In a whirlwind of political and economic developments, today’s US briefing covers the latest updates on Kamala Harris’s historic bid for the presidency, shifts in the financial markets, and significant moves by major corporations.

Biden Exit Puts Trump Trade In Doubt As Election Gets Re-Set

The political landscape has been dramatically altered by President Joe Biden’s announcement that he will not seek re-election. This unexpected decision has cast doubt on the so-called “Trump trade,” which had been based on the assumption that the former president might face Biden again in the upcoming election. With the election dynamics now reshuffled, investors and political analysts alike are recalibrating their strategies and expectations.

Kamala Harris Makes Bid For History As Path Opens To Presidency

Vice President Kamala Harris has officially declared her candidacy for the presidency, seizing the opportunity created by Biden’s exit. If successful, Harris would make history as the first female president of the United States. Her announcement has energized her supporters and added a significant new dimension to the 2024 presidential race.

ECB Kazimir: ECB Cut Bets Not Fully Misplaced, But Not Baseline

European Central Bank (ECB) Governing Council member Peter Kazimir commented that while market bets on interest rate cuts are not entirely misplaced, they are not the baseline expectation. This nuanced stance highlights the ECB’s cautious approach to monetary policy amidst ongoing economic uncertainties.

Japan Ruling Party Executive Urges BoJ To Clarify Rate-Hike Resolve

In Japan, a senior executive from the ruling party has called on the Bank of Japan (BoJ) to provide clearer guidance on its stance regarding potential rate hikes. This push for clarity underscores the growing concern over Japan’s economic policy direction in a fluctuating global market.

10-year Treasury Yield Falls As Investors Look To Key Data In Week Ahead

The yield on the 10-year US Treasury note has fallen as investors await crucial economic data due later this week. This decline reflects the market’s cautious approach and anticipation of new information that could influence financial strategies.

Dollar Falls Slightly As Biden Ends Re-Election Bid, Drops Vs Yen

Following President Biden’s decision to step down from the re-election race, the US dollar experienced a slight decline. The currency also fell against the Japanese yen, reflecting the broader market uncertainty and recalibration of expectations.

Bitcoin Briefly Tops $68K as Biden Dropout Riles Up Crypto Bulls

In the cryptocurrency market, Bitcoin surged briefly above $68,000 as news of Biden’s dropout fueled bullish sentiment among crypto investors. This spike highlights the sensitivity of digital asset markets to political developments and investor sentiment.

Oil Prices Rise As Investors Look For Signs US Rate Cuts To Begin

Oil prices have increased as investors speculate about the possibility of upcoming rate cuts in the US. The anticipation of lower interest rates is driving optimism in the commodities market, particularly for oil.

Safe-haven Gold Firms As Biden Move Sparks Market Uncertainty

Gold prices have strengthened, benefiting from its status as a safe-haven asset amidst the uncertainty sparked by Biden’s announcement. Investors are turning to gold as a hedge against potential market volatility.

S&P 500 Futures Tick Higher After Worst Week Since April

Following the worst week for the S&P 500 since April, futures have ticked higher as investors seek stability and potential gains in the stock market. This modest rise suggests a cautious optimism among traders.

Nvidia Preparing Version Of New Flagship AI Chip For Chinese Market

Tech giant Nvidia is gearing up to release a new version of its flagship AI chip tailored for the Chinese market. This strategic move aims to tap into China’s burgeoning demand for advanced technology and AI capabilities.

Ryanair Cuts Forecast, Sees ‘Materially Lower’ Summer Fares

Ryanair has adjusted its financial forecast, predicting significantly lower fares for the summer season. This revision reflects the ongoing challenges in the airline industry and shifting consumer demand patterns.

Verizon Delivers Strong Wireless Service Revenue In Q2

Verizon has reported robust revenue growth in its wireless service segment for the second quarter. This performance underscores the company’s resilience and ability to capitalize on the growing demand for reliable wireless connectivity.

As the week unfolds, these developments will continue to shape the economic and political landscape, influencing decisions and strategies across various sectors. Stay tuned for further updates and analyses.