In this week’s recap, all the US Major indexes finished the best month since 2020. International markets ended mostly higher. On Monday, the SEC said charged 11 people for their roles in creating & promoting fraudulent crypto pyramid/Ponzi scheme, that raised over +$300M from millions of retail investors globally, including the U.S. The crypto scheme was called Forsage and claimed to be a decentralized smart contract platform.
Coinbase said on Thursday it’s partnering with BlackRock, the world’s largest financial asset manager, providing greater access to crypto for institutional investors beginning with Bitcoin.
France, the Netherlands & parts of England saw the driest July on record, exacerbating water shortages and forcing restrictions. Rainfall was down an average of -84% in France last month:
-In the Rhine River, the waterway that separates France & Germany, commercial boats had to run 1/3 of their carrying capacity to avoid hitting the bottom, due to the water level being so low.
-France To “Reduce Or Halt Nuclear Output” As Heatwave Restricts Ability To Cool Plants.
-With 2/3 of the Dutch living below sea level, droughts can become an acute problem in the Netherlands, leading to rivers silting up & hampering water traffic.
US House of Representatives Speaker Nancy Pelosi arrived in Taiwan on Tuesday, despite military threats made by the Chinese govt, becoming the highest-ranked American official to visit the self-ruled island claimed by China in 25 years. Her arrival heightened geopolitical tensions between China & U.S.
Oil prices dropped over -4% Monday, as weak manufacturing data in several countries weighed on the demand outlook; gas demand is lower than summer of 2020 during the pandemic; the US added 528K jobs in July & unemployment rate fell to 3.5% according to Labor Dept; Robinhood reducing headcount by 23%; Tesla shareholders completed vote authorizes a 3-for-1 stock split since a stock split benefits shareholders; Russia stated on Tuesday at the UN the conflict in Ukraine doesn’t warrant the use of nuclear weapons but could decide to use l in response to direct aggression by NATO countries over the invasion.
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