Overview

Last week ended with a solid shot to the arm to US markets, with PCE numbers coming in lower than expected and GDP growth stronger. On the other hand, China’s latest PMI release showed a struggling manufacturing sector, as did Germany, the EU’s biggest economy. The US’ own consumer spending also seems to be growing slower than hoped. All in all, the US economy remains the exception in its performance. The week ahead looks to be dominated by more macro data following a slow start as the US celebrates 4th of July.

Crypto

After the SEC rejected Blackrock’s initial filing, Blackrock reapplied naming Coinbase as its surveillance partner. Thus far, existing BTC ETFs have been based around future contracts, with spot convertible ETFs still remaining elusive. As discussed previously, this is another step in BTC becoming a mainstream financial asset. That Coinbase has been named as a partner hints at a future role for the company, as EDX and its backers look to muscle into the crypto exchange business.

Upcoming Calendar Events

• Royal Bank of Australia rates decision (04 Jul)
• FOMC Minutes (06 Jul)
• US labor data (07 Jul)
• China inflation data (10 Jul)
• US inflation data (12 Jul)

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