Gold Holds Near $4,275 as Rising Treasury Yields Fuel Fed Rate Hike Bets 
Canadian Dollar Faces Pressure as Fed-BoC Policy Gap Widens 
Dollar Holds Near Two-Month High as Yen Approaches 160 
Trump, Xi Focus on Trade and AI at White House Summit 
UK PM Burnham to Unveil Economic Vision at Labour Conference 
US 10-Year Treasury Yield at 6% Emerges as New Market Risk Threshold 
US Comfortable With Canada Trade Standoff as Import Bans Loom 
European Stocks Fall as Bond Yields and Geopolitical Risks Weigh 
Asian Stocks Fall as Bond Yields Surge Ahead of Trump-Xi Summit 
Gold Prices Fall as Treasury Yields Rise on Fed Rate Hike Bets 
Oil Prices Fall on U.S.-Iran Hormuz Deal Hopes 
Australia Unemployment Hits Five-Year High Despite Strong Jobs Growth 
U.S. Dollar Hits Two-Month High as Oil, Treasury Yields Surge 
RBI Uses $10 Billion Currency Swaps to Drain Excess Rupee Liquidity 
Japanese Yen Rebounds as Trump Flags Currency Weakness 
Wall Street Ends Flat as Oil, Treasury Yields and Fed Jitters Rattle Markets 
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The S&P 500 closed higher Wednesday after President Donald Trump dismissed reports suggesting he was close to firing Federal Reserve Chair Jerome Powell. Trump clarified he had “no plans” to remove Powell, though he criticized the Fed’s handling of interest rates and costly renovations at its headquarters.
At market close, the Dow rose 231 points (0.5%), the S&P 500 added 0.3%, and the Nasdaq hit a record high of 20,730.49.
On the economic front, U.S. wholesale inflation remained flat in June, with the Producer Price Index (PPI) rising 2.3% annually, down from May’s 2.7%, and unchanged month-on-month. This came after Tuesday's data showed consumer prices rose 2.7% annually, beating expectations.
The Federal Reserve’s Beige Book, offering anecdotal insights into economic conditions, is expected to underscore ongoing stagflation risks amid trade uncertainty. President Trump announced new tariffs, including 200% on pharmaceutical imports and 19% on Indonesian goods, with more “reciprocal” tariffs potentially hitting by August 1.
Meanwhile, Q2 earnings season is in full swing. Bank of America and Goldman Sachs shares rose on strong trading revenue, while Morgan Stanley slipped despite a profit increase. JPMorgan and Citigroup beat estimates but warned of economic risks tied to trade tensions.
Tesla gained 3% after unveiling plans for a six-seater Model Y this fall. Johnson & Johnson stock climbed following an upgraded sales forecast. Global Payments surged 5% on news of Elliott Management’s investment.
Crypto-related stocks like Circle, Coinbase, and Marathon Digital rallied as optimism grew around pending votes on the GENIUS Act and CLARITY Act, two bills that could significantly expand stablecoin adoption.
