Market movers

Zimbabwe’s inflation grew to 256.9%

The annual inflation rate in Zimbabwe increased to 256.9 percent in July 2022 from 191.6 percent the previous month, marking the highest level since February 2021. Strong inflationary pressures have been present in the nation, which are being blamed on the fluctuating exchange rate and external factors like the conflict in Ukraine.

RBA raised interest rates but AUD falls

The central bank of Australia joined other countries by raising interest rates by 0.5%, from 1.35% to 1.85%, and further tightening the economy. However, the Australian Dollar declined in value after the decision against all currencies despite the Hawkish decision.

Pelosi visiting Taiwan may cause conflict

China's Foreign Ministry declared that if Nancy Pelosi, the speaker of the US House of Representatives, visits Taiwan, Beijing would not quietly sit by. China will "surely take forceful actions" to preserve its sovereignty and territorial integrity, the ministry reaffirmed, adding that the visit will have "severe implications."

Ark Invest dumped Coinbase stocks

This year, Cathie Wood sold her first ever Coinbase stocks. 1.41 million COIN shares were sold by Ark Invest in total, valued at about $75 million. Coinbase had a tough year, falling by almost 80% YTD.

The U.S. officially enters a recession

The U.S. economy shrank for the second consecutive quarter, meeting generally recognized criteria for a recession. However, despite a 0.9 percent yearly decline in the gross domestic product, many economists claim that "we are not in a recession."

Ukraine starts delivering grain again

The first cargo of corn made by Ukraine since Russia's invasion was a minor but significant first step toward releasing the millions of tons of grains that have been stockpiled in the nation and enhancing the global food supply.

Buterin does not believe in Meta

Vitalik Buterin, the creator of Ethereum, has only recently expressed his opinion on Facebook's Meta plan. He stated that while he sees potential in Metaverse, he believes that large corporations such as Facebook will have very difficult time laying its groundwork. Buterin does not believe that Metaverse will emerge from Venture Capital funding.

Evergrande not out of the woods

Evergrande, one of the biggest Chinese developers is still in trouble, that have started in the middle of the last year. Evergrande Group (Nanchang), one of the subsidiaries of the struggling developer, has been asked to repay its guarantor 1.08 billion dollars for failing to honour its debt obligations.

This will be a trap

CIO of Morgan Stanley, Mike Wilson, has recently stated that the current situation in equities is far from reaching the trend lows. Most of the major indices and individual stocks saw gains after the Fed's decision this week, but Wilson is not impressed. He believes that the "bear market might be close to the end, but needs to have a final move."

CZ: High inflation will drive BTC adoption

CEO of Binance, Changpeng Zhao, has stated for CNBC's Squawk on the Street that he believes that macroeconomic factors will drive Bitcoin adoption all over the world. Zhao mentioned for instance high inflation and fears of recession as possible forces of upcoming BTC adoption.