In the stock market, an impressive performance was witnessed with the best July performance in 26 years, dating back to 1997. However, analysts are anticipating a 7.1% earnings decline from a year ago, signaling a third consecutive quarter of falling profits.
In the cryptocurrency realm, Kenya suspended the Worldcoin ‘eyeball scan’ crypto project due to safety concerns, reflecting the growing regulatory scrutiny surrounding digital currencies.
Commodities experienced significant fluctuations, with world food prices seeing the most substantial increase in 1.5 years. Oil prices also surged, indicating a tightening market, especially as Saudi Arabia and Russia extended supply cuts through September. Additionally, there are plans to introduce a new gold-backed currency by BRICS.
Financially, MyEListing.com utilized IRS migration data to reveal that California and New York lost $343 million and $299 million, respectively, in 2021. Furthermore, US government spending on interest is now close to $1 trillion on an annualized basis, surging by about 50% over the past year.
In the political sphere, a mysterious Chinese bio-lab was discovered in a remote California city, raising concerns about genetically engineered mice carrying COVID-19 living in inhumane conditions. Iran shut down for two days due to ‘unprecedented heat’, reaching over 123F (51 C) in the southern city of Ahvaz.
Corporate news showcased mixed results, as companies with good ESG scores were found to pollute as much as low-rated rivals. While some companies performed well, others experienced fluctuations in share prices, like Paypal and Nintendo.
AMD plans to invest about $400 million in India to establish its largest design center and add around 3,000 engineering roles, aiming to expand its presence in the country.
In trade news, Ukraine and Croatia agreed on the possibility of using Croatian ports for the export of Ukrainian grain through the Danube and the Adriatic Sea.
In the technology sector, new treatments for Alzheimer’s disease are showing promise by removing toxic proteins from the brain. However, experts are now emphasizing the need to consider the different impacts on various populations.
Lastly, in investment news, California spent $17.5 billion on the homelessness crisis, but the homeless population continued to grow, leading to discussions about alternative solutions to address the issue effectively.