Bloomberg

Lead Story

The S&P 500 closed at a new record high as cooler-than-expected July consumer and producer price index prints eased pressure on the Federal Reserve to raise interest rates. However, the market’s optimism was tempered by a historic Treasury auction, where the US government sold $25 billion of 30-year bonds at their highest yield since 2001, highlighting soaring long-term borrowing costs. Former Republican Congressman Patrick McHenry called the high-yield auction a “wake up sign” on the nation’s rising debt and deficit.

Markets & Economics

• Japan Supports Faster Rate Hike to Bolster Yen (Bloomberg): Prime Prime Minister Sanae Takaichi’s government reportedly backs a Bank of Japan interest-rate hike as soon as September or October to support the struggling currency. This hawkish tilt comes as the yen remains within striking distance of the critical 160-per-dollar level, raising the bar for exporter earnings.
• UK Economy Unexpectedly Expands 0.4% in June (Bloomberg): Sizzling summer weather and World Cup football gave the UK economy a surprise GDP boost, helping it weather the initial shocks of the Iran war. However, the Bank of England warned that a potential burst in the US artificial intelligence stock bubble could still trigger severe spillover effects in British markets.
• Korean Stocks Surge Into Bull Market on Chip Rally (Bloomberg): The benchmark Kospi index climbed, gaining 22% over ten days, to enter a technical bull market as a global AI trade rebound sparked a rapid reversal from last month’s historic rout. To maintain stability, Seoul has simultaneously curbed the excess leverage of retail investors by restricting leveraged ETFs.
• Brazil Backs Spending Caps Amid Capital Flight (Bloomberg): Congress approved new measures to curb spending growth, a fiscal discipline signal backed by President Luiz Inácio Lula da Silva ahead of his reelection bid. The move follows the fastest exit of foreign investors from Brazilian equities since 2021, driven by rising anxiety over the nation’s fiscal deficit.
• Freight Giants See Surge in Demand Despite Global Disruptions (Bloomberg): Industry workhorses including A.P. Moller-Maersk A/S and DP World reported solid global shipping demand driven by the AI boom and energy transition. The strong volumes are helping the global economy absorb supply shocks caused by extreme weather, geopolitical conflicts, and tariffs.

Business & Industries

• Bob Iger and Joshua Kushner Bid $12.5 Billion for LA Lakers (Bloomberg): Former Disney CEO Bob Iger and investor Joshua Kushner have made a bid to acquire the storied NBA franchise at an extraordinary $12.5 billion valuation. The massive valuation reflects the growing institutionalization and scarcity premium of sports franchises as premier global intellectual property assets.
• Tata Sons Reels From Shock Resignation of Chairman (Bloomberg): The sudden exit of Natarajan Chandrasekaran has plunged India’s largest conglomerate into a leadership crisis, wiping out $4.5 billion in market value across its listed firms. His departure leaves a massive $120 billion five-year spending program in limbo, including critical, high-cost plans to build a domestic semiconductor chip factory.
• Anthropic in Talks for $6 Billion Decart AI Acquisition (Bloomberg): Artificial intelligence leader Anthropic PBC is negotiating to acquire startup Decart AI for approximately $6 billion. Decart, known for developing “world models” that simulate physical reality, produces software designed to make chips run more efficiently and lower the cost of training AI systems.
• Goldman Sachs Strikes $2.25 Billion Active-ETF Deal (Bloomberg): Goldman Sachs Group Inc. has agreed to buy specialist firm Neos Investments for up to $2.25 billion. This acquisition accelerates a Wall Street land grab for active exchange-traded funds, which promise tailored yields and risk strategies beyond simple passive index tracking.
• Workday Shares Surge on Silver Lake Buyout Talks (Bloomberg): Software provider Workday Inc. saw its stock jump following reports that private equity powerhouse Silver Lake is in advanced talks to purchase the company. The potential deal comes amid investor debates over the “SaaSpocalypse,” where emerging generative AI tools threaten to replace traditional software-as-a-service models.

Policy & World

• US-Japan Deep-Sea Mining Alliance Challenges China’s Minerals Dominance (Bloomberg): In a major geopolitical move, the US and Japan are planning the world’s deepest undersea mining operation, aiming to extract rare earths 6,000 meters below sea level. The initiative seeks to challenge China’s chokehold on critical minerals, though industry executives warn that building domestic US refining capacity to match China will still take years.
• Trump Administration Targets China with Drones and Tariff Crackdown (Bloomberg): The White House has slapped a 100% tariff on unmanned aircraft systems to reduce US dependence on Chinese drones, while a federal trade court upheld Trump’s policies allowing the government to halt tariff exemptions on low-cost imports. White House trade adviser Peter Navarro stated the administration is using artificial intelligence to target China’s transshipment network of over 40 countries bypassing US tariffs.
• Trump Escalates Economic Blockade of Iranian Regime (Bloomberg): Following the failure of the US military campaign to force a capitulation, the Trump administration is pivoting to a naval blockade and strict economic sanctions to choke off Iran’s oil exports. The standoff has kept the Strait of Hormuz in a state of deadlock, with tanker flows estimated to have plummeted to between 4 million and 5 million barrels a day.
• Putin’s First Visit to Disputed Island Sparks Japanese Protest (Bloomberg): Russian President Vladimir Putin made his first-ever visit to a territory disputed with Japan, prompting an immediate official protest from the Japanese foreign minister. The visit exacerbates regional tensions and complicates ongoing diplomatic and security dialogues between Tokyo and Moscow.

Opinion & Analysis

• The Strait of Hormuz Is Open, Even If the US Says Otherwise (Bloomberg Opinion): Columnist Javier Blas argues that despite the geopolitical standoff, oil prices under $90 a barrel indicate no severe shortage. Easing imports from China, the release of strategic reserves, and bypass pipelines have kept a surprisingly steady stream of crude flowing out of the Persian Gulf.
• Airlines Show Us the Stratified Future of the US Economy (Bloomberg Opinion): Columnist Allison Schrager contends that increasingly stratified airline pricing models provide a window into the broader US economy. Advancing technology will likely usher in highly personalized pricing and an even wider gap in the quality and range of consumer goods and services.
• Europe’s Stock Boom Masks Continent’s Economic Weakness (Bloomberg Opinion): A featured piece points out that the roaring 12% rise in the Stoxx Europe 600 is actually a bet on global growth rather than domestic economic strength. Unlike the S&P 500, which derives under 30% of its revenue from overseas, the Stoxx 600 relies on external global markets for nearly half of its sales.

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