🇺🇸 More evidence of a slowing US economy:

US services activity contracted in June at the fastest pace since the 2020 pandemic.

The ISM services PMI index fell by 5 points to 48.8, missing expectations of 52.5 points.

This was primarily driven by an 11.6 point decline in the business activity index to its lowest since level April 2020.

In the past 30 years, such a service activity drop happened only during recessions.

Furthermore, new orders shrunk for the first time since 2022.

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🇺🇸 House Democrats and Republicans may come together next week to overturn President Joe Biden's veto on crypto legislation SAB 121

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🇮🇳 India Boosts Gold Reserves by Most in Two Years, WGC Says

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🇺🇸 The Federal Reserve might cut interest rates 8 straight times beginning in September for a total of 200 basis points, says Citi

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🇺🇸 Chances of winning US Presidential Election

Trump: 62%

Democratic candidate: 38%

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🚀 BREAKING: 🇦🇺 Australia’s largest stock exchange has approved its second spot #Bitcoin ETF.

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🇺🇸 SUMMARY OF FED CHAIR POWELL'S TESTIMONY (7/9/24):

1. Q1 2024 data did not support confidence in inflation and path to rate cuts

2. Rate cuts "not appropriate" until greater confidence inflation is heading to 2%

3. Cutting rates too late could unduly weaken the economy

4. The US economy is "expanding at a solid pace"

5. Labor market conditions have cooled but remain "strong"

6. Elevated inflation is not the only risk we face

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🇺🇸 Billionaire Warren Buffet says he could end the United States deficit problem in five minutes.

"You just pass a law that says any time there's a deficit of more than 3% of GDP, all sitting members of Congress are ineligible for re-election."

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📣 CITI SAYS IT'S TIME TO BOOK PROFITS IN HIGH-FLYING AI EQUITIES - Bloomberg

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🇷🇺 In the past couple of months, Russian President Putin has met with the following world leaders

• Chinese President Xi Jinping
• North Korea's Kim Jong Un
• Vietnam President To Lam
• India's PM Narendra Modi
• Hungary PM Viktor Orbán

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📣 Jeff Bezos sells $863.5 million worth of Amazon, $AMZN, shares.

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