In US Market News, Monday marked the eighth consecutive session of gains for U.S. stocks, with traders anticipating Federal Reserve Chair Jerome Powell’s comments later in the week. The Fed’s latest policy meeting reinforced expectations of a rate cut in September. Powell confirmed that rate cuts are forthcoming but did not specify the timing. Additionally, new data indicated weaknesses in the labor market.
In Conspiracy News, reports suggest the Atlantic Ocean is cooling at a record pace, baffling climate scientists. Concerns are also mounting over high fluoride exposure in children, which has been linked to lower IQ and other neurodevelopmental issues. Notably, toothpaste labels now advise calling emergency services if ingested.
In Bitcoin and Crypto News, Japan’s banks are set to adopt XRP for transactions starting in 2025. This move places Japan at the forefront of digital currency integration, allowing nationwide XRP payments and rewards.
In Commodities and Energy, peace talks in the Middle East are reducing supply risks, while China’s economic weakness poses a threat to demand. Chinese refineries have reduced crude processing rates due to low fuel demand. U.S. crude futures fell 3.01% to $74.34, while Brent futures dropped 2.51% to $77.68. Gold has risen 22% in 2024, reaching an all-time high, with a bar of gold now valued at $1 million.
In Financial and Banking News, China plans to bolster its social security fund by 2.88 trillion yuan ($406 billion) to support its aging population, with 300 million Chinese expected to retire in the next decade. By 2040, half of the people over 65 in the Asia-Pacific region will live in China. Projections indicate China’s pension system could run out of funds by 2035.
In Economic News, Japan’s business activity hit a 15-month high in August, with growth in both manufacturing and services sectors. In the U.S., July home sales ended a four-month decline, with supply increasing by nearly 20% compared to last year.
In Political News, Venezuela’s Supreme Justice Tribunal upheld Nicolás Maduro’s presidential election victory on July 28. Meanwhile, Robert F. Kennedy Jr. withdrew from the presidential race and endorsed Donald Trump.
In Corporate News, Telegram founder Pavel Durov was arrested in France and faces up to 20 years in prison. Warren Buffett’s Berkshire Hathaway sold 13.9 million more major bank shares, reducing its stake to 11.9%.
In Technology, Taiwan’s TSMC, the world’s largest contract chipmaker, opened a new chip plant in Dresden, Germany. This move strengthens TSMC’s position as a key supplier to Europe’s industrial and automotive sectors, supported by 5 billion euros ($5.5 billion) in state aid.
In Interesting Facts, archaeologists discovered a giant rock in the Colombian Amazon with animal paintings dating back to around 12,500 BC. This find offers insights into the diet and mythologies of the continent’s early inhabitants.
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