To The Moon

*Wall Street buoyed by improving sentiment; China GDP disappoints with only 4.7% year-on-year growth in Q2 2024

🇺🇸 S&P 500: 0.29% 📈

🇺🇸 Nasdaq: 0.40% 📈

🇪🇺 Stoxx 600 Index: -1.02% 📉

🇯🇵 Nikkei 225: Market closed

🇭🇰 Hang Seng Index: -1.50% 📉

🇨🇳 CSI 300 Index: 0.13% 📈

* U.S. stocks edged higher, with the S&P 500 and Nasdaq Composite up 0.3% and 0.4%, respectively, as sentiment improved as the likelihood of a rate cut at September's Federal Reserve meeting (FOMC) increased.

* Asian stocks were broadly lower, with Hong Kong's Hang Seng down -1.5%, after disappointing China Q2 2024 GDP data, while investors also focused on the assassination attempt on former US President Donald Trump The latest developments of the incident.

* China's economy grew 4.7% year-on-year in the second quarter of 2024, below market expectations of 5.1% and at a slower pace than the previous quarter's 5.3% growth, due to continued property slumps and weak domestic demand.

* China retail sales rose 2.0% year-on-year, beating market expectations of 3.3%, taking overall growth in the first half of 2024 to 3.7%.

* China's industrial production rose 5.3% year-on-year (forecast: 4.9%), the second straight month of slower growth as manufacturing activity slowed.

* China's fixed-asset investment rose 3.9% year-on-year from January to June 2024, in line with market forecasts, compared with 4% growth last month, a slight slowdown as investment in the tertiary industry slowed slightly.

💡 Future events: 💡

* U.S. core retail sales and retail sales data are due out on Tuesday.

* On Thursday, Japanese trade data, U.S. unemployment claims, and EU interest rate decisions will be the focus of investors' attention.

* At the end of the week, we will see the release of Japan's national core consumer price index (CPI) year-on-year data.

💡 Things you need to know today: 💡

1. Fed Chairman Jerome Powell: “What that means is that if you wait until inflation goes all the way down to 2%, you've probably waited too long because of the tightening that you're doing, or the tightening that you're doing level, is still having an impact, which could push inflation below 2%."

Jerome Powell

2. Trump Media shares $TRUMP MEDIA & TECHNOLOGY GROUP CORP(DJT)$   soared 31.4% on Monday after the company's majority shareholder and former U.S. President Donald Trump was assassinated.

Trump Media

3. Donald Trump has been officially selected as the Republican presidential candidate of the United States, and he has chosen Ohio Senator J.D. Vance as his presidential running mate. This might be beneficial to cryptocurrency related stocks and ETF like $Coinbase Global, Inc.(COIN)$  $Riot Blockchain, Inc.(RIOT)$  $iShares Bitcoin Trust(IBIT)$ ...

J D Vance

4. The Wall Street Journal reports that Google $Alphabet(GOOGL)$  is in advanced talks to acquire cybersecurity company Wiz for $23 billion. If the deal is completed, it will become Google's largest acquisition in history.

Wiz

5. San Francisco Fed President Mary Daly:“As inflation declines and the labor market slows over time, we have to make sure we keep interest rates high enough so that we don't lose the fight against inflation, But it cannot be maintained for too long and risks deteriorating the labor market to the point where people face employment challenges. "

✅ KEY TAKEAWAYS:

The odds of a rate cut at the September FOMC meeting have risen to 92% from 71% a week ago, according to CME's FedWatch tool.

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