 2.6% expected
• CPI YoY 2.8% vs 2.9% expected
• CPI ex food, energy YoY 2.1%

Japan preliminary manufacturing PMI for June 50.1 (prior 50.4 in May)

• Flash services PMI 49.8 in June from 53.8 in May

Slower expansion for Japanese manufacturing

• expanded for a second straight month
• new orders weakened from May
• and cost pressures intensified, rising faster than in June

Flash services PMI:

• 49.8 in June from 53.8 in May

Composite 50.0

• prior 52.6

Japan finance minister Suzuki – excessive, disorderly fx moves could hurt economies

• Suzuki weighs in with verbal support for the yen too

Japan finance minister Suzuki:

• To visit Seoul on June 25 to meet with s. Korean counterpart
• Will communicate closely with US, other countries on FX based on G7 agreement that excessive, disorderly fx moves could hurt economies
• Don’t think US sees Japan’s fx policy as problematic

Japan chief cabinet secretary Hayashi says stable FX levels are desirable

• Verbal intervention has cranked up a gear today

• Addition of Japan to the US currency monitoring list does not mean that Japan’s foreign exchange policy is a problem
• Stable forex levels are desirable
• Important that forex rates reflect fundamentals
• Will continue to closely monitor moves in forex market

Japan’s Kanda says ready to take action if excessive FX move seen

• Kanda with some verbal intervention to support the hapless yen

Masato Kanda is vice-minister for international affairs at Japan’s Ministry of Finance.

• US exchange rate list assessed against mechanical criteria
• Ready to take actions if excess fx move seen
• Fx intervention has been effective
• Don’t see problem after Japan added to US currency monitoring list

Japan will resume subsidies for utilities and continue with gasoline subsidies

• Japan’s FNN report

Fuji News Network (FNN) citing Prime Minister Kishida:

• to resume utility subsidies
• to maintain gasoline subsidies

Also, via NHK:

• Japan’s government is in the final preparation stage to adopt additional steps to ease the burden of higher electricity and gas prices

Cryptocurrency News

Ethereum ETF issuers to pour in updated S-1s as Fidelity submits amended draft

• Fidelity filed an amended spot Ethereum ETF S-1 draft with the SEC amid expectations that other issuers will submit their filings on Friday.
• Ethereum could see mass adoption if pitched to traditional investors as disruptor to Big Tech.
• Ethereum bullish view still in play as long-term holders continue accumulation.

Ethereum is down by 1% on Friday as prospective spot ETH ETF issuers began pouring in their updated S-1 filings after the Securities & Exchange Commission (SEC) commented on them last week. Meanwhile, ETH long-term holders have continued accumulating the number one altcoin amid potential ETH tailwinds in the year’s second half.

Amended Ethereum ETF S-1s, ETH tailwinds

Fidelity filed its updated spot ETH ETF S-1 draft with the SEC on Friday, disclosing a seed investment of $4.7 million. This comes after Bitwise filed its draft and launched an Ethereum ad earlier in the week.

According to Bloomberg analyst Eric Balchunas, the remaining prospective spot ETH ETF issuers will file their amended S-1s today. Then the SEC will “let issuers know about any final changes and effectiveness (aka final approval).” He maintained his predictions with July 2 as over/under for the ETFs to launch.

Balchunas also suggested that a narrative that would help explain Ethereum to non-crypto natives is pitching it as a “decentralized internet for decentralized applications.” He mentioned that most people aren’t comfortable with Big Tech’s control, and framing Ethereum as the solution will help onboard traditional investors. “This is an easy, wide net way to frame it to outsiders,” said Balchunas.

According to a Bloomberg report, Standard Chartered is planning to open a spot trading desk in London for Ethereum and Bitcoin. This would make the company one of the first global banks to allow spot ETH trading. The crypto spot trading desk will operate as part of Standard’s FX trading unit.

XRP struggles under $0.50 while lawsuit against Ripple CEO goes to trial

• Ripple CEO Brad Garlinghouse faces trial in connection with statements made in a 2017 interview.
• Ripple proponents unpack the impact of the trial on the SEC vs. Ripple lawsuit development and past rulings.
• XRP is stuck under $0.50 after two consecutive days of failure to break past the resistance. 

XRP remains range-bound under the $0.50 resistance on Friday after news that Ripple CEO Brad Garlinghouse will have to face a trial in California regarding some statements he made in 2017. 

In an interview back then, Garlinghouse said he was being “long” on XRP while mass selling the altcoin, words that a judge will need to determine if they were “misleading,” as the civil securities lawsuit alleges.

 Ripple CEO faces trial in California court

• Judge Phyllis Hamilton dismissed four class action claims against Ripple. However, he allowed one state law claim against CEO Brad Garlinghouse to proceed to trial, per a Coindesk report. 
• The Ripple executive faces charges brought against him referring to his “misleading statements” in a TV interview.  Garlinghouse allegedly violated California’s securities laws by saying back then that he was “very, very long XRP” while selling millions of XRP tokens across exchange platforms throughout 2017. 
• Court documents show that Ripple lawyers argue that XRP fails to meet the definition of a security under the Howey Test.Therefore it “cannot give rise to a claim for misleading statements in connection with a security,” they argue.
• Judge Hamilton said in a ruling on Thursday that Ripple’s lawyers urged her to follow the reasoning of Judge Analisa Torres, who ruled in July 2023 that XRP did not satisfy the Howey Test and thus it isn’t a security.
• The Judge turned down the ruling and differed from Torres’ legal opinion of XRP failing to satisfy the Howey Test. In her ruling, Judge Hamilton wrote.

“The court declines to find as a matter of law that a reasonable investor would have derived any expectation of profit from general cryptocurrency market trends, as opposed to Ripple’s efforts to facilitate XRP’s use in cross-border payments, among other things. Accordingly, the [court] cannot find as a matter of law that Ripple’s conduct would not have led a reasonable investor to have an expectation of profit due to the efforts of others.”

• XRP holders and proponents like attorney Bill Morgan are debating whether Judge Analisa Torres’ ruling holds, in case of XRP sale on exchanges and institutional sales by Ripple.

Polygon sees double-digit spike in locked assets, MATIC attempts recovery

• Polygon co-founder shared recent double-digit spikes in total value locked in the MATIC ecosystem’s projects. 
• Superfluid, Polymarket, Yearn, Toros, Superform Labs and KlimaDAO have noted up to 131% gains in assets locked. 
• MATIC on-chain metrics support a thesis of recovery in the native token of Polygon. 
• MATIC attempts to recover from the recent correction, down nearly 5% in the past seven days. 

Polygon, the largest Ethereum scaling solution, has noted an increase in the total value of assets locked (TVL) in projects within its ecosystem. This correlates with higher demand for the projects and their increasing relevance among market participants in Polygon. 

Santiment data shows that Polygon’s on-chain metrics support a recovery thesis for the native token, MATIC. 

MATIC is trading around $0.57000, on Binance. 

US Treasury Secretary Yellen says cryptocurrency used in Fentanyl trafficking

• cryptocurrency remains a small part of financing for Fentanyl trafficking

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